Who are Africa's wealthiest 2024?

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Posted: October 23, 2024
CEO Today
Last Updated 23rd October 2024
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Africa’s Wealthiest Individuals in 2024

The year 2024 has seen a slight recovery for Africa’s richest individuals, with the collective net worth of the continent's 20 billionaires reaching $82.4 billion. This reflects an increase of $900 million from the previous year's total of $81.5 billion. Although their fortunes are still below peak levels, the steady recovery in African markets has helped reverse last year's decline. 

Notable on this year's list is the return of Nigerian business mogul Femi Otedola, whose reappearance on the billionaire scene has contributed to the increase in wealth. Otedola, after years of focusing on his power company Geregu, has significantly influenced the rankings. Meanwhile, many of Africa’s wealthiest individuals continue to navigate the challenges of struggling economies, poor infrastructure, and unstable political climates. Despite these hurdles, they have made impressive strides in industries such as cement, telecoms, luxury goods, and mining. 

This article delves into the top billionaires of Africa, examining their sources of wealth, contributions to industry, and how they continue to influence the economic landscape of the continent.

 

Aliko Dangote

Net Worth: $13.9 billion
Industry: Manufacturing (Cement and Sugar)
Country: Nigeria
Age: 66 

Topping the list for yet another year, Aliko Dangote remains Africa’s richest individual. His fortune stems from Dangote Cement, the continent’s largest cement producer. Dangote owns 85% of the company, which operates across 10 African countries and has an annual production capacity of nearly 48.6 million metric tons. 

In addition to his dominance in the cement industry, Dangote has diversified his investments into other sectors. His fertilizer plant in Nigeria began operations in 2022, marking a significant step in Nigeria’s agricultural development. Dangote's highly anticipated oil refinery, under construction since 2016, also began operations this year, further solidifying his influence across multiple industries. 

 

Johann Rupert & Family

Net Worth: $10.1 billion
Industry: Luxury Goods (Fashion and Retail)
Country: South Africa
Age: 73 

Johann Rupert, South Africa’s wealthiest individual, is the chairman of Swiss luxury goods giant, Compagnie Financière Richemont. Best known for iconic brands like Cartier and Montblanc, Richemont was created from a spinoff of assets owned by the Rembrandt Group, a company founded by Rupert's father. 

Aside from luxury goods, Rupert holds significant shares in other firms. He owns 7% of the diversified investment company Remgro, which he also chairs, and 26% of Reinet, a Luxembourg-based holding company. A vocal environmental advocate, Rupert has openly opposed fracking projects in the Karoo, where he owns vast lands. 

 

Nicky Oppenheimer & Family

Net Worth: $9.4 billion
Industry: Mining (Diamonds)
Country: South Africa
Age: 78 

Nicky Oppenheimer hails from one of the most well-known names in the diamond industry. As the former chairman of De Beers, the Oppenheimer family controlled a significant portion of the global diamond trade for decades. In 2012, Oppenheimer sold his family’s 40% stake in De Beers to Anglo American for $5.1 billion, marking an end to their 85-year dominance. 

Since exiting the diamond business, Oppenheimer has diversified his interests. He founded Fireblade Aviation, a private aviation company based in Johannesburg. Additionally, he owns vast conservation lands across South Africa, Botswana, Zimbabwe, and Mozambique, cementing his role in the region’s ecological preservation. 

 

Nassef Sawiris

Net Worth: $8.7 billion
Industry: Construction and Investments
Country: Egypt
Age: 63 

Nassef Sawiris, part of Egypt's wealthiest family, is a major player in the global construction and investment sectors. He runs OCI, one of the world’s largest nitrogen fertilizer producers, with plants in the U.S. and Europe. Additionally, Sawiris holds a 5% stake in New York-listed Madison Square Garden Sports, which owns the NBA’s New York Knicks and NHL’s Rangers. 

Sawiris also has significant investments in other industries. He holds a 6% stake in German sportswear giant Adidas and co-owns Premier League club Aston Villa. His family’s business, Orascom Construction, remains a prominent force in engineering and construction, both in Egypt and internationally. 

 

Mike Adenuga

Net Worth: $6.9 billion
Industry: Telecom and Oil
Country: Nigeria
Age: 70 

Mike Adenuga is Nigeria’s second-richest individual, with wealth derived from telecommunications and oil. His company, Globacom, is the second-largest telecom operator in Nigeria, boasting over 60 million subscribers. Adenuga also owns Conoil Producing, an oil exploration company that controls several lucrative oil blocks in the Niger Delta. 

Beyond telecoms and oil, Adenuga has diversified his interests. He built a 6,100-mile-long submarine Internet cable connecting Nigeria to the U.K., and he owns 74% of the publicly traded Conoil, a gasoline marketing firm. 

 

Abdulsamad Rabiu

Net Worth: $5.9 billion
Industry: Manufacturing (Cement and Sugar)
Country: Nigeria
Age: 63 

Abdulsamad Rabiu is the founder of the BUA Group, a Nigerian conglomerate involved in cement production, sugar refining, and real estate. His company, BUA Cement, is one of Nigeria’s largest cement producers and is publicly traded. Rabiu also controls BUA Foods, a food conglomerate listed on the Nigerian Stock Exchange. 

Rabiu’s fortune has grown significantly over the years, thanks to his control over critical segments of Nigeria’s infrastructure and food supply. With major investments in construction and agriculture, Rabiu remains a key player in the country’s economic development. 

 

Naguib Sawiris

Net Worth: $3.8 billion
Industry: Telecom
Country: Egypt
Age: 69 

Naguib Sawiris, the older brother of Nassef, built his fortune in the telecommunications industry. He sold his telecom firm Orascom Telecom to Russia’s VimpelCom (now Veon) in 2011 for billions. Today, Sawiris chairs Orascom TMT Investments, with stakes in asset management and European Internet companies. 

In addition to his telecom ventures, Sawiris has invested in real estate, including developing a luxury resort in the Caribbean. His influence spans across media, finance, and tourism, making him one of Egypt’s most prominent business figures. 

 

Mohamed Mansour

Net Worth: $3.2 billion
Industry: Diversified (Automotive and Retail)
Country: Egypt
Age: 76 

Mohamed Mansour heads the Mansour Group, a family-owned conglomerate with significant operations in automotive distribution and retail. Mansour established General Motors dealerships in Egypt and grew them into one of GM’s largest distributors worldwide. His company also holds exclusive distribution rights for Caterpillar in Africa. 

Mansour, who served as Egypt’s transportation minister from 2006 to 2009, has led the group’s expansion into other sectors, including retail and private equity. His family’s wealth is shared with his two brothers, Yasseen and Youssef, who are also billionaires. 

 

Koos Bekker

Net Worth: $2.7 billion
Industry: Media and Investments
Country: South Africa
Age: 71 

Koos Bekker is known for transforming Naspers, a South African media company, into a global e-commerce powerhouse. His decision to invest $34 million in Chinese tech giant Tencent in 2001 is regarded as one of the most successful venture investments of all time. 

Although Bekker retired as CEO in 2014, he returned as chairman a year later. Under his leadership, Naspers has spun off assets into publicly traded companies like Prosus, which holds a significant stake in Tencent. 

 

Patrice Motsepe

Net Worth: $2.7 billion
Industry: Mining
Country: South Africa
Age: 61 

Patrice Motsepe, founder of African Rainbow Minerals, became Africa’s first black billionaire in 2008. His mining ventures, focused on gold, platinum, and other resources, have earned him significant wealth. He is also the president of the Confederation of African Football and owns Mamelodi Sundowns, one of South Africa’s most successful football clubs. 

In addition to his mining operations, Motsepe has invested in African Rainbow Capital, a private equity firm that focuses on expanding business opportunities across the African continent. 

 

Related: Asia's Richest - The Top 10 Revealed

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