Africa’s Billionaires Amass Record $105bn, Dangote Retains Top Spot for 14th Year—but the Continent Still Lags Behind Global Wealth Trends

For the first time in history, African billionaires have collectively raised a fortune exceeding $ 100 billion, their combined net value reaching $ 105 billion, according to the 2025 Forbes ranking.

The new step represents a significant increase of $ 82.4 billion in 2024, marking a major moment for the richest individuals in Africa. The sharp increase in fortune highlights the growth of companies in Africa ultra-rich, in particular in industries such as energy, consumer goods, banks and real estate, which have benefited from the increase in stock markets and currency gains.

Aliko Dangote of Nigeria continues his reign as a richest person in Africa for the 14th consecutive year, his net value reaching $ 23.9 billion, against $ 13.9 billion in 2024. The net increase is attributed to his long -awaited refinery project near Lagos, which finally began operations at the start of 2024 after years of recovery.

Addressing Forbes in February, Dangote described the refinery as a pivotal step to guarantee that Africa refines its own crude oil, thus creating wealth and prosperity for its vast population. The successful launch of the refinery positioned Nigeria to start exporting refined oil products, a historic change for the largest oil producer on the continent, which has long depends fuel imports. Development has not only increased Dangote’s personal wealth, but has also strengthened investor confidence in the Nigeria industrial and energy sectors.

South Africa, Egypt and Nigeria dominate the billionaire classification

South Africa directs the continent in billionaire representation, seven people list. Nigeria and Egypt follow with four billionaires each, while Morocco has three. The other countries represented include Algeria, Tanzania and Zimbabwe. The magnate of South African luxury products Johann Rupert, owner of Richemont, remains the second richest individual in Africa, with a net value of $ 14 billion, marking a 39% increase compared to 2024. Its growth is second behind Dangote, reflecting a strong global demand for luxury brands.

Meanwhile, Femi Otedola of Nigeria, president of Geregu Power Plc, saw his fortune increase by more than 30% to 1.5 billion dollars, driven by a 40% increase in the action of Geregu Power’s action in the middle of energy demand. Despite these earnings, the list of billionaires in Africa remains dominated by a small group of people, with few new entrants. On the other hand, Asia and the United States add dozens of new billionaires each year, stressing the slowed down of the creation of the wealth of Africa.

This year’s classification saw the return of two former billionaires who had already filed the list. The Moroccan real estate magnate Anas Sefrioui has reintegrated the classification following a major increase in the actions of its real estate company, Douja Promotion Group Addoha. South African investor Jannie Mouton also returned after a jump of 59% of the Capitec Bank Holdings share price, reflecting a renewal of investor confidence in the banking sector in South Africa.

However, all billionaires have not seen any gains. Zimbabwe’s Strve Masiyiwa has suffered the greatest drop, losing a third of its wealth due to the Zimbabwe passage from Zimbabwe dollar to the Golden -supported Zig Mint. Its net value is now $ 1.2 billion, a sharp decline which highlights the instability of African financial systems.

The billionaires of Africa are lagging behind global peers

While the classification of Forbes shows that African billionaires become richer, the continent as a whole continues to fight to produce new ultra-rich individuals. The classification, based on financial data accessible to the public, including equity prices and exchange rates from March 7, 2025, show that the world’s wealth billionaire has increased by 22% in the past year.

Africa continues to considerably take other regions of the billionaire representation, highlighting the economic challenges of the continent.

While the richest individuals in Africa have experienced substantial gains, the total number of billionaires on the continent remains disproportionately low compared to other regions. The United States leads the world with 870 billionaires, whose combined wealth exceeds 5.5 billions of dollars. Asia follows with 951 billionaires, reflecting the booming savings in the region, especially in China, India and Southeast Asia. Europe ranks third, with 536 billionaires, largely because of its well -established financial and industrial financial markets. In striking contrast, Africa has only more than 20 billionaires, exposing the difficulties of the continent in the creation of wealth and economic growth.

The sub -performance of Africa in the world billionaire index is a direct reflection of the economic force of the continent – or its absence. Unlike the United States and Asia, where billionaires emerge from technology, finance and advanced manufacturing, Africa’s wealth remains highly concentrated in traditional sectors such as oil, basic products and retail. The continent’s inability to diversify its economy, to attract significant technological investments and to develop solid financial markets has kept its alarming billionaire count.

In addition, Africa’s economic trajectory is deeply linked to governance and leadership. While countries like China, India and Brazil have implemented pro-enterprise policies, industrialization strategies and financial reforms, many African nations continue to combat corruption, weak institutions and regulatory obstacles that suffocate the creation of large-scale wealth. The few billionaires that exist on the continent often have close links with governments or operate in monopolistic industries, which makes it difficult for new entrepreneurs to raise significant wealth.