Top 10 Richest People in Africa

Africa, like other continents, has its share of the world’s wealthiest people. Africa is positioned to the south of Europe and to the east of South America. The continent is largely populated by Negroids. For a long time, Africa was thought to be a dark continent populated by primarily uncivilized people who lacked access to education. This stereotype is still present throughout Africa today.

Other parts of the world consider Africa to be a hotspot for poverty, sickness, and crime. Over the years, Africa has refuted beliefs, particularly in the areas of development, economics, and resourcefulness.

As each region of the world has its own set of richest individuals, the continent has its own set of wealthy men and women who have been acknowledged by Forbes, a global media corporation known for its magazine, which covers articles on investing, business, finance, industry, and marketing themes. It also ranks everything from the wealthiest people to billionaires to universities. Here is a list of the top 20 richest people in Africa.

Top 10 Richest People in Africa

According to Forbes, there are 2,668 billionaires in the planet, with Africa accounting for 18 billionaires. It was also revealed that African billionaires are wealthier than they have been in years.

Of the ten richest people in Africa, Nigeria has the largest representation with five individuals, followed by South Africa (three); one Algerian, and an Egyptian. This indicates that Nigeria has the most billionaires in Africa. Here are the top ten richest people in Africa and their sources of wealth.

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.

10 Richest People in Africa

Rank Name Citienship Net Worth Sources of Wealth
10 Patrice Motsepe South Africa $3.6 billion Mining
9 Issad Rebrab Algeria $5.1 billion Manufacturing, Steel
8 Arthur Eze Nigeria $5.6 billion Petroleum, Aviation
7 Femi Otedola Nigeria $5.6 billion Petroleum
6 Mike Adenuga Nigeria $6.2 billion Telecommunication, Oil & Gas
5 Abdul Samad Rabiu Nigeria $6.4 billion Cement, Flour, Sugar, Real Estate
4 Nassef Sawiri Egypt $8.6 billion Investor
3 Nicholas Oppenheimer South Africa $8.7 billion Diamond
2 Johann Rupert South Africa $11.3 billion Businessman
1 Aliko Dangote Nigeria $13.4 billion Cement, Flour, Sugar
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