For the first time ever, the combined wealth of Africa’s billionaires has crossed the $100 billion mark, driven largely by the surging fortunes of Nigerian business moguls.
According to the latest Forbes Billionaire List released this March, the continent now boasts 22 billionaires with a combined net worth of $105 billion—up from $82.4 billion and 20 billionaires in the previous year.
Nigeria had only 4 billionaires on the list.
This growth comes despite the persistent challenges across Africa, including currency devaluations, political instability, and fragile consumer markets.
Africa’s richest man, Aliko Dangote, has once again topped the list, for the 14th consecutive year. His net worth surged from $13.9 billion last year to $23.9 billion in 2025, largely due to the inclusion of the Dangote Refinery’s valuation in Forbes’ calculations.
The $19 billion refinery, which began limited operations in early 2024 after years of delays, is now expected to reach full refining capacity this month.
“This is a very, very big relief,” Dangote told Forbes in February. He added that the refinery was a “pivotal step in ensuring that Africa has the capacity to refine its own crude oil, thereby creating wealth and prosperity for its vast population.”
Dangote also becomes one of the 100 richest people in the world, a milestone no other African billionaire has reached this year.
Other Nigerian in the list includes Nigerian businessman Femi Otedola, chairman of Geregu Power Plc, for the second year running made it to the billionaire rankings with a net worth of $1.5 billion.
The list also features two other Nigerian billionaires: Abdulsamad Rabiu, founder of BUA Group, with an estimated net worth of $8.1 billion; and Mike Adenuga, owner of Globacom and Conoil, with a fortune valued at $6.1 billion.
Mike Adenuga ranked 5th on the list of top African Billionaires, while Abdulsamad Rabiu came 6th. Both men ranked 2nd and 3rd, respectively, on the top Nigerian list. Otedola ranked 16th on the list and 4th from Nigeria.
Rabiu’s wealth stems from his extensive holdings in cement, sugar, and real estate, while Adenuga’s telecom and oil assets continue to deliver strong returns despite Nigeria’s macroeconomic headwinds.