Lifestyle
[Updated List] Top 10 Africa’s Richest Men 2024: Nigeria’s Aliko Dangote Retains No.1, Adenuga dethroned to No. 9
Africa is a blessed continent; like any other continent, it does not lack billionaires.
This article explores the top 10 richest men in Africa according to a list compiled by Forbes, a magazine that has been keeping track of the world’s billionaires since 1987.
Earlier in January, Nigerian billionaire and businessman Aliko Dangote was dethroned by a South African billionaire, Johann Rupert & Family.
He has, however, bounced back to retain the number-one spot which he has occupied for over a decade.
Below are the top 10 Richest Men in Africa 2024:
10. Patrice Motsepe – $2.4 billion
- Country: South Africa
- Net Worth: $2.4 billion
- Investment/Source of Wealth: Mining
Motsepe is a South African and the first billionaire black African listed on the Forbes list when he became a billionaire in 2008.
He is the founder and chairman of African Rainbow Minerals. The billionaire is also the president and owner of the Mamelodi Sundowns Football Club.
In 1994, he became the first black partner at law firm Bowman Gilfillan in Johannesburg, and then started a mining services contracting business.
In 1997, he bought low-producing gold mine shafts, later making them profitable.
His net worth is estimated by Forbes to be $2.4 billion.
9. Mike Adenuga – $3.2 billion
- Country: Nigeria
- Net Worth: $3.2 billion
- Investment/Source of Wealth: Telecommunication, Oil
Mike Adenuga is the third richest man in Nigeria with investments in telecommunication and oil.
He supported himself as an MBA student, working as a taxi driver. The Globacom mobile phone network owner made his first million at age 26 selling lace and distributing soft drinks.
Adenuga’s net worth is estimated at $3.2 billion, a sharp drop from $6.3 billion which he possess as of January 2023.
8. Naguib Sawiris – $3.3 billion
- Country: Egypt
- Net Worth: $3.3 billion
- Investment/Source of Wealth: Telecommunication, Media
Naguib Sawiris is a scion of Egypt’s wealthiest family. His brother Nassef is also a billionaire and the 5th richest man in Africa.
Through his Media Globe Holdings, Sawiris owns 88% of pan-European pay TV and video news network Euronews.
His net worth is estimated at $3.3 billion.
7. Mohamed Mansour – $3.6 billion
- Country: Egypt
- Net Worth: $3.6 billion
- Investment/Source of Wealth: Diversified
Mohamed Mansour is an Egyptian businessman who oversees his family conglomerate, Mansour Group, which was founded by his father, Loutfy, in 1952 and has 60,000 employees.
He has a net worth of $3.6 billion with a diversified investment.
Mansour holds both Egyptian and UK citizenship. He served as Egypt’s minister of transportation from 2006 to 2009 under the Hosni Mubarak regime.
6. Issad Rebrab – $4.6 billion
- Country: Algeria
- Net Worth: $4.6 billion
- Investment/Source of Wealth: Food
Issad Rebrab is the founder of Cevital, Algeria’s biggest privately-held company. The company owns one of the largest sugar refineries in the world, with the capacity to produce 2 million tons a year.
Cevital also owns European companies, including French home appliances maker Groupe Brandt, an Italian steel mill, and a German water purification company.
Rebrab is the 7th richest man in Africa, with a net worth of $4.6 billion.
5. Abdulsamad Rabiu – $6 billion
- Country: Nigeria
- Net Worth: $6 billion
- Investment: Cement, Sugar
4. Nassef Sawiris – $7.1 billion
- Country: Egypt
- Net Worth: $7.1 billion
- Investment/Source of Wealth: Construction, Investments
3. Nicky Oppenheimer – $8.3 billion
- Country: South Africa
- Net Worth: $8.3 billion
- Investment/Source of Wealth: Diamonds
2. Johann Rupert & Family – $9.8 billion
- Country: South Africa
- Net Worth: $9.8 billion
- Investment/Source of Wealth: Luxury goods
1. Aliko Dangote – $10.2 billion
- Country: Nigeria
- Net Worth: $10.2 billion
- Investment/Source of Wealth: Cement, Sugar, Oil
Summary of the Top 10 Richest Men in Africa
- Aliko Dangote [Nigeria] – $10.2 billion
- Johann Rupert & Family [South Africa] – $9.8 billion
- Nicky Oppenheimer [South Africa] – $8.3 billion
- Nassef Sawiris [Egypt] – $7.1 billion
- Abdulsamad Rabiu [Nigeria] – $6 billion
- Issad Rebrab & Family [Algeria] – $4.6 billion
- Mohamed Mansour [Egypt] – $3.6 billion
- Naguib Sawiris [Egypt] – $3.3 billion
- Mike Adenuga [Nigeria] – $3.2 billion
- Patrice Motsepe [South Africa] – $2.4 billion
| Rank | Name | Net Worth | Country | Investment Type |
| 1. | Aliko Dangote | $10.2 billion | Nigeria | Cement, Sugar |
| 2. | Johann Rupert & Family | $9.8 billion | South Africa | Luxury goods |
| 3. | Nicky Oppenheimer | $8.3 billion | South Africa | Diamonds |
| 4. | Nassef Sawiris | $7.1 billion | Egypt | Construction, Investments |
| 5. | Abdulsamad Rabiu | $6 billion | Nigeria | Cement, Sugar |
| 6. | Issad Rebrab & Family | $4.6 billion | Algeria | Food |
| 7. | Mohamed Mansour | $3.6 billion | Egypt | Diversified |
| 8. | Naguib Sawiris | $3.3 billion | Egypt | Telecommunication |
| 9. | Mike Adenuga | $3.2 billion | Nigeria | Telecommunication, Oil |
| 10. | Patrice Motsepe | $2.4 billion | South Africa | Mining |
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