In this article, we will look at the 20 richest people in Africa in 2024. If you want to skip our detailed analysis, you can go directly to the 5 Richest People in Africa in 2024.
Wealthiest People in Africa
Africa is one of the poorest regions in the world with a vast population under the poverty line. The unequal wealth distribution in Africa makes it a complicated economic region. Africa has high growth prospects but the potential threats such as climate change and food scarcity have been a big problem for the region for many years now. Africa’s wealthiest people have added to their fortunes this year, retreating from a decline in 2023. The 20 richest people in Africa in 2024 have a combined wealth of almost $82 billion, as of February 21, up by almost $500 million from $81.5 billion in 2023.
According to UBS Billionaire Ambitions Reports 2023, billionaires’ wealth recovered in 2022/2023, mainly driven by Europe’s Consumer and Retail billionaires. In the last 12 months, the total number of billionaires in the world increased by 7% from 2,376 to 2,544 through April 6, 2023. The billionaires’ wealth recovered by 9% in nominal terms from $11 trillion to $12 trillion, between April 6, 2022, and April 6, 2023. The billionaire circle remains more compact than during its 2021 peak when it was around 2,686 individuals worth an aggregate of $13.4 trillion. The Europe, the Middle East, and Africa (EMEA) region posted a strong performance in the 2022/2023 period, with the total wealth of the EMEA region rising by 21% to $3.2 trillion. While the number of billionaires soared by 10% from 599 to 658.
The total wealth of Africa reported in 2022 was around $5.90 trillion, up 1.5% year over year, as per Credit Suisse’s Global Wealth Report 2023. Compared to the rest of the world, India and Latin America are the only two other regions where the total wealth increased by 4.6% and 18.6% in 2022, respectively. Asia-Pacific, China, Europe, and North America, all witnessed a drop in their total wealth in 2022. According to the Knight Frank Wealth Report 2024, African Ultra-High-Net-Worth Individuals (UHNWI) showed the most resilience with only a 5% drop in their aggregate wealth in 2022. The UHNWIs from Asia also demonstrated resilience with a 7% decline in their aggregate wealth in 2022.
Countries including Egypt, South Africa, and Nigeria are some of the richest countries in Africa by net worth, and most of the billionaires in Africa are based out of these three countries. Africa holds a lot of potential and it has growth prospects better than the rest of the world, just falling behind Asia. Sub-Saharan Africa has a population of 1.21 billion and almost half of its population will be under 25 years old by 2050. Africa is a region full of potential and has rich natural resources that could be one of the major economic drivers in the coming years. According to the African Development Bank Group, the growth of the region is projected to average at 3.8% in 2024 and 4.2% in 2025, which is above projected global averages.
Companies Owned by African Billionaires
Compagnie Financiere Richemont SA (SWX:CFR), Conoil PLC (NGSE:CONOIL), and Econet Wireless Zimbabwe Limited (ZSE:ECO) are some of the top firms owned by billionaires in Africa.
Compagnie Financiere Richemont SA (SWX:CFR) is the Swiss luxury firm founded by the South African billionaire Johann Rupert. Rupert is the Chairman and sole Managing Partner of the company. On January 18, Compagnie Financiere Richemont SA (SWX:CFR) reported the results for the third quarter of fiscal 2024. With growth acceleration across key segments and customer clusters, Compagnie Financiere Richemont SA (SWX:CFR) surpassed expectations. The company reported consolidated sales of €5.60 billion, beating the consensus estimates for 7% growth. Compagnie Financiere Richemont SA (SWX:CFR) posted positive growth in every region besides Europe, with 18%, 13%, 10%, and 8% increases in Japan, Asia Pacific, the Middle East, and the Americas, respectively.
Econet Wireless Zimbabwe Limited (ZSE:ECO) is one of the largest telecommunications services providers and media companies in Zimbabwe. Billionaire Strive Masiyiwa owns a 38% stake in Econet Wireless Zimbabwe Limited (ZSE:ECO), which is one part of his larger Econet Group. On January 9, Econet Wireless Zimbabwe Limited (ZSE:ECO) announced that it has rolled out 10 new base stations in unconnected rural areas across the country, extending its rural geographical network coverage.
Conoil PLC (NGSE:CONOIL) is one of the leading oil-producing and refining firms based out of Nigeria. On January 30, Conoil PLC (NGSE:CONOIL) reported results for its fourth quarter and full year that ended December 31, 2023. The company posted sales of NGN 63.50 million in Q4 compared to sales of NGN 41.12 million in Q4 2022. The full-year 2023 sales amounted to NGN 201.38 million, compared to NGN 131.42 million in 2022.
These were a few leading companies owned by African billionaires. Now, let’s take a look at the richest people in Africa in 2024.
20 Richest People in Africa in 2024
Our Methodology
We gathered data from the Forbes Real Time Billionaires database to compile our list of the richest people in Africa in 2024. We narrowed down on the richest people with the highest net worth in the African region. Finally, we sourced their net worth, as of February 21, 2024. The list of richest people in Africa in 2024 is in ascending order of their net worth.
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20 Richest People in Africa in 2024
20. Michiel Le Roux
Net Worth (As of February 21): $1.2 Billion
Michiel Le Roux is a South African billionaire who is the founder of Capitec Bank Holdings Ltd (JSE:CPI). Roux owns an 11% stake in the company. Michiel Le Roux ranks 20th among the richest people in Africa in 2024.
19. Christoffel Wiese
Net Worth (As of February 21): $1.2 Billion
Christoffel Wiese built the Pepkor retail empire, which was acquired by Steinhoff International in 2015. Wiese holds stakes in firms including Collins Property Group Ltd (JSE:CPP), Invicta Holdings Limited (JSE:IVT), and Brait PLC (JSE:BAT). Christoffel Wiese is one of the richest billionaires in Africa in 2024.
18. Yasseen Mansour
Net Worth (As of February 21): $1.2 Billion
Yasseen Mansour is a shareholder in the family-owned business, Mansour Group, founded by his late father Loutfy Mansour. Yasseen Mansour is one of the richest people in Africa in 2024.
17. Youssef Mansour
Net Worth (As of February 21): $1.3 Billion
Youssef Mansour is the brother of Yasseen Mansour and has stakes in the family business. Youssef has a net worth of $1.3 billion and ranks 17th among the richest people in Africa in 2024.
16. Femi Otedola
Net Worth (As of February 21): $1.4 Billion
Femi Otedola is a Nigerian billionaire who is the Chairman of Geregu Power Plc (NGX:GEREGU) and owns a majority stake in the company. With a net worth of $1.4 billion, Femi Otedola is one of the richest billionaires in Africa.
15. Othman Benjelloun
Net Worth (As of February 21): $1.4 Billion
Othman Benjelloun is the CEO of Bank of Africa SA (CAS:BOA), which operates in more than 20 African countries. Othman Benjelloun has a net worth of $1.4 billion.
14. Aziz Akhannouch
Net Worth (As of February 21): $1.6 Billion
Aziz Akhannouch is the prime minister of Morocco and the Akwa Group’s majority owner. Aziz Akhannouch has a net worth of $1.6 billion and ranks 14th among the richest people in Africa in 2024.
13. Strive Masiyiwa
Net Worth (As of February 21): $1.8 Billion
Strive Masiyiwa owns Econet Wireless Zimbabwe Limited (ZSE:ECO) and has a net worth of $1.8 billion.
12. Mohammed Dewji
Net Worth (As of February 21): $1.8 Billion
Mohammed Dewji has a net worth of $1.8 billion and is one of the richest people in Africa in 2024. Mohammed Dewji is the CEO of MeTL Group Limited.
11. Issad Rebrab
Net Worth (As of February 21): $2.5 Billion
Issad Rebrab founded Cevital Group and served as its CEO for more than 50 years. Issad Rebrab has a net worth of $2.5 billion.
10. Patrice Motsepe
Net Worth (As of February 21): $2.6 Billion
Patrice Motsepe founded the African Rainbow Minerals Ltd (JSE:ARI) and became a billionaire in 2008. Patrice Motsepe has a net worth of $2.6 billion and ranks 10th among the richest people in Africa in 2024.
9. Koos Bekker
Net Worth (As of February 21): $2.7 Billion
Koos Bekker is the Chairman of Naspers Ltd (JSE:NPN) which holds stakes in MultiChoice Group Limited (OTC:MCHOY) and Prosus NV (AMS:PRX). Koos Bekker has a net worth of $2.7 billion.
8. Mohamed Mansour
Net Worth (As of February 21): $3.3 Billion
Mohamed Mansour is the brother of Yasseen Mansour and Youssef Mansour and oversees the family business. Mohamed Mansour has a net worth of $3.3 billion and is placed eighth among the richest people in Africa in 2024.
7. Naguib Sawiris
Net Worth (As of February 21): $3.8 Billion
Naguib Sawiris is a member of Egypt’s wealthiest family. Naguib Sawiris has a net worth of $3.8 billion and is one of the richest billionaires in Africa.
6. Abdulsamad Rabiu
Net Worth (As of February 21): $5.2 Billion
Abdulsamad Rabiu has a net worth of $5.2 billion. Abdulsamad Rabiu founded the BUA Group and is one of the richest people in Africa in 2024.
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Disclosure: None. 20 Richest People in Africa in 2024 is originally published on Insider Monkey.