Africa’s wealthiest individuals have recorded a massive surge in fortune, driven primarily by the colossal value of Aliko Dangote’s new refinery and a buoyant global equity market.

The continent’s 22 billionaires now command a combined wealth of $105 billion, a significant milestone achieved despite local economic challenges like currency volatility and political instability.

Nigeria’s Dangote cemented his position as Africa’s richest person, adding a staggering $10 billion to his net worth in one year.

Forbes directly attributed the massive jump to the Dangote Refinery, which is now nearing full capacity and has enabled Nigeria to begin exporting refined petroleum products.

Dangote described the refinery as a critical step toward enabling Africa to refine its own crude oil and create long-term economic value.

Dangote retained his position as Africa’s richest person for the 14th consecutive year, with an estimated net worth of $23.9 billion, up from $13.9 billion a year earlier.

South African luxury goods magnate Johann Rupert ranked second with a net worth of $14 billion, reflecting a 39 per cent increase – the second-largest gain on the list. Rupert has held the second spot since 2022.

Another Nigerian, Femi Otedola, recorded one of the strongest performances among returnees, with his fortune rising above $1.5 billion following a surge in the share price of Geregu Power Plc, driven by higher revenues and profits.

Two former billionaires also returned to the list. Moroccan real estate tycoon Anas Sefrioui re-entered the ranking after shares of his firm, Addoha Group, more than doubled, while South African investment veteran Jannie Mouton made a comeback following a strong rally in Capitec Bank Holdings.

List of Africa’s richest people in 2025:

1. Aliko Dangote ($23.9B) Nigeria

2. Johann Rupert & family ($14B) South Africa

3. Nicky Oppenheimer & family ($10.4B) South Africa

4. Nassef Sawiris ($9.6B) Egypt

5. Mike Adenuga ($6.8B) Nigeria

6. Abdulsamad Rabiu ($5.1B) Nigeria

7. Naguib Sawiris ($5B) Egypt

8. Koos Bekker ($3.4B) South Africa

9. Mohamed Mansour ($3.4B) Egypt

10. Patrice Motsepe ($3B) South Africa

11. Issad Rebrab & family ($3B) Algeria