Inside the top 20 millionaires in Africa

The richest people in Africa are influencing not only their sectors but also the economic and cultural climate of the continent, demonstrating that the distinctively African fusion of tenacity, drive, and creativity can lead to success on the international scene.

These billionaires, who have empires in retail, mining, telecommunications, and luxury products, provide a glimpse of Africa’s economic potential and variety.

Here’s a deeper look at the top 20 billionaires in Africa as reported by Forbes and Bloomberg, two of the world’s wealthiest publications.

The ranks are as follows:

1. Nigerian Aliko Dangote ($13.9 billion)

Aliko Dangote, who has been Africa’s richest man for more than ten years, has revolutionized Nigeria’s economic landscape with his cement, sugar, and wheat manufacturing empire.

Dangote began his career as a commodities trader and is currently in charge of a conglomerate that is pushing the envelope with initiatives like the Dangote Refinery, which is expected to transform Nigeria’s oil sector.

2. South Africa’s Johann Rupert ($10.1 billion)

Rupert is the chairman of Compagnie Financière Richemont, the company that owns high-end labels including Montblanc and Cartier.

His business shows his passion for high-end elegance and quality, despite his modest lifestyle. His father’s tobacco company served as the starting point for Rupert’s career, which he successfully expanded into a luxury powerhouse.

3. South Africa’s Nicky Oppenheimer ($9.4 billion)

Nicky Oppenheimer, the heir to the De Beers diamond empire, made news in 2012 when he sold the family’s 40% share in the business for $5.1 billion.

Known for his love of conservation, he has subsequently concentrated on environmental and philanthropic initiatives throughout Africa.

4. Egypt’s Nassef Sawiris ($8.7 billion)

Nassef Sawiris, one of Egypt’s most powerful investors, is the manager of Orascom Construction and a significant shareholder in Adidas. Sawiris maintains a modest profile despite his wealth, letting his work in chemicals and building speak for itself.

5. Nigerian Mike Adenuga ($6.9 billion)

Through his businesses Globacom and Conoil, Adenuga has ventured into the oil and telecommunications industries. Adenuga is one of the most well-known business magnates in Nigeria because to his success in the telecom and energy industries, as well as his opulent lifestyle.

6. Nigeria’s Abdulsamad Rabiu ($5.9 billion)

Rabiu, the founder of BUA Group, has expanded his family’s company into one of the biggest manufacturing firms in Nigeria.

Rabiu leads a humble lifestyle in spite of his enormous fortune, and his business strategy places a strong emphasis on sustainable growth in Nigeria’s intricate economy.

7. Egypt’s Naguib Sawiris ($3.8 billion)

After selling Orascom Telecom to Russia’s VimpelCom, Naguib Sawiris, who had a significant presence in the telecom industry, expanded into media and political endeavors. He is well-known for having a vibrant personality and still makes investments in businesses throughout the Middle East and Africa.

8. South Africa’s Patrice Motsepe ($2.7 billion)

Motsepe, the first Black millionaire in Africa, has achieved great success with African Rainbow Minerals, his mining firm. He has demonstrated his dedication to social impact by pledging to donate half of his fortune to charitable organizations.

9. South Africa’s Koos Bekker ($2.7 billion)

With a significant early investment in Tencent, Bekker turned Naspers into a major worldwide media and technology company. Naspers is a pioneer in digital innovation because to his strategic vision and uncomplicated lifestyle.

10. Algeria’s Issad Rebrab ($2.5 billion)

Rebrab owns Cevital, one of the biggest sugar refineries in the world and the biggest privately held business in Algeria. His rise from impoverished origins to prominence in the food sector serves as a testament to the transformational potential of entrepreneurship.

11. Egypt’s Mohamed Mansour ($2.5 billion)

In charge of the Mansour Group, a significant retail and automotive business, Mansour is a strong force in the consumer markets of Africa. His quiet demeanor stands in stark contrast to the family’s extensive commercial reach.

12. Zimbabwe’s Strive Masiyiwa ($1.9 billion)

Masiyiwa is a prominent figure in African entrepreneurship and the founder of Econet, a telecom behemoth. Masiyiwa, who is well-known for his generosity and tenacity, is a prime example of overcoming obstacles to reach a continental audience.

13. Tanzania’s Mohammed Dewji ($1.8 billion)

Dewji, the CEO of MeTL Group, has transformed a modest trade company into Tanzania’s biggest conglomerate. He is Africa’s youngest billionaire and well-known for his charitable work, which reflects the new wave of African economic magnates.

14. Morocco’s Aziz Akhannouch ($1.7 billion)

Sector: Gas and oil

Morocco’s oil and gas tycoon, Aziz Akhannouch, is also a politician and the prime minister of his nation. The petroleum-focused business Akwa Group is owned by his family. Akhannouch balances his commercial and political obligations by keeping a modest public presence.

15. MEA ($1.4 billion) Prateek Suri

Industry: Electronics for consumers

By offering high-quality, reasonably priced devices like smart TVs, washing machines, cookers, and more, Suri’s Maser Group is revolutionizing the technological landscape of Africa. His programs promote computer skills and education, furthering Africa’s digital revolution.

One of Africa’s youngest billionaires, Suri, amassed his wealth in the computer and consumer electronics industries. His company’s worth surpassed $5 billion with the acquisition of SCG Asia.

His company specializes in cutting-edge technology and large-cap projects in Africa related to artificial intelligence (AI), shipping, infrastructure, and mining.

Known for leading an active lifestyle, Suri’s path demonstrates technological and manufacturing innovation with an aim on revolutionizing Africa’s tech scene.

16. Morocco’s Othman Benjelloun ($1.4 billion)

One of the mainstays of North Africa’s financial industry is Benjelloun’s BMCE Bank. He is well-known for leading a traditional lifestyle and has built a powerful banking network throughout the area.

17. Egypt’s Youssef Mansour ($1.3 billion)

As the head of Egypt’s biggest grocery chain, Youssef Mansour, a member of the affluent Mansour family, is a major force in the African retail business. While growing his family’s retail business, he keeps a low profile.

18. South Africa’s Christoffel Wiese ($1.2 billion)

Industry: Retail

Shoprite, the biggest retailer on the continent, is where Christoffel Wiese, the retail tycoon of South Africa, built his wealth. Wiese, who is well-known for leading an extravagant lifestyle, has seen both incredible triumphs and disappointments along the way, but his impact on African retail is still unparalleled.

19. Nigeria’s Femi Otedola ($1.1 billion)

Industry: Energy

Femi Otedola is a well-known Nigerian investor, philanthropist, and businessman who has made major contributions to the country’s economic and energy industries.

One of the top power producing firms in Nigeria, Geregu Power Plc, is chaired by Otedola. As the founder and chairman of Zenon Petroleum and Gas Ltd., a business that grew to prominence in Nigeria’s distribution of kerosene and diesel, he left his imprint.

20. South Africa’s Michiel Le Roux ($1.1 billion)

Industry: Banking

Michiel Le Roux transformed accessible banking for the general public by founding Capitec Bank, one of the most prosperous retail banks in South Africa. Le Roux focuses on banking and has a rather modest life.

The wealthiest billionaires in Africa are driving economic change by directing investments into critical areas and redefining sectors that will influence the continent’s future.

Their incredible experiences demonstrate tenacity, creativity, and a shared dedication to creating a more affluent and dynamic Africa.