Africa’s 23 billionaires gain $20.3 billion; net worth hits $126.7 billion

Africa’s billionaire class is entering 2026 with greater wealth and renewed confidence as stronger equity markets and steadier currencies lift fortunes across the continent. The combined wealth of Africa’s 23 billionaires has climbed to $126.7 billion, an increase of $20.3 billion over the past year, according to the latest figures compiled by Forbes. The total marks a 21 percent rise from 2025, reinforcing a shift that first became clear last year when the continent’s billionaire cohort crossed the $100 billion mark in combined wealth for the first time.

The increase reflects gains across Africa’s largest companies, where rising earnings and investor interest lifted share prices. Forbes based its calculations on stock prices and exchange rates at the close of business on March 1, 2026, comparing them with the March 2025 Billionaires list. For private companies, values were estimated from revenue or profit using standard market ratios, including price-to-sales or price-to-earnings from comparable public firms. Individual fortunes can change quickly after the measurement date.

Dangote tops Africa’s billionaire list

Nigerian industrialist Aliko Dangote leads Africa’s billionaire list with a net worth of $28.5 billion, up $4.6 billion in the past year as Dangote Cement shares rose nearly 69 percent since March. The company doubled profits to one trillion naira in 2025. Dangote is advancing his energy expansion, signing a $400 million deal with a Chinese machinery firm to double refinery capacity by 2029. The refinery may pursue a public listing later this year.

Telecom and oil tycoon Mike Adenuga also secured top spot among the continent’s billionaires with a Forbes-estimated net worth of $6.5 billion, though his actual wealth is believed to be higher. His telecom company, Globacom, has expanded nationwide network capacity, boosting mobile data speed and reliability for millions. Growth in voice, data, and enterprise services is supporting revenue gains, while network improvements are lifting earnings and strengthening market position. Adenuga’s oil firm, Conoil, also signed a major production contract with Total Energies in Paris last year, reinforcing his status as one of Africa’s most liquid businessmen.

The biggest increase in wealth, however, came from Nigerian entrepreneur Abdul Samad Rabiu, whose fortune rose by 120 percent, or $6.1 billion, to reach $11.2 billion. The jump lifts Rabiu to the position of Africa’s third‑richest person, up from sixth place a year ago and just behind luxury‑goods magnate Johann Rupert, whose fortune stands at $16.1 billion. Much of Rabiu’s gain was driven by the performance of BUA Foods and BUA Cement. 

South Africa also produced notable gains. Michiel Le Roux, founder of Capitec Bank, saw his fortune rise as shares of the lender advanced 57 percent over the past year. The increase exceeded the 45 percent rise recorded by the Johannesburg Stock Exchange, helped in part by higher prices for gold and platinum, which boosted sentiment in South Africa’s markets. Le Roux’s wealth is now estimated at $3.8 billion, placing him among the year’s strongest gainers. 

South Africa, Egypt lead billionaire concentration

Not every billionaire saw major changes. Egyptian investor Nassef Sawiris ended the year essentially unchanged, with a net worth of $9.6 billion. Sawiris holds a stake in English Premier League club Aston Villa and owns roughly 6 percent of Adidas, the global sportswear group where he is expected to become chairman following the company’s shareholder meeting scheduled for May. Despite the broader gains, a handful of fortunes declined.

Only four of the 23 billionaires are poorer than they were a year ago. Among them is Moroccan real‑estate developer Anas Sefrioui, who lost about $300 million as shares of Group Addoha dropped more than 30 percent. His net worth now ties that of Nigerian investor Femi Otedola, who lost $200 million after selling most of his stake in Geregu Power at a price below the company’s market value. Each is estimated to be worth $1.3 billion, placing them at the lower end of the billionaire ranking.

The group itself remains relatively small but diverse in origin and experience. Of the 23 billionaires, 14—or 61 percent—are self‑made, having built their fortunes rather than inherited them. The list also highlights a demographic pattern: there are no women among Africa’s billionaires, and all except one—Tanzanian businessman Mohammed Dewji, age 50—are older than 60. Geographically, South Africa continues to hold the largest concentration of wealth on the continent, with seven billionaires. Egypt follows with five, while Nigeria has four and Morocco accounts for three.

Exclusions highlight Africa’s growing local wealth

The list also reflects Forbes’ criteria for inclusion. Some high‑profile names with African roots are not counted because their primary business operations or citizenship lie elsewhere. This includes Malawian banker Hitesh Anadkat, whose portfolio surpassed $1.5 billion, Nigerian-born Tope Awotona and Bayo Ogunlesi, Sudan-born telecom investor Mo Ibrahim, a U.K. citizen, and South African-born businessmen Nathan Kirsh and Paul Van Zuydam.

Others born in Africa but who built fortunes abroad, such as Ivan Glasenberg, Clive Calder, and Elon Musk, are also not counted. Even with those exclusions, the figures show a clear shift in the scale of wealth being created and preserved on the continent. With $126.7 billion now concentrated among just 23 individuals, Africa’s richest business leaders continue to expand their influence through manufacturing, banking, consumer goods, and global investments, industries that remain central to the continent’s economic story.