Aliko Dangote, Femi Otedola, Abdul Samad Rabiu & Mike Adenuga Drive Africa’s Wealth Past $100 Billion

Aliko Dangote, president and chief executive officer of Dangote Sugar Refinery Plc, speaks during the U.S. Africa Business Forum in New York, U.S., on Wednesday, Sept. 21, 2016. The forum focuses on trade and investment opportunities on the continent for African heads of government and American business leaders. Photographer: Michael Nagle/Bloomberg via Getty Images

For the first time ever, Africa’s billionaires have collectively surpassed $100 billion in wealth. The 22 billionaires on the 2025 Forbes’ African Billionaires list now hold a total net worth of $105 billion, a massive leap from $82.4 billion last year, when there were only 20 on the list.

At the top of the list, Aliko Dangote remains Africa’s richest man for the 14th year in a row. His net worth skyrocketed to $23.9 billion, up from $13.9 billion in 2024, a staggering $10 billion increase. This jump is largely due to the inclusion of Dangote Refinery in his valuation. The refinery, which started refining crude oil in early 2024 after years of setbacks, according to Forbes, is expected to reach full capacity this month. This has allowed Nigeria, a major oil-producing country, to begin exporting refined petroleum products instead of depending on imports.

Another Nigerian billionaire who saw a significant boost is Femi Otedola, ranked eighteenth with a net worth of $1.5 billion. His company, Geregu Power Plc, saw its stock price jump 40%, driven by a sharp rise in revenue and profits.

Nigeria has four billionaires on the list. Abdul Samad Rabiu, ranked fifth, now has $7.6 billion, while Mike Adenuga, at sixth, holds $6.9 billion

Outside Nigeria, South Africa’s Johann Rupert retains his second spot with $14 billion, a 39% increase from last year.

Elsewhere, Moroccan billionaire Anas Sefrioui returns to the ranking after his real estate firm, Douja Promotion Groupe Addoha, saw its stock price more than double. South African investor Jannie Mouton also rejoined the billionaire club following a 59% surge in the stock price of Capitec Bank Holdings, one of his key investments.

South Africa remains home to the highest number of billionaires, with seven individuals on the list, followed by Nigeria with four and Egypt with four. Morocco has three billionaires, while Algeria, Tanzania, and Zimbabwe each have one.