Dangote Tops as Africa’s Billionaires Gain $20 Billion
Africa’s richest individuals have seen their fortunes rise sharply, with the continent’s 23-member “three-comma club” now worth a combined $126.7 billion, marking a 21% increase from 2025. Collectively, African billionaires added $20.3 billion in the past year, largely driven by rising equity markets and stabilising regional currencies, according to Forbes’ latest Africa Billionaires ranking released on Monday.
Nigeria continues to dominate the list with four business moguls—Aliko Dangote, Mike Adenuga, Abdulsamad Rabiu, and Femi Otedola—featuring among the continent’s wealthiest. Dangote remains Africa’s richest individual, with a net worth of $28.5 billion, up $4.6 billion this year. This surge is largely due to a nearly 69% rise in Dangote Cement shares, following record profits of one trillion naira in 2025. Dangote has also announced a $400 million deal with a Chinese machinery company to double his refinery’s full capacity by 2029.
The biggest gainer on the list was Abdulsamad Rabiu, whose fortune rose 120% to $11.2 billion, elevating him to Africa’s third-richest billionaire. Shares of BUA Cement, Rabiu’s company, surged 135%, outperforming the Nigerian Stock Exchange’s 81% gain. South African billionaire Michiel Le Roux, founder of Capitec Bank, also saw notable growth, with shares of the Johannesburg-listed bank rising 57%, above the local market increase of 45%.
Meanwhile, four African billionaires experienced declines in their net worth. Morocco’s Anas Sefrioui lost $300 million after shares of Group Addoha fell over 30%, while Femi Otedola dropped $200 million, although he remains on the list with a net worth of $1.3 billion after selling most of his stake in Geregu Power.
Forbes highlighted that 14 of the 23 African billionaires (61%) are self-made, with no women on the list. Most are over 60 years old, except for Tanzania’s Mohammed Dewji. South Africa leads with seven billionaires, followed by Egypt with five, Nigeria with four, and Morocco with three.
The top 10 wealthiest Africans in 2026 are:
Aliko Dangote – $28.5 B – Diversified
Johann Rupert & family – $16.1 B – Fashion & Retail
Abdulsamad Rabiu – $11.2 B – Diversified
Nicky Oppenheimer & family – $10.6 B – Metals & Mining
Nassef Sawiris – $9.6 B – Construction & Engineering
The Forbes ranking includes African billionaires residing in Africa or conducting their primary business on the continent, excluding high-profile figures like Mo Ibrahim, Ivan Glasenberg, Clive Calder, and Elon Musk, who operate mainly outside Africa. Net worths were calculated using stock prices and currency exchange rates as of March 1, 2026, and privately held businesses were valued using revenue and profit estimates with comparable public company ratios.
