African has been an impressive growth in its number of billionaires over the years, and even though it used to have more white billionaires the tides are turning with a larger number of black billionaires joining that list.
According to Forbes Egypt and South have more billionaires than any other African country with 5 billionaires each, followed by Nigeria with 4 billionaires and Morocco with 2 billionaires.
Some previous billionaires such as Stephen Saad, Desmond Sacco, Christoffel Wiese and Onsi Sawiris fell of the billionaire’s list due to a decline in stock prices.
Zimbabwe’s Strive Masiyiwa joined the billionaire list in 2018 and has since doubled his net worth $2.3 billion from $1.6 billion due to a rise in share price of Econet Zimbabwe.
The Top 5 African Billionaires
Aliko Dangote still No. 1 – $10.3 billion
For eight straight years Aliko Dangote has been the richest African Billionaire, and his current 2019 net worth is estimated by Forbes to be $10.3 billion. The Nigerian billionaire acquired most of his wealth through his Dangote Group which specialises in cement, sugar and flour.
Mike Adenuga comes at No. 2 – $9.2 billion
Africa and Nigeria’s second richest billionaire Mike Adenuga has an impressive net worth of $9.2 billion which is due mostly to his telecoms company Globacom and Conoil Producing which operates 6 oil blocks in the Niger Delta.
Globacom is Nigeria’s third largest mobile telecoms operator with over 43 million subscribers and is steadily gorwing each year.
Nicky Oppenheimer at No. 3 – $7.3 billion
South African billionaire Nicky Oppenheimer owes most of his wealth to the family DeBeer Diamond Mine, and is currently worth an estimated $7.3 billion. He sold his 40% stake in DeBeers for $5.1 billion in cash to Anglo American in 2012.
Nassef Sawiris at No. 4 – $6.3 billion
Egypt’s richest billionaire is the fourth richest person in Africa with an estimated net worth of $6.3 billion. He runs Orascom Construction Industries which specialises in nitrogen fertilizer production, construction and engineering services. His brother Naguib is also a billionaire.
Johann Rupert at No. 5 – $5.3 billion
South African second richest billionaire Johann Rupert has an estimated net worth of $5.3 billion and owes most of his wealth to his Swiss luxury goods firm Compagnie Financiere Richemont which has brands Cartier and Montblanc.
Other African Billionaires
There are around 20 billionaires recognised by Forbes and these include Issad Rebrab with $3.7 billion from the food industry, Naguib Sawiris with $2.9 billion from telecoms, Koos Bekker $2.3 billion from media and investments, Isabel dos Santos $2.3 billion from investments, Strive Masiyiwa $2.3 billion from telecoms and Patrice Motsepe $2.3 billion from mining.
Sudanese-born billionaire Mo Ibrahim is excluded from Forbes Africa’s richest billionaire list due to his UK citizenship along with Mohamed Al-Fayed who is a London resident.