Top 20 Richest People In Africa

Africa certainly has its own richest people as with other continents on the planet. Africa is a continent located on the south of Europe and east of south America. The continent consists of people who are mostly Negroid. For a long time, Africa Has been believed to be a dark continent inhabited by mostly uncivilized people without access to education. This stereotype is still labelled on Africa till today.

The other parts of the world believe Africa to be a hub of poverty, diseases and crime. Over the years, Africa has been negating the beliefs especially in the aspect of development, finance and resourcefulness.

As every part of the world has its own groups of richest men, the continent also boasts of its own rich men and women who have been recognized by Forbes, a global media company known for its magazine that features articles on investment, business, finance, industry and marketing topics. It also ranks everything from richest people to billionaires to colleges.

Top 20 Richest People in Africa

According to Forbes, there are 2,668 richest people on earth, out of which 18 billionaires comes from Africa. It was also reported that the billionaires in Africa are richer than they have been in years.

Of the twenty richest people in Africa, Nigeria has the largest representation with ten individuals, followed by South Africa (six); two Egyptians, one Algerian and one Ghanaian also make the list. With this, it means Nigeria has the highest number of billionaires in Africa. As of November 2023, here are the top twenty richest people in Africa and their sources of wealth.

20. Ernesto Taricone – $1.3 Billion

Ernesto Taricone was born in Italy but migrated with his family to Ghana and later became a Ghanaian citizen by naturalization. He heads the conglomerate, Trasacco group, which has ventures in agriculture, mining, forestry and real estate. He was named Ghana’s richest man in 2021 and retained the post upon the death of Charles Ampofo. Ernesto Taricone is the richest person in Ghana with a net worth of $1.3 billion.

19. Tony Elumelu – $1.4 billion

Tony Elumelu is a Nigerian economist, philanthropist and the founder cum chairman of Heirs Holdings, Transcorp and the founder of The Tony Elumelu Foundation.

He established Heirs Holdings, his family-owned investment holding company, in 2010. In the same year, Elumelu established the Tony Elumelu Foundation, an Africa-based foundation that promotes entrepreneurship in Africa. Heirs Holdings maintains a diverse portfolio of investments in a variety of industries. Elumelu owns a controlling stake in Transnational Corporation, a diversified conglomerate with interests in Power, Hospitality, and Energy. In January 2021, Heirs Holdings announced the acquisition of a 45 percent operating stake in Oil Mining Lease 17 from Shell, Total, and ENI through its affiliates – Heirs Oil & Gas and Transnational Corporation in a deal worth more than $1 billion.

Amongst other things, Elumelu was officially handed the Certificate of Discharge of Transcorp Plc. on April 14th, 2021. Tony Elumelu is the tenth richest person in Nigeria with an estimated net worth of $1.4 billion.

18. Folorunso Alakija – $1.4 billion

From unseating Oprah Winfrey few years ago as the richest black woman in the world, to becoming the third richest person in Nigeria at some point, Folorunso Alakija has seen her fortunes dwindle over the years.

Folorunsho Alakija (born 15 July 1951) is a Nigerian philanthropist and billionaire businesswoman. She has a background in fashion, oil, real estate, and printing. She is the Group Managing Director of The Rose of Sharon Group, which includes The Rose of Sharon Prints & Promotions Limited, Digital Reality Prints Limited, and Famfa Oil Limited.

Alakija also owns a controlling interest in DaySpring Property Development Company. Forbes ranks Folorunsho Alakija as Nigeria’s richest woman, with a net worth of $1.4 billion as of 2022. According to Forbes, Alakija is the second most powerful woman in Africa after Ngozi Okonjo-Iweala, and the 87th most powerful woman in the world.

Folorunso Alakija is the ninth richest person in Nigeria with an estimated net worth of $1.4 billion.

17. Stephen Saad – $1.9 Billion

Born in June 1964, Stephen Saad first became a millionaire at the age of 29. He first started a prescription drug distribution company during the apartheid regime. Later, he become a cofounder of Aspen pharmacare, which has risen to be the largest producer of generic medicines in Africa. He is also the chairman of sharks, a rugby union club. His current net worth is estimated at $1.9 billion.

16. Michael Le Roux – $2.05 Billion

Michael Le Roux is a self-made billionaire, entrepreneur and co-founded Capitec bank with his friend Jannie Mouton. He worked at Distillers Corp, a Scottish drinks and pharmaceutical company with headquarters in south Africa before starting his own banking enterprise. Although he is a trained lawyer, he never practiced law. His net worth is currently estimated to be $2.05 billion.

15. Sir Emeka Ofor – $2.2 billion

Emeka Offor (born February 10, 1959, in Kafanchan, Kaduna state) is a Nigerian oil tycoon and entrepreneur. He is the founder and Chairman of Chrome Group, a leading multibillion-dollar conglomerate based in Abuja, Nigeria, with significant interests in the oil and gas sector as well as supporting interests in biofuels, petroleum product trading, logistics, and dredging, employing approximately 800 people.

The Chrome Group was founded in 1994 and has grown to become a major player in Nigeria and Sub-Saharan Africa. It is a leading conglomerate based in Abuja, Nigeria’s Federal Capital, with extensive experience in oil and gas services, power, logistics, and telecommunications.

Kaztec Engineering Limited, Nimek Investments Limited, Global Scansystems Nigeria Limited, Chrome Insurance Brokers Limited, and Inland Containers Nigeria Limited are all subsidiaries of the Chrome Group. The Group consists of approximately 20 active companies. Sir Dr. Emeka Offor was previously the Chairman of the Board of Directors of EHRC Energy Inc., a USA-based independent oil and gas company focused on exploration and production in the Gulf of Guinea.

14. Koos Bekker – $2.4 Billion

Koos Bekker is a south African investor, businessman and entrepreneur. He is known for transforming the south African newspaper publisher, into an e-commerce investment and cable TV power. Born on December 14th,1952, Jacobus Petrus Koos Bekker is the current chairman of the e-commerce and media group named Naspers. The company has branches in about 130 countries of the world. Koo’s Bekker has a degree in law and literature, an MBA from Columbia Business School and a doctorate degree from Stellenbosch University. Koos Becker is also the founder of Mnet which was later divided into two, one of which is multichoice, a pay television with tentacles spread in 48 countries in Africa. He is married to Karen Roos and has a net worth of $2.4 billion.

13. Orji Uzor Kalu – $3.1 billion

Orji Uzor Kalu (born 21 April 1960) is a former governor of Abia State, a senator and businessperson. He is the chairman of SLOK Holding, the Daily Sun and New Telegraph newspapers in Nigeria.

Kalu was convicted and sentenced to 12 years in prison by the Lagos Division of the Federal High Court on Thursday, 5 December 2019. He was found guilty of defrauding the government of Abia State, where he served as governor for eight years, through his company, Slok Nigeria Limited.

Kalu’s SLOK Holding, a conglomerate consists of a number of successful companies, including the Ojialex Furniture Company, SLOK Nigeria Limited, SLOK United Kingdom Limited, Adamawa Publishers Limited, SLOK Vegetable Oil, Aba, SLOK Paper Factory, Aba, SLOK United States Incorporated, SLOK Ghana, Togo, Cotonou, Guinea, South Africa, Liberia, Botswana, SLOK Korea, Supreme Oil Limited, SLOK Airlines, Sun Publishing Limited, and First International Bank Limited.

With an estimated net worth of $3.1 billion, Orji Uzor Kalu is the seventh richest person in Nigeria.

12. Cletus Ibeto – $3.2 billion

Cletus Ibeto is a Nigerian businessman from Nnewi, Nigeria. He is the CEO of The Ibeto Group, Nnewi’s largest business enterprise. The Ibeto Group, led by Ibeto, set the standard for regional and national trading and, later, manufacturing development.

Cletus Ibeto began his career as a spare parts import dealer after working as an apprentice in the motor parts industry, a gradual step taken by many eastern traders. After completing his factory in Nnewi, he stopped direct importation of lead-acid automotive batteries and plastic motor accessories in March 1988. By 1995, The Ibeto Group had grown to become one of the country’s largest auto spare parts manufacturers.

On October 2, 1996, he founded Ibeto Petrochemical Industries Ltd., which specializes in the blending of oil lubricants as well as the production of various types of petroleum products for both domestic and international markets. The Company owns the largest liquid petroleum storage facilities in Nigeria, with a capacity of over 60,000 metric tonnes, located at Apapa Wharf and Ibru Jetty Complex in Lagos.

With over three decades as a business tycoon, Cletus Ibeto holds the position as the sixth richest person in Nigeria and tenth in Africa, with an estimated net worth of $3.2 billion.

11. Naguib Sawiris – $3.4 Billion

Naguib Sawiris, born in 1954, is a citizen of Egypt and the brother of the richest man in the country. He is the former chairman of ORASCOM TMT investments, the family’s company which he developed into having its tentacles spread into different sectors like, railway, information Technology and telecommunication. Being an investor, he has stakes in several internet companies. He also owns 88% of a pan-European pay TV and video news network, Euronews and a luxury resort, silversands, on the Caribbean Island of Grenada. He is married to Ghada Gamil Sawiris and has a net worth of $3.4 billion.

10. Patrice Motsepe – $3.6 Billion

Patrice Motsepe is a self-made billionaire of current net worth of $3.6 billion with interests spread in metals and mining industries. He first made the Forbes list in 2008 and was named the first black African to make the list. He made his fortune from mining through his multifaceted mining company named African Rainbow Minerals. As a trained lawyer, Motsepe joined a law firm in 1988 and left later to start his mining company. He is the chairman of several boards and also the president of the Confederation of African football. He also owns Mamelodi Sundowns, a premier soccer league club. In 2012, he was named South Africa’s richest man but dropped in rank in later years.

9. Issad Rebrab – $5.1 Billion

Issad Rebrab hails from Algeria and is the owner of the biggest privately owned company in Algeria, Cevital and one of the largest sugar refineries in the world. He first started his career as an accounting and commercial law teacher before he went to chase his dreams and ending up as one of the billionaires in Africa and richest in his country with a net worth of $5.1 billion. He owns several European companies such as Groupe Brandt, a French home appliance company, a German water purification company and an Italian steel company. He was arrested in 2020 on charges of corruption, customs and tax evasion and was released after spending 8 months in jail.

8. Arthur Eze – $5.6 billion

Prince Arthur Eze is a well-known name in Nigeria, but little is known about the billionaire from Anambra. He founded Oranto Petroleum, an African oil company with 22 oil and gas licenses in 12 jurisdictions in 1991 and owns several chains of businesses across Nigeria, Equatorial Guinea, Senegal, Sudan, Uganda. To date, Oranto Petroleum owns the largest oil exploration blocks in Africa.

And while he is not a politician, Arthur Eze has donated over $100 million to the PDP over the years in Anambra State, particularly during elections. His donations have raised suspicions over the years and has made people refer to him as desperate to become a political godfather in Anambra State.

Arthur Eze is a Nigerian billionaire and the 5th richest person in Nigeria and seventh in Africa with an estimated net worth of $5.6 billion.

7. Femi Otedola – $5.6 billion

Femi Otedola (born 4 November 1962) is a Nigerian philanthropist and former chairman of Forte Oil PLC, a fuel importer. Otedola is the founder of Zenon Petroleum and Gas Ltd, as well as the owner of several other companies in shipping, real estate, and finance. He recently invested in power generation as part of Nigeria’s sector liberalization.

His business career began in the 1980s, when he successfully ran the family’s printing business. He would later become involved in the oil and gas industry.

He owns real estate in various parts of the world, namely in London, Dubai, and New York City. Femi Otedola is the fourth richest man in Nigeria with an estimated net worth of $5.6 billion.

6. Mike Adenuga – $6.2 Billion

MIKE ADENUGA is a Nigerian telecom and oil magnate. He studied at pace university, New York, while working as a taxi driver to support himself. He began selling lace and distributing soft drinks where he made his first million at the age of 26. He founded Globacom, which is currently the third largest network operator in Nigeria with branches in Ghana and Benin. Later, he dived into oil exploration and began Conoil, which has since grown into operating six oil blocks in Niger Delta. Mike Adenuga is the third richest person in Nigeria and the sixth richest man in Africa and also the richest Yoruba person with a net worth $6. 7 billion.

5. Abdul Samad Rabiu – $6.4 Billion

Abdul Samad Rabiu, a Nigerian conglomerate was born in 1960. His father was a renowned businessman, upon his death Rabiu inherited lands from him and revitalized the crumbling business empire. He began the importation of iron, steel and chemicals. He is also the founder of BUA Group, a group of companies which specializes in cement production, sugar refinement, and real estate. He is currently Nigeria’s second richest man and has a net worth of $6.4 billion.

4. Nassef Sawiri – $8.6 Billion

Nassef Sawiri was born in Egypt in 1961 to one of the wealthiest family in Egypt. He is an investor and owns 5% stake in Adidas, a sportswear maker, which is his most valuable asset, stakes in Lafarge, a cement company. He also has stakes in Madison square garden sports, the owner of NBA’s Nicksand and NHL rangers’ team. He runs one of the world’s largest nitrogen fertilizer producers, OCI, with plants in Lowa and Texas. He is also the chairman of ORASCOM construction, an engineering and building firm based in Cairo and Dubai. With a net worth of $8.6 billion, Nassef Sawiri is the richest man in Egypt and richest Arab in the world.

3. Nicholas Oppenheimer – $8.7 Billion

Nicholas Oppenheimer is the second richest man in South Africa and third richest in Africa.  He is from a family recognized for controlling a spot in the trade of the world’s diamond. He first started out in his grandfather’s company, Anglo American and later resigned. He later became the chairman of De Beers company, the world’s leading diamond company and a subsidiary of Anglo American. He is the third generation of his family to run Debeers. In 2014, he began Fireblade aviation, an aviation company that specializes in operating chartered flights. He also has a 720 square mile conservation land in south Africa, Botswana and Zimbabwe. His net worth is valued at $8.7 billion currently.

2. Johann Rupert – $11.3 Billion

Johann Rupert was born on in South Africa on June 1st, 1950, to a business tycoon, Anton Rupert. He is the richest man in South Africa and the second richest in Africa. In 1979, he founded Rand merchant bank, a leading corporate and investment bank in Africa. He is the chairman of a Swiss based luxury-goods company, Richemont. He also owns the South African based Remgro and the CEO of compagnie Financiers, Richmont. He was studying economics and company law before he dropped out to begin his career in business. The University, Stellenbosch later awarded him an honorary degree in economics. Johann Rupert is the richest person in South Africa and the second-richest person in Africa with a net worth of $11.3 billion.

1. Aliko Dangote – $13.4 Billion

The Nigerian billionaire was born in 1957. He is 11th time richest man in Africa and also in his country, Nigeria. He is the founder and chairman of Dangote Group, a conglomerate company with interests in several investments.  He owns Dangote cement, the largest producer of cement in Africa with tentacles spread in 10 African countries. Other subsidiaries of Dangote Group include Dangote salt, Dangote sugar and Dangote flour. He also owns a fertilizer plant and investments in real estate, transport, banking, automobiles and textiles. Dangote refinery has also been under construction since 2016 and projected to be one of the largest oil refineries in the world upon completion. He is the richest person in Nigeria and Africa and richest black man in the world with a net worth of $13.4 billion

Top 20 Richest people in Africa

Aliko Dangote is the richest person in Nigeria and Africa with a net worth of $13.4 billion. He is also the wealthiest black person in the world. Below is a recap of the top 20 richest people in Africa, their net worth and their sources of wealth.

20 Richest People in Africa