Every year, the Forbes Africa Billionaires List provides a glimpse into the wealthiest individuals on the continent.
Based on this, we have created a report that reveals the net worth of Africa’s richest people and also offers insights into the sectors driving economic growth and the countries fostering these financial giants. Following the trends revealed in this report, we can derive valuable insights into Africa’s economic future. Africa has so much potential, and the next generation of billionaires could come from surprising sectors and regions.
REPORT OVERVIEW
For 2024 top 20 billionaires, their combined net worth has risen to $82.4 billion, a 2.36% increase from last year’s total net worth of $80.5 billion. This report shows an increase of $1.9 billion compared to 2023, a positive sign for Africa’s economic trajectory.
Interestingly, the average age of these billionaires also sits at 69.6 years. This year, South Africa claims six spots on the ranking, followed by Egypt with five and Nigeria with four. Algeria, Tanzania, and Zimbabwe have one billionaire on the list each, while Morocco has two.
These billionaires cut across different industries, including; the Manufacturing industry ($22 billion), the Metals & Mining industry ($14 billion), the Fashion & Retail Industry ($11 billion), the Construction & Engineering Industry ($9 billion), and the Telecom Industry ($6 billion). It also sheds light on the rise of billionaires in the Media & Entertainment Industry, the Finance & Investments Industry, Food & Beverage (at $3 billion each) and the Energy Industry ($1 billion).
This diversification is a positive sign for the continent’s economic stability, indicating a move away from reliance on a single sector.
NET WORTH BY LOCATIONS
South Africa holds the top spot with a $29 billion combined net worth (including billionaires from South Africa and Zimbabwe), followed by West Africa with a combined net worth of $28 billion – with 4 billionaires from Nigeria). In addition, North Africa holds its billionaires with $24 billion spread across Egypt, Algeria, and Morocco. Lastly, East Africa has the least wealth concentration with only one billionaire from Tanzania.
HIGHLIGHTS FROM THE REPORT
- Femi Otedola’s Return
The 2024 list welcomes back a familiar name – Femi Otedola of Nigeria. Otedola’s strategic shift from oil (Forte) to power generation (Geregu) positions him back on the list, as Nigeria’s newest billionaire landing him the 20th spot with a net worth of $1.1 billion.
2. The Brotherhoods of Egyptian Wealth
In the landscape of African billionaires, Egypt boasts two prominent brotherhoods with great financial strength; The Sawiris Brothers and the Mansour Brothers.
- The Sawiris Brothers
Leading the charge are the Sawiris Brothers, Naguib Sawiris and Nassef Sawiris. With a combined net worth surpassing billions, they have diversified their investments across various sectors. Naguib Sawiris, with a $13.8 billion fortune. Meanwhile, Nassef Sawiris, with an impressive $8.7 billion in wealth.
- The Mansour Trio
Egypt continues to be a breeding ground for wealth. Adding a touch of family wealth, Egypt also boasts three billionaire brothers who solidify the nation’s presence on the list. On the list we have, Youssef Mansour ($1.3 billion), Yasseen Mansour ($1.2 billion), and Mohamed Mansour ($3.2 billion).
- Dangote Retains the Crown
Perhaps, the most consistent presence on the list is Aliko Dangote of Nigeria. Dangote retains his title as Africa’s richest person, securing the number one spot for a record-breaking 13th consecutive year. His net worth increased to $13.9 billion, solidifying his position as a dominant figure in the African industry.
4. The biggest and lowest gains
The list also showcases the biggest and lowest gains. Nassef Sawiris from Egypt enjoyed the biggest gain, adding a significant $1.5 billion to his net worth, thanks to a rise in Adidas shares (which he partly owns) and dividends from his family conglomerate. On the other hand, Algerian industrialist Issad Rebrab experienced a substantial decline of 45.65%.
5. Highest Billionaires: South Africa boasts the highest number of billionaires (6), showcasing a diverse pool of wealthy individuals. However, Nigeria tops the list in terms of total wealth value with its 4 billionaires. This highlights the economic potential within both regions.
A LOOK AHEAD
The 2024 Africa Billionaires list paints a promising picture of Africa’s economic landscape. With a growing pool of diverse billionaires and a focus on sectors beyond traditional resources, Africa will experience continued financial growth. As we move forward, it will be interesting to see how these trends evolve and which new names emerge on the 2025 list.
Will the number of billionaires increase significantly in the next few years?
Which sectors will emerge as new breeding grounds for wealth creation?
Share your thoughts with us!