Money
Ranked: Who Are the Richest People in Africa?
Ranked: Who Are the Richest People in Africa?
The African continent is home to 46 billionaires, the second-lowest total of any global region.
The number of wealthy individuals in Africa is growing, however. Total private wealth is expected to rise 30% over the next decade, led by growth in the billionaire and millionaire segments.
Visualized here are Africa’s richest, using data collected by Forbes, on billionaires who reside on the continent and have their primary business there.
Breaking Down Africa’s Billionaires
The richest man in Africa is also the richest Black man in the world. Once a small sugar trader, Aliko Dangote now has a net worth of $13.5 billion. He is the 86th richest person in the world, and single-handedly makes up 25% of the total wealth of African billionaires.
His company, the Dangote Group is now an African conglomerate with interests in a range of sectors, including sugar, cement, and real estate.
Rank | Name | Net Worth (billions, USD) | Industry | Citizenship |
---|---|---|---|---|
1 | Aliko Dangote | $13.5 | Manufacturing | 🇳🇬 Nigeria |
2 | Johann Rupert & family | $10.7 | Fashion & Retail | 🇿🇦 South Africa |
3 | Nicky Oppenheimer & family | $8.4 | Metals & mining | 🇿🇦 South Africa |
4 | Abdulsamad Rabiu | $7.6 | Diversified | 🇳🇬 Nigeria |
5 | Nassef Sawiris | $7.3 | Construction & Engineering | 🇪🇬 Egypt |
6 | Mike Adenuga | $6.3 | Diversified | 🇳🇬 Nigeria |
7 | Issad Rebrab & family | $4.6 | Food & Beverage | 🇩🇿 Algeria |
8 | Naguib Sawiris | $3.3 | Telecom | 🇪🇬 Egypt |
9 | Patrice Motsepe | $3.2 | Metals & mining | 🇿🇦 South Africa |
10 | Mohamed Mansour | $2.9 | Diversified | 🇪🇬 Egypt |
11 | Koos Bekker | $2.6 | Media & Entertainment | 🇿🇦 South Africa |
12 | Strive Masiyiwa | $1.9 | Telecom | 🇿🇼 Zimbabwe |
13 | Mohammed Dewji | $1.5 | Diversified | 🇹🇿 Tanzania |
13 | Aziz Akhannouch & family | $1.5 | Diversified | 🇲🇦 Morocco |
13 | Youssef Mansour | $1.5 | Diversified | 🇪🇬 Egypt |
The top three—Alike Dangote, Johann Rupert, and Nicky Oppenheimer—account for 40% of the total wealth of those ranked.
A Look Through the Rest of the Richest People in Africa
At number two on the list is Johann Rupert. The chairman of Swiss luxury goods company, Compagnie Financiere Richemont, started his career with a banking apprenticeship in New York, before returning to South Africa and eventually pivoting to retail.
Through the rest of those ranked, a range of diverse business activities have allowed these billionaires to garner their wealth.
Nicky Oppenheimer (3rd) and Patrice Motsepe (9th)—have made fortunes in the mining industry, a sector which contributes nearly 10% to sub-Saharan Africa’s GDP. Meanwhile, Naguib Sawiris (8th) and Strive Masiyiwa (12th) have built telecom empires.
Billionaire Wealth Mirrors Country Wealth
Only seven out of the 54 African countries are represented on Africa’s rich list, and even amongst them, three countries (Egypt, South Africa, and Nigeria) account for more than two-thirds of the top-ranked billionaires.
Country | Rank in African Economy | Individuals on Top 15 Billionaire List |
---|---|---|
🇳🇬 Nigeria | #1 | 3 |
🇿🇦 South Africa | #2 | 4 |
🇪🇬 Egypt | #3 | 4 |
The home countries for these billionaires reflects the nations’ contribution to the African economy as a whole. Nigeria, South Africa, and Egypt have the top three GDPs in Africa.
Algeria—where Issad Rebrab (7th) is from—is ranked fourth, and Morocco—where Aziz Akhannouch (13th) is based—is fifth.
What’s Next For Africa’s Richest?
Africa has routinely been touted to become a future economic powerhouse as its demographic dividend pays off in the next few decades. However, its biggest challenge will be developing its economic and social infrastructure to retain local talent to make their fortunes at home.
Where does this data come from?
Source: Forbes.
Data note: Forbes calculated net worths using stock prices and currency exchange rates from the close of business on Friday, January 13, 2023. For privately held businesses, they used estimates of revenues or profits and applied prevailing price-to-sale or price-to-earnings ratios for similar public companies. Some list members grew richer or poorer within weeks or days of their measurement date.
War
Animated: Change in Russian Billionaires’ Wealth Since 2022
How have Russian billionaires fared since Russia’s invasion of Ukraine? This animation tracks the wealth of 22 Russian billionaires.
Animated: Change in Russian Billionaires’ Wealth Since 2022
When Russia invaded Ukraine in February 2022, many countries retaliated with sanctions targeting Russian billionaires—the oligarchs—and politicians directly.
And as the war has progressed, those sanctions have intensified, with even the relatives and shell companies of these billionaires being targeted over time. The reason? These oligarchs are interconnected to Russia’s government, lending vocal and fiscal support in exchange for sweetheart deals or beneficial government oversight.
This animation from James Eagle shows how the estimated net wealth of the 22 wealthiest Russian billionaires on the Bloomberg Billionaires Index in April 2023 has changed since January 2022, prior to the start of the conflict.
Net Wealth of Top Russian Billionaires
The 22 wealthiest Russian billionaires in April 20, 2023 lost a collective $90.4 billion in net worth since January 5, 2022.
Rank | Name | Main Industry | Net Wealth (Apr 20, 2023) | Net Wealth (Jan 5, 2022) | % Change |
---|---|---|---|---|---|
1 | Vladimir Potanin | Commodities | $29.6B | $31.1B | -4.8% |
2 | Leonid Mikhelson | Energy | $27.2B | $33.2B | -18.1% |
3 | Vladimir Lisin | Industrial | $21.5B | $28.0B | -23.2% |
4 | Vagit Alekperov | Energy | $19.1B | $22.8B | -16.2% |
5 | Alisher Usmanov | Diversified | $19.1B | $21.2B | -9.9% |
6 | Alexey Mordashov | Industrial | $18.1B | $29.1B | -37.8% |
7 | Mikhail Prokhorov | Diversified | $14.3B | $14.0B | 2.1% |
8 | Gennady Timchenko | Diversified | $13.2B | $23.1B | -42.9% |
9 | Andrey Melnichenko | Industrial | $12.3B | $17.8B | -30.9% |
10 | Mikhail Fridman | Diversified | $12.0B | $14.1B | -14.9% |
11 | Dmitry Rybolovlev | Diversified | $10.8B | $11.2B | -3.6% |
12 | Andrey Guryev | Industrial | $10.1B | $8.0B | 26.3% |
13 | Victor Rashnikov | Industrial | $9.1B | $14.4B | -36.8% |
14 | Suleiman Kerimov | Commodities | $8.9B | $15.2B | -41.4% |
15 | German Khan | Diversified | $8.1B | $9.6B | -15.6% |
16 | Roman Abramovich | Diversified | $7.7B | $18.2B | -57.7% |
17 | Viktor Vekselberg | Industrial | $7.3B | $18.6B | -60.8% |
18 | Leonid Fedun | Energy | $7.0B | $8.9B | -21.3% |
19 | Alexander Abramov | Industrial | $6.8B | $9.1B | -25.3% |
20 | Vyacheslav Kantor | Industrial | $6.4B | $9.1B | -29.7% |
21 | Petr Aven | Diversified | $5.8B | $6.6B | -12.1% |
22 | Alexey Kuzmichev | Diversified | $5.8B | $7.3B | -20.5% |
The heaviest hit include Viktor Vekselberg, who holds a stake in UC Rusal, the world’s third largest aluminum producer. Since the start of the war, he’s lost an estimated $11.3 billion or 61% of his net worth from January 2022.
Roman Abramovich, who got his start in the early oligarchy through oil conglomerates, was also hit hard by the sanctions. He lost $10.5 billion or 58% of his net worth from January 2022, and was forced to sell Chelsea Football Club in one of the biggest sports team sales in history.
Notably, the richest oligarchs haven’t lost as much. Mining giant Norilsk Nickel’s largest shareholder, Vladimir Potanin, saw his net worth only drop by 4.8%. After being hit hard at the onset of the war in Ukraine, he quickly rebounded and at many times had an even higher net worth, reaching $35.6 billion in June 2022.
And a few oligarchs, like former Norilsk Nickel CEO Mikhail Prokhorov and phosphate-based fertilizer baron Andrey Guryev, saw their wealth increase since January 2022. Guryev grew his net worth by $2 billion or 26%, while Prokhorov (who formerly owned the NBA’s Brooklyn Nets) saw his net worth even out at a gain of $0.3 billion or 2%.
Oligarch Support of Russia (or Lack Thereof)
As Russia’s war with Ukraine has dragged on, and sanctions have continued to weigh on Russian billionaires, politicians, and companies, their effects have been uncertain.
Oligarchs have lost net worth, relinquished foreign businesses, and even had prized possessions like mansions and yachts seized. At the same time, though Russia’s economy has weakened under sanctions, bolstered trade with countries like China, India, and Saudi Arabia have kept it stronger than expected.
And though some oligarchs have voiced various concerns over the ongoing war, the wealthiest have been careful to toe the line. Russian billionaires and politicians that did vocalize criticism, including Lukoil chairman Ravil Maganov, have been found dead in apparent suicides, heart attacks, and accidents.
The most serious oligarch rebellion wasn’t due to economic hardships, but military operations. Oligarch and mercenary leader Yevgeny Prigozhin launched an attempted coup in June 2023, reportedly retreating after support from within Russia’s military quickly fizzled.
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