Top 10 Richest Man in Africa 2023 [Ranked with Networth]

The 10 richest men in Africa 2023

The designation “Africa’s richest man” commonly denotes an individual with the highest net worth among all people residing on the African continent. This net worth is usually calculated based on the individual’s assets, investments, and business holdings, and serves as an indicator of his or her financial wealth and success. Accumulating the title of “Africa’s richest man” can be achieved through various methods, including owning successful businesses, investing in lucrative opportunities, or inheriting wealth. Some of Africa’s most notable rich people have amassed their fortunes through sectors such as telecommunications, oil and gas, mining and real estate.

Yes.No	Name	Net worth (billion, USD)	Industry	Citizenship
1	Aliko Dangote	$13.5	Manufacturing	Nigeria
2	Juan Rupert and family	$10.7	Fashion and retail	South Africa
3	Nicky Oppenheimer and family	$8.4	Metals and mining	South Africa
4	Abdulsamad Rabiu	$7.6	Diversified	Nigeria
5	Nassef Sawiris	$7.3	Construction Engineering	Egypt
6	Mike Adenuga	$6.3	Diversified	Nigeria
7	Issad Rebrab and family	$4.6	food drink	Algeria
8	Naguib Sawiris	$3.3	telecommunications	Egypt
9	Patrice Motsepe	$3.2	Metals and mining	South Africa
10	Mohamed Mansur	$2.9	Diversified	Egypt

Who are the 10 richest men in Africa in 2023?

The African continent currently has 46 billionaires, which is the second lowest number of wealthy people of any region in the world. However, the number of rich people in Africa is growing and private wealth is expected to increase by 30% over the next decade, driven by the growth of the billionaire and millionaire categories. Forbes has compiled data on the richest billionaires who reside and operate their main businesses in Africa. The richest man in Africa, and also the richest black man in the world, is Aliko Dangote. He started out as a small sugar trader and has now amassed a net worth of $13.5 billion, making him the 86th richest person in the world. Dangote’s wealth constitutes 25% of the total wealth of African billionaires. Through his company, Dangote Group, it has become an African conglomerate with interests in various sectors, including sugar, cement and real estate.

Aliko Dangote

Aliko Dangote is the richest person in Africa and is the founder and president of Dangote Cement, the continent’s largest cement producer. Dangote owns a holding company that has an 85% stake in listed Dangote Cement.

Dangote Cement has the capacity to produce 48.6 million metric tons of cement each year and operates in 10 different countries in Africa. Dangote has been working at a fertilizer plant in Nigeria for many years and finally began operations in March 2022.

In addition to the cement and fertilizer businesses, Dangote has also been building the Dangote Refinery since 2016. Once completed, the Dangote Refinery is expected to be one of the largest oil refineries in the world.

Juan Rupert and family

Johann Rupert is the president of the Swiss luxury goods company Compagnie Financière Richemont. Richemont is best known for its Cartier and Montblanc brands. The company was created in 1998 as a spin-off of assets owned by Rembrandt Group Limited, which was founded by Johann’s father Anton in the 1940s.

Johann Rupert owns 7% of Remgro, a diversified investment firm which he also chairs. Additionally, he owns 26% of Reinet, which is an investment holding company based in Luxembourg. Rupert has publicly opposed plans to allow fracking in South Africa’s Karoo region, where he owns land.

Nicky Oppenheimer and family

Nicky Oppenheimer is the heir to the DeBeers diamond fortune. In 2012, he sold his 40% stake in the company to mining group Anglo American for $5.1 billion in cash. Oppenheimer was the third generation of his family to run DeBeers and take the company private in 2001.

For 85 years, until 2012, the Oppenheimer family held a controlling position in the global diamond trade. In 2014, Nicky Oppenheimer founded Fireblade Aviation in Johannesburg, which offers charter flights. Oppenheimer also owns a minimum of 720 square miles of conservation land in South Africa, Botswana, Zimbabwe and Mozambique.

Abdulsamad Rabiu

Abdulsamad Rabiu is the founder of BUA Group, a Nigerian conglomerate with operations in cement production, sugar refining and real estate. In early January 2020, Rabiu merged his privately held company Obu Cement with the publicly-listed Cement Co. of Northern Nigeria, which he controlled.

The resulting company, called BUA Cement Plc, is now listed on the Nigerian stock exchange and Rabiu owns 98.2% of it. Rabiu inherited land from his father, a businessman, and started his own business in 1988, which consisted of importing iron, steel and chemicals.

Nassef Sawiris

Nassef Sawiris is a member of Egypt’s richest family and an investor. He has a nearly 6% stake in sportswear maker Adidas, which is his most valuable asset. In December 2020, he acquired a 5% stake in Madison Square Garden Sports, a New York-listed firm that owns the NBA Knicks and NHL Rangers teams.

Sawiris runs OCI, one of the world’s largest producers of nitrogen fertilizers, with plants in Texas and Iowa. OCI is listed on the Euronext Amsterdam stock exchange. He also owns Orascom Construction, which is an engineering and construction company listed on the Cairo Stock Exchange and Nasdaq Dubai.

Sawiris has stakes in cement giant Lafarge Holcim and Adidas and sits on Adidas’ supervisory board. He teamed up with Wes Edens of Fortress Investment Group to buy Premier League side Aston Villa Football Club.

Mike Adenuga

Adenuga is a Nigerian businessman and is ranked as the third richest man in the country. He has made his fortune in two industries: telecommunications and oil production. Adenuga’s mobile network, Globacom, is the third largest operator in Nigeria and has 55 million subscribers.

He also owns an oil exploration company called Conoil Protaining, which operates six oil blocks in the Niger Delta region. Adenuga earned an MBA from Pace University in New York and worked as a taxi driver to support himself while studying. He began his business journey selling lace and distributing soft drinks, which earned him his first million at the age of 26.

Issad Rebrab and family

Rebrab founded and served as CEO of Cevital for more than 50 years. In July 2022, he named his son, Malik, CEO of the company. Cevital is the largest private company in Algeria and owns one of the largest sugar refineries in the world, with an annual production capacity of 2 million tons.

In addition, Cevital owns European companies such as Groupe Brandt, a French appliance manufacturer, an Italian steel mill and a German water purification company. Rebrab was jailed for 8 months on corruption charges, but was released on January 1, 2020. He denies any wrongdoing.

Naguib Sawiris

Naguib Sawiris is a member of the richest family in Egypt. His brother Nassef is also a billionaire. Sawiris amassed his wealth through telecoms ventures, including selling Orascom Telecom to Russian firm VimpelCom (now Veon) in a multimillion-dollar deal in 2011.

He currently serves as president of Orascom TMT Investments, which has stakes in companies such as an asset manager in Egypt and Italian internet company Italiaonline. Through his company Media Globe Holdings, Sawiris has an 88% stake in Euronews, a pan-European pay-TV and video news network.

Sawiris has also invested in the hospitality industry, developing a luxury resort called Silversands on the Caribbean island of Grenada.

Patrice Motsepe

Patrice Motsepe is the founder and president of African Rainbow Minerals, a mining company based in South Africa. In 2008, he became the first black African billionaire on the Forbes list. In 2016, he launched African Rainbow Capital, a private equity firm focused on investing in Africa.

Motsepe owns a stake in Sanlam, a listed financial services company. He is the chairman and owner of Mamelodi Sundowns Football Club. In March 2021 he was elected president of the Confederation of African Football.

In 1994, he became the first black partner at the Bowman Gilfillan law firm in Johannesburg. He started a mining services contracting business. In 1997, he bought low-producing gold mine shafts and then turned them into profitable ones.

Mohamed Mansur

Mohamed Mansour is the head of the Mansour Group, a family conglomerate founded by his father in 1952, with 60,000 employees. In 1975, Mansour established General Motors dealerships in Egypt and became one of the largest GM distributors worldwide.

The Mansour Group has exclusive distribution rights for Caterpillar equipment in Egypt and seven other African countries. Mansour was Egypt’s transport minister from 2006 to 2009 under Hosni Mubarak’s regime. His brothers, Yasseen and Youssef, are also billionaires and share ownership of the Mansour Group.

The richest man in Africa

The net worth of Africa’s richest man can change over time due to various factors, such as changes in the value of his assets or investments, fluctuations in the economy, or changes in his businesses. It is also important to note that the net worth of Africa’s richest man may not reflect his actual income, as some of his assets may not be liquid or tied up in investments or businesses. Some of Africa’s best-known rich people have made their fortunes in various industries, including telecommunications, oil and gas, mining and real estate. For example, Aliko Dangote, a Nigerian businessman, is often considered the richest man in Africa due to his success in the cement industry. While the pursuit of wealth and financial success is a personal endeavor, it is important to note that poverty and inequality remain major issues in many parts of the African continent. It is therefore important for individuals and businesses to balance their financial success with efforts to promote social and economic development for all people in Africa.

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