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Africa’s richest individuals had a standout year, with their combined net worth surpassing $100 billion for the first time ever. The continent now boasts 22 billionaires with a total fortune of $105 billion—up from $82.4 billion and 20 billionaires the year before.
Amassing such wealth in Africa is no easy task. The region continues to face persistent challenges like political instability, volatile currencies, and tough consumer markets. For example, Zimbabwe introduced a new gold-backed currency, the ZiG, in May to combat its ongoing hyperinflation woes, replacing the Zimbabwe dollar.
Despite these hurdles, the wealth growth of Africa’s elite mirrors global trends. Equity markets worldwide climbed 22% in the 12 months ending February 2025, according to MSCI.
At the top of Africa’s rich list, Nigerian industrialist Aliko Dangote maintains his number-one spot for the 14th consecutive year. His net worth surged to $23.9 billion, a significant increase from $13.9 billion the year prior. This jump is largely thanks to the inclusion of his long-awaited oil refinery, which began limited operations in early 2024. Located just outside Lagos, the refinery overcame years of delays and regulatory hurdles and is expected to reach full capacity this month. Its launch marks a milestone for Nigeria, enabling the oil-rich nation to start exporting refined petroleum products.
“This is a very, very big relief,” Dangote, 67, told Forbes in February. Now ranked among the world’s 100 wealthiest individuals, he sees the refinery as a major breakthrough. “It’s a pivotal step in ensuring that Africa can refine its own crude oil—creating wealth and opportunity across the continent.”