Africa's Richest People 2023

After a global downturn for markets in 2022, Africa’s richest people have lost a total of $3.1 billion in the last 12 months. The continent’s 19 billionaires are worth an estimated $81.8 billion, down from $84.9 billion held by 18 African billionaires a year earlier. The 3.6% drop in the Forbes list for 2023 after a 15% increase last year on the strength of increasing stock values from Nigeria to Zimbabwe. Their fortunes declined in lockstep with global equities prices, with the S&P All Africa index down more than 20% in the first nine months of 2022 before beginning a late-year comeback that left the index down only 3% over the previous year.

Alike Dangote’s fortune, Africa’s richest individual for the 12th year in a row, decreased $400 million to $13.5 billion. Johann Rupert of South Africa remained No. 2 with $10.7 billion, down from $11 billion in 2022, as shares of his Compagnie Financiere Richemont – producer of Cartier watches and Montblanc pens – clawed back most – but not all – of last year’s loss. Nicky Oppenheimer, a South African who previously headed diamond mining giant DeBeers until selling it to mining firm Anglo American a decade ago, is ranked third, valued an estimated $8.4 billion.

Christoffel Wiese of South Africa returns to the list this year, ranking 18th with $1.1 billion. Wiese, who was worth more over $6 billion after he sold his bargain store, Pepkor, to Steinhoff International for $5.7 billion in 2015, lost his billionaire title two years later when an accounting scandal cratered Steinhoff’s shares. He sued and received 7 billion South African rand (about $400 million) from Steinhoff in cash and shares totalling around 5% of publicly traded Pepkor in March 2022.

South Africa currently boasts the most billionaires of any African country, with five, followed by Egypt with four and Nigeria with three. The list included billionaires from seven African nations.

Forbes calculated net worths using stock prices and currency exchange rates as of January 13, 2023.

The list records the wealth of African billionaires who live or do business in Africa, excludes Sudanese-born billionaire Mo Ibrahim, a U.K. citizen, South African Natie Kirsh, who operates out of London, and another wealthy London resident, Mohamed Al-Fayed, an Egyptian citizen. Strive Masiyiwa, a Zimbabwean living in London, is on the list because to his telecom interests throughout Africa.

1. ALIKO DANGOTE

Net worth: $13.5 billion
Rank in 2022: 1
Net worth in 2022: $13.9 billion
Origin of wealth: Cement and Sugar Self-made
Age: 65
Country: Nigeria
Residence: Lagos

2. JOHANN RUPERT AND FAMILY

Net worth: $10.7 billion
Rank in 2022: 2
Net worth in 2022: $11 billion
Origin of wealth: Luxury goods Inherited and growing
Age: 72
Country: South Africa
Residence: Cape Town

3. NICKY OPPENHEIMER & FAMILY

Net worth: $8.4 billion
Rank in 2022: 3
Net worth in 2022: $8.7 billion
Origin of wealth: Diamonds Inherited
Age: 77
Country: South Africa
Residence: Johannesburg

4. ABDULSAMAD RABIU

Net worth: $7.6 billion
Rank in 2022: 5
Net worth in 2022: $7 billion
Origin of wealth: Cement and Sugar Inherited and growing
Age: 62
Country: Nigeria
Residence: Lagos

5. NASSEF SAWIRIS

Net worth: $7.2 billion
Rank in 2022: 4
Net worth in 2022: $8.6 billion
Origin of wealth: Construction and Investments
Inherited and growing
Age: 62
Country: Egypt
Residence: Cairo

6. MIKE ADENUGA

Net worth: $5.6 billion
Rank in 2022: 6
Net worth in 2022: $6.7 billion
Origin of wealth: Telecom and Oil Self-made
Age: 69
Country: Nigeria
Residence: Lagos

7. ISSAD REBRAB & FAMILY

Net worth: $4.6 billion
Rank in 2022: 7
Net worth in 2022: $5.1 billion
Origin of wealth: Food Self-made
Age: 79
Country: Algeria
Residence: Algiers

8. NAGUIB SAWIRIS

Net worth: $3.3 billion
Rank in 2022: 8
Net worth in 2022: $3.4 billion
Origin of wealth: Telecom Inherited and growing
Age: 68
Country: Egypt
Residence: Cairo

9. PATRICE MOTSEPE

Net worth: $3.1 billion
Rank in 2022: 9
Net worth in 2022: $3.1 billion
Origin of wealth: Mining Self-made
Age: 60
Country: South Africa Residence: Johannesburg

10. MOHAMED MANSOUR

Net worth: $2.8 billion
Rank in 2022: 12
Net worth in 2022: $2.5 billion
Origin of wealth: Diversified Self-made
Age: 75
Country: Egypt
Residence: Cairo

11. KOOS BEKKER

Net worth: $2.6 billion
Rank in 2022: 10
Net worth in 2022: $2.7 billion
Origin of wealth: Media, Investments Self-made
Age: 70
Country: South Africa
Residence: Cape Town

12. STRIVE MASIYIWA

Net worth: $1.9 billion
Rank in 2022: 10
Net worth in 2022: $2.7 billion
Origin of wealth: Telecom Self-made
Age: 61
Country: United Kingdom
Residence: London

13. YOUSSEF MANSOUR

Net worth: $1.5 billion
Rank in 2022: 15
Net worth in 2022: $1.5 billion
Origin of wealth: Diversified Self-made
Age: 77
Country: Egypt
Residence: Cairo

14. AZIZ AKHANNOUCH & FAMILY

Net worth: $1.5 billion
Rank in 2022: 13
Net worth in 2022: $2.2 billion
Origin of wealth: Petroleum, Diversified Inherited and growing
Age: 62
Country: Morocco
Residence: Casablanca

15. MOHAMMED DEWJI

Net worth: $1.5 billion
Rank in 2022: 15
Net worth in 2022: $1.5 billion
Origin of wealth: Diversified Inherited and growing
Age: 47
Country: Tanzania
Residence: Dar es Salaam

16. OTHMAN BENJELLOUN & FAMILY

Net worth: $1.3 billion
Rank in 2022: 15
Net worth in 2022: $1.5 billion
Origin of wealth: Banking, insurance Inherited and growing
Age: 90
Country: Morocco
Residence: Casablanca

17. MICHIEL LE ROUX

Net worth: $1.2 billion
Rank in 2022: 14
Net worth in 2022: $1.7 billion
Origin of wealth: Banking Self-made
Age: 73
Country: South Africa
Residence: Stellenbosch

18. CHRISTOFFEL WIESE

Net worth: $1.1 billion
Origin of wealth: Retail Self-made
Age: 81
Country: South Africa
Residence: Cape Town

19. YASSEEN MANSOUR

Net worth: $1.1 billion
Rank in 2022: 18
Net worth in 2022: $1.1 billion
Origin of wealth: Diversified Self-made
Age: 61
Country: Egypt
Residence: Cairo