Africa’s Wealthiest: A Closer Look at the Richest Individuals on the Continent
The latest ranking of the wealthiest individuals in Africa was recently published by Forbes on November 22, 2023. Holding the top position for the 12th consecutive year is Nigerian billionaire Aliko Dangote, with a net worth of $10.1 billion. Following closely are Johann Rupert of South Africa, with $9.7 billion, and Nicky Oppenheimer, also from South Africa, with $8.3 billion. These individuals have amassed their wealth through diverse sources, such as cement, luxury goods, and diamonds, according to CNBC Africa.
Aliko Dangote, aged 66, is the founder of Dangote Cement, the largest cement producer in Africa. His company has the capacity to produce a remarkable 48.6 million metric tons of cement annually and operates across the continent. Beyond cement, Dangote has expanded into the fertilizer industry, with his plant in Nigeria commencing operations in March 2022. Dangote’s journey to success began at a young age, when he sold sweets and retained the profits for himself.
Johann Rupert, a 73-year-old South African business magnate, serves as the chairman of Compagnie Financiere Richemont, a Swiss luxury goods firm known for brands like Cartier and Montblanc. Meanwhile, 77-year-old Nicky Oppenheimer comes from a family deeply rooted in the world’s diamond trade and realized significant profits by selling a portion of his stake in DeBeers to Anglo American for $5.1 billion in cash.
The list also features Nassef Sawiris, an investor from Egypt worth $6.9 billion, and Abdulsamad Rabiu of Nigeria, with a net worth of $6.4 billion. Additionally, Algeria’s Issad Rebrab, with a net worth of $4.6 billion, and Mohamed Mansour of Egypt, worth $3.6 billion, are also noteworthy. Notably, there are no female billionaires among Africa’s wealthiest individuals.
Another prominent figure on the list is Mike Adenuga, a 70-year-old Nigerian businessman with a net worth of $3.1 billion. Adenuga has made significant contributions in the telecom and oil production industries and is renowned for making his first million by selling lace and distributing soft drinks. Additionally, Koos Bekker, based in Cape Town, has made a name for himself by transforming South African newspaper publisher Naspers into an e-commerce investor and cable TV powerhouse.
These individuals are not only shaping the economic landscape of the African continent but are also making significant strides in various sectors, from telecommunications to mining. The wealth and influence they have amassed are a testament to their hard work and entrepreneurial spirit.
With Africa’s wealthiest individuals continually expanding their empires and investments, it is evident that the continent is home to business leaders who are shaping industries and driving economic growth.
