Welcome to this post about the top 10 richest men in Africa in 2024, via Afrokonnect. The year 2024 provides us with a list of individuals who have spread their influence beyond their respective national borders in the evolving landscape of African wealth.
These individuals are important in various industries where they operate and have not only amassed wealth but also played significant roles in shaping the economic trajectory of the continent.
The top 10 richest men in Africa in 2024 provides us a list of individuals whose wealth is a testament to their entrepreneurial capabilities, unique strategies and contributions to various sectors.
Their collective wealth reaches a staggering $67.8 billion which constitutes of approximately 79% of the total billionaire wealth on the African continent. Some names like Aliko Dangote, Johann Rupert & family are leading this chart on the continent.
These individuals through their wealth have contributed to improving the economic landscape of their various countries and the continent’s at large. Their legacies exceed the wealth and assets they have amassed and comprises of their contributions to tech, economic development, philanthropy, Etc.
Richest Men in Africa – (Top 10 Wealthiest in 2024)
The top 10 wealthiest men in Africa in 2024 are:
1) Aliko Dangote
- Net worth: $13.5 Billion
- Industry: Manufacturing
- Date of Birth: April 10, 1957 (Nigeria)
The name Aliko Dangote is a name synonymous with wealth and success considering his journey from an honest background to the summit of wealth on the African continent. He is a native of Kano State located in Nigeria.
The heart of Dangote’s wealth is – the Dangote Group which is a conglomerate which he established in 1981. The group is a diversified global giant which has interests in products like cement, sugar, salt, flour, spaghetti, Etc.
Dangote’s vision and business prowess has skyrocketed the brand to a huge player on the continent with operations in several countries such as Nigeria, Senegal, Cameroon, Ghana, and Ethiopia. He has also demonstrated a key interest in Philanthropy as his membership of The Giving Pledge has enabled him stay committed to donating a significant portion of his wealth for charitable reasons.
2) Johann Rupert & Family
- Net worth: $10.7 Billion
- Industry: Fashion & Retail
- Date of Birth: June 1, 1950 (South Africa)
He is a successful business tycoon whose journey to wealth is one associated massively with entrepreneurial prowess. His wealth can be attributed majorly to his significant involvement in the luxury goods sector.
He is the Chairman of Richemont, a Swiss-based luxury goods conglomerate that owns some of the world’s most popular brands. Some of these brands includes Cartier (Exquisite jewelry and accessories), Van Cleef & Arpels (high-end jewelry and watches), Montblanc (writing instruments and leather goods), Etc.
The family’s wealth is just solely gotten from the products themselves but also their ability to understand the evolving landscape of luxury.
3) Nicky Oppenheiman & Family
- Net worth: $8.4 Billion
- Industry: Metals & Mining
- Date of Birth: June 8, 1945 (South Africa)
Nicky Oppenheiman, unlike others, inherited vast wealth but has been successful in managing and expanding his family’s influence in the world of diamonds globally. The family’s wealth can be traced back to their deep and historical connection with De Beers, a diamond mining and trading company established in the late 19th century by Cecil Rhodes.
This connection played an important role in shaping their fortune and establishing them as a key player in the diamond trade globally. They also played a crucial role in establishing the Diamond Trading Company (DTC) which became a key player in the mining, sorting, and distribution of rough diamonds.
Nicky, known for his keen interest in conservation, also established the Tswalu Kalahari Reserve, a vast private game reserve in South Africa. This reflected his commitment to environmental preservation and sustainable development.
4) Abdulsamad Rabiu
- Net worth: $7.6 Billion
- Industry: Diversified
- Date of Birth: August 4, 1960 (Nigeria)
Rabiu’s is one of the most influential figures in Nigeria. His wealth is attributed largely to the BUA Group, a conglomerate with diverse interests across various sectors. The BUA Group which was founded in 1988 has emerged as a key player both on The Nigerian and African Landscape.
At the heart of the BUA Group lies its subsidiary BUA Cement, which is being used massively both at home (Nigeria) and beyond. The BUA Group also stretches its tentacles to other sectors such as Sugar (BUA Sugar Refinery), Flour milling, Oil refining (BUA Oil Refinery), Etc.
The BUA Group also has a philanthropic arm named – The BUA Foundation which shows Rabiu’s commitment to societal development. It engages in various initiatives such as healthcare, education, community development, Etc.
5) Nassef Sawiris
- Net worth: $7.3 Billion
- Industry: Construction & Engineering
- Date of Birth: January 19, 1961 (Egypt)
Nassef’s wealth is majorly dependent on Orascom conglomerate which is a diversified business empire with its tentacles spanning sectors such as construction, engineering, telecommunications, Etc.
Telecom and Tech stands at the fore-front of the pillars of Nassef’s wealth empire. He has significantly involved in the establishment and growth of Orascom Telecom Holding (OTH). The company is responsible for providing telecommunications services to various countries.
This has made Nasser a key figure in shaping the telecom landscape in the Middle-East and beyond. He is also the CEO of Orascom Construction Industries (OCI) and OCI N.V. These companies are leading the way in the construction sector and the production of natural gas-based fertilizers and chemical globally.
He also has a major stake in Adidas through his investment vehicle, NHS Holding. This move reflects his diversified investment decisions and business prowess. He is also known for philanthropy and his involvement in charitable initiatives through The Sawiris Foundation for Social Development. This foundation focuses majorly on education, healthcare, and societal development.
6) Mike Adenuga
- Net worth: $6.3 Billion
- Industry: Diversified
- Date of Birth: April 29, 1953 (Nigeria)
Mike Adenuga wealth is majorly dependent on the telecommunication and oil sector. He is the founder of Globacom, commonly known as GLO. It is a leading telecommunication company based in Nigeria and was established in 2003.
The company has since them become a major player in the Nigerian telecom market as it provides both mobile, broadband and internet services to its millions of subscribers. In the Oil and Gas sector, he is also a major player through his company, Conoil.
The company under his leadership has attained great heights in the downstream sector of Nigeria’s oil and gas industry. He also has strategic investments in the banking, real estate, and maritime sectors which shows his diversified approach to the creation of wealth. In Philanthropy, his foundation, The Mike Adenuga Foundation is involved in various charitable initiatives. These includes education, healthcare and societal development.
7) Issad Rebrab & Family
- Net worth: $4.6 Billion
- Industry: Food & Beverage
- Date of Birth: May 27, 1944 (Algeria)
Issad Rebrab is the founder of Cevital Group, which he established in 1988. This conglomerate has been crucial and can be tagged as the core of his wealth. It has grown to be the largest private company in Africa and diversified its interests to incorporate industries such as agribusiness, industry, retail and distribution.
Cevital is majorly focused on agribusiness and this is reflected in the production of agricultural commodities including sugar, vegetable oils and dairy products. This has contributed massively to the financial success of Rebrab and the self-sufficiency of food products in Algeria.
He is also massively involved in real estate through The Cevital Real Estate Development (Cevital RED). It focuses on urban development and infrastructure which showcases Rebrab’s commitment to the growth and development of Algerian cities.
He is also actively involved in philanthropic activities through The Cevital Foundation (2009). The foundation engages actively in charitable initiatives spanning across education, healthcare, and community development. This showcases Rebrab’s commitment to giving back to the society.
8) Naguib Sawiris
- Net worth: $3.3 Billion
- Industry: Telecom
- Date of Birth: June 17, 1954 (Egypt)
He is a business tycoon and a member of the well-renowned, Sawiris family. He is known for his entrepreneurial spirit, strategic vision, and significant contributions to various sectors, most notably the telecommunications industry.
He is the founder and CEO of Orascom Telecom Media and Technology Holding (OTMT). The company under his guidance has played important roles in shaping the telecoms industry in Egypt and other countries from Africa, the Middle East and Southern Asia.
A significant milestone in his journey in the telecoms sector was the establishment of Mobinil which is Egypt’s first private mobile operator. The company was founded in partnership with France Telecom (now Orange S.A.) in 1998 in Egypt.
This marked a departure from state controlled telecoms in the country and paved the way for private investment in the sector. He is also a well-known philanthropist as it is seen in his contributions to The Sawiris Foundation for Social Development which was established by the Sawiris family.
9) Patrice Motsepe
Net worth: $3.2 Billion
Industry: Metals & Mining
Date of Birth: January 28, 1962
He is a prominent and well-known figure in the South African business landscape. His rise to wealth is marked by his visionary leadership and commitment to economic empowerment. He is the founder and executive chairman of African Rainbow Minerals (ARM), which is a mining company with interests in gold, platinum, coal, Etc.
The company’s operations in South Africa has help in bolstering the mining sector in the country hence making it attractive to other private investors. It has also cemented Motsepe’s position as the leading mining magnate in the country. His entry in the mining sector was transformative for the gold sector. In 1994, he acquired low producing gold mines and transformed them into massive profitable ventures.
This aided ARM in becoming a major player in the gold mining industry in the country. This contributed massively to Motsepe’s wealth and significantly transformed the economic landscape of the country.
He has also diversified his income through the creation of African Rainbow Capital (ARC). This investment company focuses majorly on financial services, telecommunications, and energy.
He also made an entry into the philanthropic industry with his wife, Precious Motsepe through the creation of the Motsepe Foundation. This foundation focuses on education, health, and poverty alleviation. It is one of the largest private philanthropic foundations in Africa.
10) Mohammed Mansour
- Net worth: $2.9 Billion
- Industry: Diversified
- Date of Birth: August 1, 1948 (Egypt)
He is a prominent businessman whose influence and investment extends across various sectors and industries. He has played a major role in the expansion of the family’s business empire hence making significant contributions to the Egyptian and global economy.
The Mansour Group, a conglomerate with presence in automotive distribution, consumer goods, real estate, and energy is the major source of Mohammed Mansour’s wealth. The Group has made majority of its investments in the automotive sector as it is a key player in the distribution of automobiles in the Middle East and Africa.
It is also the exclusive distributor of top brands such as Chevrolet and General Motors in Egypt. He has also diversified his operations with significant investments in sectors such as food and beverages, retail, energy, real estate and consumer electronics.
This has contributed massively to his wealth and showcased his ability to adapt to changing market dynamics. He has also been involved in politics as he served as the Minster of Transportation in Egypt from 2006-2009. He made transformative policies which has immensely contributed to the development of transportation infrastructure in the country till date.
The Mansour Foundation, a philanthropic aspect of Mansour has significantly engaged in various charitable initiatives namely, education, healthcare, and community development. This has showcased his commitment to giving back to society.
The top 10 richest men in Africa in 2023 reflects a bled of entrepreneurial vision and strategic investments which has contributed massively to improving the continent’s economic landscape.
These individuals have amassed immense wealth which has left an irremovable mark on their respective industries. Their diversified sectors which ranges from oil and gas, telecommunication, mining, real estate and consumer good reflects the interconnectedness of the various economies on the African continent.
These individuals have also participated actively in philanthropic activities which shows their commitment to societal development. They embody the African spirit of progress which is crucial to the positive transformational change of the African continent in the years to come. Thanks for reading and I hope to see you again on Afrokonnect.ng.