Billionaires in Africa as of 2023
Over the last 12 months, the combined wealth of the wealthiest individuals in Africa has declined by a total of $3.1 billion. This group, consisting of 19 billionaires from the continent, is currently estimated to be valued at approximately $81.5 billion, marking a decrease from their previous total of $84.9 billion a year ago. This 4% reduction follows a significant 15% increase in the preceding year, which was attributed to the surge in stock prices in the region. The fortunes of these tycoons have diminished in line with the global trend in equity values, particularly reflected in the S&P All Africa index, which witnessed a drop of over 20% during the first nine months of 2022. However, a late-year rally led to the index being down only 3% by January 13, when Forbes finalized its list by locking in stock prices and exchange rates.
It’s worth noting that billionaires from just seven out of Africa’s 54 countries made it to the ranks. Aliko Dangote, the Nigerian industrialist, remains the richest person on the list for the 12th consecutive year, even though his fortune decreased by $400 million to $13.5 billion. Johann Rupert, a South African luxury goods magnate, retained the second position for the second year in a row, with his wealth falling by $300 million to $10.7 billion. Additionally, Christo Wiese of South Africa returned to the list after previously dropping out due to an accounting scandal in 2018.
Read more: Billionaires – The Richest in 2023
METHODOLOGY
Our compilation focuses on the wealth of African billionaires who either reside in Africa or have their primary business operations there. This means that individuals such as Mo Ibrahim, who was born in Sudan but is a U.K. citizen, South African Nathan Kirsh, who conducts his business activities from London, and Mohamed Al-Fayed, an Egyptian citizen residing in London, are excluded from the list. However, Strive Masiyiwa, a citizen of Zimbabwe who resides in London, is included due to his telecom holdings in Africa.
We determined the net worth of these individuals using stock prices and currency exchange rates as of the close of business on Friday, January 13, 2023. When assessing the value of privately held businesses, we began with estimates of their revenues or profits and applied prevailing price-to-sale or price-to-earnings ratios similar to those of publicly traded companies. It’s important to note that the financial status of some individuals on the list can change, either growing richer or poorer, within weeks or even days of our measurement date.
NAME NET WORTH INDUSTRY
1. Aliko Dangote $13.5 B Manufacturing
2. Johann Rupert & family $10.7 B Fashion & Retail
3. Nicky Oppenheimer & family $8.4 B Metals & Mining
4. Abdulsamad Rabiu $7.6 B Diversified
5. Nassef Sawiris $7.3 B Construction & Engineering
Billionaires in Africa as of 2023
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