The latest ranking of African billionaires by Forbes magazine shows that the top 10 wealthiest individuals on the continent continue to be dominated by South Africa and Egypt.
Taking into account only residents in Africa or those primarily conducting business activities on the continent, the 2023 ranking of the wealthiest among African billionaires reveals an overall growth of wealth by 1.1% among the richest individuals during the year, reaching a total of $82.4 billion. Aliko Dangote continues to lead the top 10 African billionaires. For the 12th consecutive year, this ultra-wealthy Nigerian tops the list with a colossal fortune of $13.9 billion. The Nigerian tycoon, at the helm of the Dangote Group, Africa's largest industrial and cement production conglomerate, operates in 10 countries across the continent. The group also operates in several sectors including automobile, fertilizer production, and real estate.
In the second position is Johann Rupert. This South African, along with his family, accumulates an estimated fortune of $10.1 billion. Rupert chairs the Richemont Financial Company, famous for its luxury brands such as Cartier and Montblanc. This billionaire also holds 7% of Remgro and 26% of Reinet, investment holding companies.
Nicky Oppenheimer ranks third. This other wealthy South African is the heir to the De Beers diamond fortune. Along with his family, he accumulates an estimated fortune of $9.4 billion. For 85 years, Oppenheimer held a dominant position in the global diamond trade before selling his 40% stake in the company to the mining group Anglo American in 2012. To continue growing his wealth, Oppenheimer launched Fireblade Aviation in Johannesburg in 2014, a charter flight company. The wealthy serial investor owns nearly 200,000 hectares of conservation land in South Africa, Botswana, Zimbabwe, and Mozambique.
Nassef Sawiris ranks fourth. The Egyptian holds a fortune of $8.7 billion. He heads OCI, one of the world's largest producers of nitrogen fertilizers, with facilities in Texas and Iowa, as well as the engineering and construction company Orascom Construction. Sawiris also holds stakes in the NBA's Knicks, NHL's Rangers, and Aston Villa football club. He also owns nearly 6% of the German sportswear giant Adidas.
In the middle of the ranking is Mike Adenuga. With a fortune of $6.9 billion, Adenuga is the second richest man in Nigeria, where his mobile network, Globacom, is the second largest in the country, with over 60 million subscribers. His oil company, Conoil Producing, operates 6 blocks in the Niger Delta. Adenuga also holds nearly 6% of Sterling Financial Holding bank.
His compatriot Abdulsamad Rabiu occupies the sixth position, with an estimated fortune of $5.9 billion. Rabiu is the founder of the BUA Group, a Nigerian conglomerate active in cement, sugar, and real estate, listed on the stock exchange. Rabiu also founded his own company specializing in the importation of iron, steel, and chemicals.
Another Egyptian, Naguib Sawiris, a member of Egypt's wealthiest family, ranks eighth with an estimated fortune of $3.8 billion. Sawiris built his fortune in telecommunications with Orascom Telecom before selling the company to the Russian Veon in a multibillion-dollar transaction. Today, Sawiris holds stakes in several companies, including Italiaonline. He also developed the luxury Silversands complex on the Caribbean island of Grenada.
Egypt is also represented in the top 10 by Mohamed Mansour, who heads the family conglomerate "Mansour Group." His fortune is estimated at $3.2 billion. By establishing General Motors dealerships in Egypt, this billionaire became one of the largest global distributors of GM. He also holds exclusive distribution rights for Caterpillar equipment in Egypt and 7 other African countries. Mansour also served as Egypt's Minister of Transportation from 2006 to 2009 under the regime of Hosni Mubarak.
In the penultimate place of the top 10 is another Nigerian, Koos Bekker, with an estimated fortune of $2.7 billion. Bekker transformed Naspers, a newspaper publisher, into a major player in e-commerce and television. In 2019, Naspers grouped its assets into two companies: MultiChoice Group, a South African video entertainment company, and Prosus, one of the world's largest technology investors.
Bekker's compatriot, Patrice Motsepe, better known in Morocco as the president of CAF, closes the list with an estimated fortune of $2.7 billion. Motsepe is the founder and chairman of African Rainbow Minerals. In 1994, he became the first black partner at the law firm Bowman Gilfillan in Johannesburg. He is also the founder of a gold mining company. In 2016, he launched African Rainbow Capital, a private equity firm focused on investments in Africa. Motsepe also holds a stake in Sanlam, a Moroccan financial services company. He is also the president and owner of the South African football club Mamelodi Sundowns.
