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Africa is home to 18 billionaires, a far cry from the bustling billionaire ecosystems found in other continents like America or Asia. And with this, the question lingering on everyone’s mind is, who are these select few who command the financial narrative of the African continent? Well, your curiosity is about to be satiated as we have ranked the top 10 richest men in Africa for the year 2024 based on their net worth.
1. Aliko Dangote
Net Worth: $10.1 billion
With a net worth of $10.1 billion, Aliko Dangote is the richest man in Africa in 2024. Although he had held the position of Africa’s wealthiest individual for over a decade without a challenge, the dynamics shifted in 2023 and 2024 with Johann Rupert seizing the top spot but not for long before Dangote bounced back.
Dangote experienced a prosperous start to 2022, witnessing a noteworthy increase of $950 million in his fortune within the initial months of the year. However, 2023 saw his net worth dip from $13.5 to $9.5 billion, partly due to the naira devaluation and economic fluctuations in Africa.
Aliko Dangote has a diversified investment portfolio in cement, sugar, salt, oil, fertilizer, and packaged food among other interests. According to Bloomberg, the majority of Dangote’s wealth comes from his 86% ownership in Dangote Cement, the largest cement company in Sub-Saharan Africa.
2. Johann Rupert
Net Worth: $10 billion
South Africa’s Richest Billionaire, Johann Rupert
Johann Rupert is South Africa’s richest billionaire and second only to Dangote as the richest person in Africa in 2024, with a net worth of $10 billion.
Bloomberg Intelligence reveals that the lion’s share of Rupert’s wealth emanates from Compagnie Financiere Richemont, distinguished as the world’s largest luxury watchmaker and a prominent purveyor of opulent goods on the global stage.
Beyond this, Rupert steers a diversified investment ship as he commands 7% of Remgro, a diversified investment enterprise of which he is the head. He also possesses a 25% stake in Reinet, an investment holding company based in Luxembourg.
3. Nicky Oppenheimer
Net Worth: $8.3 billion
Nicky Oppenheimer is a prominent South African billionaire businessman and scion of the Oppenheimer family, known for their influential role in the diamond industry. With a net worth of $8.3 billion, he ranks as the third richest man in Africa.
Formerly the chairman of De Beers, the world’s largest producer of rough diamonds, and the Diamond Trading Company, as well as the deputy chairman of Anglo American, Oppenheimer played a pivotal role in the family’s 85-year dominance in the diamond trade until 2012.
In 2012, he made headlines by selling the family’s 40% stake in De Beers to Anglo American for a staggering $5.1 billion in cash, contributing substantially to his wealth. Oppenheimer’s financial prowess extends beyond diamonds, as he also earned dividends from Anglo American, further solidifying his stature on Forbes’ list of the richest people in Africa.
4. Nassef Sawiris
Net Worth: $7.4 billion
Egypt’s Richest Billionaire, Nassef Sawiris
Nassef Sawiris ranks fourth among the richest men in Africa with a net worth of $7.4 billion as of January 2024. As the youngest son of Onsi Sawiris, he hails from Egypt’s wealthiest family.
Sawiris has diversified his investments, holding a notable 6% ownership in Adidas and a 30% stake in the publicly traded fertilizer company OCI. Beyond business, he has made significant forays into sports ownership, co-owning the football club holding company V Sports, which oversees Premier League team Aston Villa and a stake in Primeira Liga team Vitória S.C.
Additionally, he has invested in American sports teams, holding a 6.3% stake in MSG Sports, the owner of the NBA’s New York Knicks and NHL’s New York Rangers.
5. Abdulsamad Rabiu
Net Worth: $5.9 billion
Abdulsamad Rabiu is a prominent Nigerian billionaire businessman and philanthropist. He is the founder and chairman of BUA Group, a Nigerian conglomerate with a focus on manufacturing, infrastructure, and agriculture.
Notably, Rabiu led BUA’s expansion into various sectors, including steel, edible oil, flour, and cement. By strategically combining his Obu Cement company with the publicly traded Cement Co. of Northern Nigeria in early 2020, Rabiu created BUA Cement Plc, listed on the Nigerian stock exchange, where he holds a significant 98.5 percent ownership.
As of 2024, Rabiu has a net worth of $5.9 billion, which ranks him 5th among the richest men in Africa. He is second only to Aliko Dangote as the richest person in Nigeria.
6. Nathan Kirsh
Net Worth: $5.8 billion
Nathan “Natie” Kirsh is a prominent businessman and philanthropist heading the Kirsh Group. His wealth is primarily attributed to the majority stake held by the Kirsh Group in Jetro Holdings, a cash-and-carry operation based in New York.
Kirsh’s strategic acquisitions and business ventures, such as the founding of Jetro in 1976 and acquiring Restaurant Depot in 1994, contributed to the expansion of his empire. Despite controversies, such as the registration of some of his companies in tax havens, Kirsh has sustained significant success and has left a lasting impact on the global business landscape.
7. Issad Rebrab
Net Worth: $4.6 billion
Algeria’s Richest Billionaire, Issad Rebrab
Issad Rebrab is the CEO of the Cevital Industrial Group, the largest private company in Algeria with interests in steel, food, agribusiness, and electronics. Cevital is known for operating one of the world’s largest sugar refineries, capable of producing 2 million tons annually. This undoubtedly strengthens his financial standing as the richest billionaire in Algeria and the 7th richest man in Africa.
8. Mohamed Mansour
Net Worth: $3.6 billion
Mohamed Mansour is an Egyptian billionaire born into a prominent business family in Alexandria, the second-largest city in Egypt. He oversees Mansour Group, a conglomerate controlling key Fortune 500 companies in Egypt.
Despite facing challenges such as nationalization and asset confiscation in 1965, Mansour has been at the helm of the family business since his father’s passing in 1976. His diverse business interests include distribution partnerships with major US companies, ownership of Egypt’s largest supermarket chain (Metro), and McDonald’s franchises in the country.
Mansour briefly entered politics, serving as Egypt’s Minister of Transport from 2006 to 2009. Notably, in May 2023, Mansour made headlines by donating £5 million to the UK Conservative Party, the largest contribution in over two decades, expressing support for Rishi Sunak’s economic approach.
9. Naguib Sawiris
Net Worth: $3.3 billion
Naguib Sawiris is a prominent Egyptian businessman and a descendant of Egypt’s influential Sawiris family. He made a significant impact in the telecom industry by selling his family company, Orascom Telecom to VimpelCom in a multibillion-dollar deal in 2011.
Beyond telecom, he has ventured into media, acquiring a majority stake in Euronews, and real estate, with projects like the Silversands luxury resort in Grenada.
As of 2024, Naguib Sawiris has a net worth of $3.3 billion while his brother Nassef Sawiris has a net worth of $7.4 billion, making them the first and third richest men in Egypt respectively.
10. Mike Adenuga
Net Worth: $3.1 billion
Rounding off the list is Nigeria’s third richest billionaire, Mike Adenuga with a net worth of $3.1 billion. His wealth stems from his success in telecommunications and oil production.
Mike Adenuga is the founder of Globacom, Nigeria’s third-largest mobile phone operator with 55 million subscribers. His oil exploration company, Conoil Producing, operates six oil blocks in the Niger Delta.
Richest Men In Africa and Their Net Worth [2024]
The table below contains the names, net worth, source of wealth, and nationality of the top 10 richest men in Africa for the year 2024.
| Rank | Name | Net Worth | Source Of Wealth | Nationality |
|---|---|---|---|---|
| 1. | Aliko Dangote | $10.1 billion | Cement, Sugar | Nigeria |
| 2. | Johann Rupert | $10 billion | Luxury Goods | South Africa |
| 3. | Nicky Oppenheimer | $8.3 billion | Diamonds | South Africa |
| 4. | Nassef Sawiris | $7.4 billion | Construction, Investments | Egypt |
| 5. | Abdulsamad Rabiu | $5.9 billion | Cement, Sugar | Nigeria |
| 6. | Nathan Kirsh | $5.8 billion | Retail, Real Estate | South Africa |
| 7. | Issad Rebrab | $4.6 billion | Food and Beverages | Algeria |
| 8. | Mohamed Mansour | $3.6 billion | Motors | Egypt |
| 9. | Naguib Sawiris | $3.3 billion | Telecom | Egypt |
| 10. | Mike Adenuga | $3.1 billion | Telecom, Oil | Nigeria |
