Ranked: Africa’s Wealthiest in 2024

Africa's billionaire class continues to grow, reflecting broader trends in wealth accumulation across the continent. In 2024, 20 of the wealthiest Africans span industries from mining and manufacturing to tech and retail. Their wealth represents not only personal achievements but also the rise of specific sectors in key African economies.

Breaking Down Africa’s Billionaires

In 2024, Johann Rupert from South Africa tops the list with a net worth of $14.5B, driven by his success in the luxury goods sector. Aliko Dangote of Nigeria, with a wealth of $13.9B, follows closely, continuing to lead Africa's manufacturing sector through his conglomerate, the Dangote Group. Nicky Oppenheimer also from South Africa, ranks third with $11.5B, largely due to his legacy in the mining industry.

This trio—Rupert, Dangote, and Oppenheimer—together account for a significant portion of Africa’s billionaire wealth, reflecting the importance of fashion, retail, manufacturing, and mining in shaping the continent's high-net-worth landscape.

Country Wealth Concentration

In 2024, four countries—South Africa, Egypt, Nigeria, and Morocco—dominate Africa’s billionaire landscape, reflecting these nations' significant economic influence across the continent:

Sectoral Insights

Africa’s billionaires emerge from a blend of both traditional and rapidly evolving industries, shaping the continent’s economic landscape:

1. Mining and Metals: South African billionaires like Nicky Oppenheimer and Patrice Motsepe lead in this sector, underscoring mining’s historic and ongoing importance to Africa's GDP.

2. Telecommunications: A rapidly growing sector, especially as Africa’s digital economy expands. Influential figures like Naguib Sawiris of Egypt and Strive Masiyiwa of Zimbabwe represent this wave of connectivity-driven wealth.

3. Manufacturing: Nigeria’s Aliko Dangote exemplifies Africa’s manufacturing growth. His ventures not only reinforce Nigeria’s industrial prominence but also contribute significantly to Africa’s economic development.

Africa’s wealthiest individuals reflect both the continent's economic progress and sectoral diversification. From established sectors like mining to the fast-evolving digital and manufacturing landscapes, these billionaires are driving new investments and opportunities that continue to transform Africa’s economic future.