Who Is the Richest Man in Africa and How They Built Their Wealth

Africa has more countries than any other continent. However, despite its size, it has fewer billionaires than even Australia. Much of the wealth held by Africa’s richest individuals is concentrated in commodities and telecommunications. Even so, companies owned by African billionaires are listed on US and European stock exchanges and may present opportunities for investors.

The article covers the following subjects:

Major Takeaways

• As of 2026, there are 23 billionaires in Africa. Of these, 7 live in South Africa, 5 in Egypt, and 4 in Nigeria. All individuals on the list are men, most of whom are over 65. Isabel dos Santos could have been included, but some of her assets are currently frozen.
• The top 10 includes billionaires from only three countries: South Africa, Egypt, and Nigeria.
• Aliko Dangote is Nigeria’s richest man and has been the undisputed leader of the African wealth rankings for over 15 years. His main assets are concentrated in the cement production and oil refining industries.
• Johann Rupert is the richest man in South Africa. He ranks second among the continent’s richest people.
• Much of the wealth of African billionaires is rooted in sectors such as construction and engineering, mining, oil refining, and telecommunications.

Who Is the Richest Man in Africa in 2026?

The richest man in Africa in 2026 is Nigerian industrialist Aliko Dangote. According to Forbes, he has held the top spot for more than 15 consecutive years. His fortune has grown by $4.6 billion since 2025, reaching $28.5 billion.

Although Dangote’s business is diversified, its core operations lie in cement production, with the largest network of cement plants in Africa, and in oil refining, including the continent’s largest refinery, which has recently begun operations.

In addition, the entrepreneur signed a $4.7 billion agreement with the Chinese company Sinoma, which will build seven cement plants in Africa and Nepal. Chinese contractors are also involved in expanding the capacity of an oil refinery complex focused on exporting products to Europe.

Top 10 Richest People in Africa 2026: Forbes List

The list of Africa’s 10 richest people changes constantly: some climb the rankings, while others drop out of the top 10. The main reason is changing market conditions.

For example, Abdulsamad Rabiu rose from sixth to third place as the stock price of his company, BUA Cement, surged by 135%, outperforming the soaring Nigerian Stock Exchange (NGX). However, the rankings may change at any moment.

Top 10 Richest People in Africa:

Name	Country	Industry	Net Worth
Aliko Dangote	Nigeria	Cement manufacturing, oil refining, logistics	$28.5 billion
Johann Rupert	South Africa	Luxury goods, telecommunications	$16.1 billion
Abdulsamad Rabiu	Nigeria	Cement manufacturing, food processing	$11.2 billion
Nicky Oppenheimer	South Africa	Metals, mining	$10.6 billion
Nassef Sawiris	Egypt	Construction, engineering	$9.6 billion
Mike Adenuga	Nigeria	Telecommunications and oil production	$6.5 billion
Naguib Sawiris	Egypt	Telecommunications, mining	$5.6 billion
Patrice Motsepe	South Africa	Metals, mining	$4.3 billion
Mohamed Mansour	Egypt	Diversified holding company	$4.0 billion
Michiel Le Roux	South Africa	Finance, banking	$3.8 billion

The data is as of early 2026 and is based on the Forbes list of Africa’s richest people. The net worth estimates are approximate, as they depend largely on the current market value of publicly traded assets.

Industrial Strategist

Aliko Dangote is a Nigerian billionaire who has headed the list of Africa’s richest people for over 15 years, with a fortune estimated at approximately $28.5 billion. The cornerstone of his business empire, the Dangote Group, is Dangote Cement, Africa’s largest cement producer, operating in more than 10 countries.

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In 2025–2026, one of Aliko Dangote’s key assets became the newly launched Dangote Refinery in Lagos, the largest in Africa. Oil refining is central to his strategy to diversify the business and reduce the region’s dependence on fuel imports. Dangote also plans to take the refinery public in late 2026. The broader goal is to build a major regional commodities and industrial group.

South Africa’s Wealthiest Name in Luxury and Investment

Johann Rupert is South Africa’s wealthiest resident, boasting a net worth of approximately $16.1 billion. He serves as chairman of the Swiss-based Richemont Group, which owns luxury brands including Cartier, Van Cleef & Arpels, and Montblanc.

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Aside from the fashion and luxury goods industries, Rupert controls the investment company Remgro, which holds stakes in the banking, telecommunications, and manufacturing sectors. He is also a major shareholder in Reinet Investments S.C.A. (Reinet).

Fast-Growing Agribusiness Player

Abdulsamad Rabiu is a Nigerian billionaire and the founder of the BUA Group conglomerate. His net worth is valued at approximately $11.2 billion. His business is centered on cement and sugar production, with BUA Cement serving as his key asset. Nigeria is the group’s primary market, home to the majority of its assets and production facilities.

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Over the past year, his net worth has more than doubled, largely due to a surge in the shares of BUA Cement on the Nigerian Stock Exchange.

BUA Group is also active in agriculture, producing and distributing food products such as sugar, flour, pasta, rice, and vegetable oils. Furthermore, the group has begun construction of the BUA Refinery.

Scion of a Diamond Empire

Nicky Oppenheimer is one of Africa’s wealthiest individuals and a member of the dynasty that helped shape the modern diamond industry. His fortune is estimated at around $10.6 billion. The Oppenheimer family held a significant stake in De Beers for 85 years before selling its 40% share to Anglo American in 2012.

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Oppenheimer manages his wealth through the private investment firm Tana Africa Capital, focusing on agriculture and the consumer sector across Africa. He also owns private game reserves in South Africa, Botswana, and Zimbabwe, with conservation forming a key part of the family’s legacy.

Egyptian Magnate with Diversified Investments

Nassef Sawiris is Egypt’s richest person and one of Africa’s wealthiest individuals. His fortune totals around $9.6 billion. The magnate heads the Egyptian construction firm Orascom Construction, which works on major government projects, including the design and construction of power plants and transportation infrastructure.

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Beyond construction, Sawiris is a major investor in international sports and industry. He owns a stake in the English Premier League soccer club Aston Villa, as well as significant holdings in the sportswear giant Adidas and the chemical company OCI.

Building a Fortune on Telecom and Oil

Nigerian tycoon Mike Adenuga made his first million at the age of 26 in the textile industry. Today, he is the owner of Globacom (Glo), Nigeria’s second-largest telecommunications operator, with over 60 million subscribers. His net worth is valued at around $6.5 billion, making him one of the richest people in the country.

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Nigeria remains the center of Adenuga’s business empire, where most of his assets and major infrastructure projects are based. He was also behind the Glo-1 submarine cable, a landmark project that connected West Africa to the United Kingdom and significantly expanded the region’s access to high-speed internet.

In addition to telecommunications, he is investing heavily in the oil sector, including crude oil production and refining. His company, Conoil, owns several oil production platforms in the Gulf of Guinea.

Telecom, Gold, and International Investments

Naguib Sawiris is an Egyptian billionaire and the brother of Nassef Sawiris. He made his fortune in telecommunications by establishing Orascom Telecom Holding, which was later sold to VEON. Net worth: $5.6 billion.

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In recent years, Naguib Sawiris has shifted his focus to gold mining, with his company La Mancha Resource holding stakes in mines across Côte d’Ivoire, Burkina Faso, and Sudan. He also invests in real estate through Ora Developers, which develops luxury residential projects in Egypt, Cyprus, Grenada, and Pakistan. In addition, he holds a minority stake in the Euronews television channel.

First Black African Billionaire

Patrice Motsepe is a South African tycoon and the founder and chairman of African Rainbow Minerals, a mining company specializing in the extraction of copper, gold, platinum, and iron ore. His net worth is estimated at approximately $4.3 billion.

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He also chairs the Confederation of African Football (CAF) and is the president and owner of the Mamelodi Sundowns Football Club. Alongside his mining business, Motsepe owns the African Rainbow Capital private equity firm, which invests in insurance and fintech companies.

Motsepe became the first African to join the Giving Pledge initiative, launched by Bill Gates and Warren Buffett, vowing to donate at least half of his fortune to charity.

From Retail to Investments: A Diversified Business Empire

Mohamed Mansour is a billionaire from Egypt, one of the wealthiest Africans (with a net worth of $4 billion), and the head of the family-owned Mansour Group. The company is one of the largest distributors of General Motors vehicles and Caterpillar construction equipment, and it also operates the Metro Market supermarket chain and McDonald’s franchises.

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Outside of his operational business, Mansour owns Man Capital, a London-based investment company that invests in technology stocks such as Uber, Airbnb, and Snowflake, as well as in renewable energy companies.

Innovative Retail Banking Solutions

Michiel Le Roux is a South African dealmaker with a net worth of around $3.8 billion. He is the founder of Capitec Bank, one of the country’s fastest-growing and most innovative retail banks. Much of his success stems from his focus on providing accessible financial services to a broad range of people, including middle-class and low-income customers.

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Today, Capitec is the bank with the largest customer base in South Africa, serving more than 20 million people.

What Industries Make Africa’s Richest People?

The sources of wealth among Africa’s richest businesspeople largely reflect the structure of the African economy, with much of it concentrated in natural resources, infrastructure, and fast-growing consumer markets.

• Industrial production and construction remain key pillars of wealth in Africa. While the continent has traditionally relied on commodity-based industries, much of the capital of its richest individuals is concentrated in sectors such as cement, infrastructure, and large-scale industrial projects. Cement production is a major segment, with significant assets held by Aliko Dangote and Abdulsamad Rabiu. In construction and engineering, the investments of Egypt’s Sawiris family are particularly prominent.
• Mining and energy have long been central to wealth creation in Africa. The Oppenheimer family built its fortune on diamond mining, ultimately selling its stake in De Beers in 2012. Patrice Motsepe is active in gold and other metals through his mining investments. The energy sector is represented in particular by oil production and refining projects.
• Telecommunications is another major sector, driven by a rapidly expanding customer base. Key players include Mike Adenuga (Globacom) in Nigeria and Naguib Sawiris in Egypt.

Together, these three sectors account for roughly 70% of the total wealth of African billionaires. At the same time, their businesses are increasingly diversified, with many investing in financial services and fintech, as well as allocating capital beyond the continent. For example, part of Johann Rupert’s business is based in Switzerland, while the Sawiris family holds a wide range of international assets across multiple regions.

Which Countries Have the Most Billionaires in Africa?

The distribution of wealth is uneven, with most of Africa’s richest individuals concentrated in a small number of countries with more developed economies, financial markets, and business environments.

Over 90% of Africa’s richest individuals are based in just five countries:

• South Africa — 7 billionaires, with 4 among the top 10 richest men in Africa.
• Egypt — 5 billionaires, 3 of whom rank in the top 10.
• Nigeria — 4 billionaires, including Aliko Dangote, the richest person on the continent.
• Morocco — 3 billionaires.

Kenya is often included as the fifth country in this group. However, despite having a large number of dollar millionaires and a well-developed business sector, it currently has no billionaires.

Conclusion

Africa has fewer billionaires than any other continent, including Australia, despite its much larger size and population. While the continent includes more than 50 countries, billionaires are found in only a handful of them.

This uneven distribution largely reflects differences in economic development. Many countries face high levels of poverty, limited access to technology, and underdeveloped financial markets. As a result, economies across much of the continent remain resource-driven, with many of Africa’s largest fortunes built on the extraction and processing of natural resources.

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