Aliko Dangote
Africa has been home to some of the wealthiest people in the world and the past year has been no different.
Forbes Africa recently released its list of the top wealthiest people on the continent in 2023, and it’s a mix of familiar names and newcomers.
The list includes individuals from various industries, including telecommunications, banking, mining, and more. This year’s list saw some changes as the continent’s economic landscape continues to evolve.
For one, the lot of the billionaires that made the list are a little poorer than they were in the previous year. The total net worth of the top 20 billionaires in Africa is $108.3 billion, down from $114.4 billion in the previous year.
That is a 5.3% decline in total net worth, and it is a reflection of the challenging economic conditions that the continent has faced in recent times. only four of the billionaires on the list increased their net worth, with the remaining 16 seeing their wealth decline.
Aliko Dangote, who has held the top spot as Africa’s wealthiest person for 11 years, remains at the top of the list with a net worth of $9.6 billion, down from $10.6 billion the previous year. He is followed by Nicky Oppenheimer, with a net worth of $7.6 billion, down from $8 billion the previous year.
The pandemic has a lot to do with this decline, as it continues to have a negative impact on the value of many of the companies these billionaires invest in.
The decline in the value of oil and other commodities has also had a significant impact on the net worth of some of the billionaires. However, last year also saw many billionaires diversify their investments beyond their core businesses.
For example, Nicky Oppenheimer has invested in various companies, including a 40% stake in Tswalu Kalahari Reserve, a game reserve in South Africa. Despite the decline in net worth, Africa is still breeding a significant number of billionaires, with the top 20 billionaires emanating from six countries: South Africa, Nigeria, Egypt, Morocco, Algeria, and Tanzania. Here’s a closer look at the top ten wealthiest people in Africa.
1. Aliko Dangote
Aliko Dangote retains his position as Africa’s wealthiest person, with a net worth of $13.5 billion. Dangote’s major source of wealth still remains his cement manufacturing company, Dangote Cement, which operates in several African countries, including Nigeria, Zambia, and South Africa. He continues to garner wealth from his investments in sugar, flour, and salt production, as well as real estate, telecommunications, and agriculture, and mostly recently, petroleum. Dangote recently completed a $14 billion refinery, expected to lessen Nigeria’s import dependence by as much as 36 per cent.
2. Johann Rupert
Johann Rupert is the second wealthiest person in Africa, with a net worth of $10.7 billion. He made his fortune in the luxury goods industry, and is the founder of Richemont, the parent company of brands such as Cartier and Montblanc. He is also the founder and chairman of the investment firm Remgro, which has interests in banking, healthcare, and other sectors. Johann has been a regular on Forbes’ list of billionaires for many years, and in 2022, his wealth is estimated to be worth around $8.6 billion.
3. Nicky Oppenheimer
Nicky Oppenheimer is the third richest person in Africa, with a net worth of $8.7 billion. He has made a fortune in the diamond industry, with his company De Beers, one of the largest diamond companies in the world, but has since diversified into other areas such as wine and philanthropy. Last year, his family’s investment group, E. Oppenheimer & Son, sold its stake in De Beers to mining company Anglo American. The deal was worth $5.1 billion, and it gave Anglo American full ownership of De Beers.
4. Abdulsamad Rabiu
With a Networth estimated to be $7.2 billion, Abdulsamad Rabiu is the fourth richest person in Africa. The Nigerian businessman who is the founder and chairman of BUA Group, a conglomerate that operates in various sectors, including cement, sugar, and real estate, has been making waves in the business world, with various achievements and investments.
5. Nassef Sawiris
Nassef Sawiris is the fiftth richest person in Africa, with a net worth of $7.2 billion. He has made a fortune in the construction industry, and is the CEO of Orascom Construction Industries. Last year, his wealth was an estimated net worth of $9.6 billion. He has continued to invest in his existing companies and has also made new investments in other areas, including the financial and real estate industries. One significant development for Nassef Sawiris has been his involvement in the creation of The Artemis Group, the recent investment company betting on sustainable businesses and projects around the world, created by other wealthy individuals, including Joseph Safra and David Rockefeller Jr.
6. Mike Adenuga
Mike Adenuga is the sixth richest person in Africa, with a net worth of $5.6 billion. He is the founder and chairman of Globacom, a major telecoms company in Nigeria, as the oil and gas company, Conoil. Adenuga is a regular on the Forbes richest list. However, over the few years, Adenuga’s wealth has decreased from $8.7 billion in 2021 due to the economic situation and other factors.
7. Issad Rebrab
Issad Rebrab is the seventh wealthiest person in Africa, with a net worth of $4.6 billion. He is the founder and CEO of Cevital, Algeria’s largest private conglomerate, and continues to lead Cevital’s expansion efforts both within Algeria and internationally. Last year, his net worth was estimated at $4.8 billion, which makes Issad Rebrab one the few billionaires that increased their net worth this year despite the economic downturns.
8. Naguib Sawiris
Egyptian billionaire businessman and philanthropist, Naguib Sawiris ranks on the list as the eighth richest person in Africa with a Networth estimated to be $3.3 billion. Naguib Sawiris is the chairman of Orascom Investment Holding, a division of the Orascom Group, a company that invests in various sectors, including telecommunications, real estate, and infrastructure.
9. Patrice Motsep
$4.1 billion Patrice Motsepe is the ninth wealthiest person in Africa, with a net worth of $3.1 billion. He made his fortune in the mining industry, and is the founder and chairman of African Rainbow Minerals, a mining company that focuses on gold, ferrous metals, and base metals. Last year, he was the seventh richest African with a net worth of around $2.9 billion. In addition to his business and philanthropic work, Motsepe is also involved in South African sports. He is the founder of Mamelodi Sundowns Football Club, one of the most successful soccer clubs in South Africa. He is also the president of the South African Football Association.
10. Mohamed Mansou
(Vebtures Africa)
