Dangote, 2 Other Nigerian Billionaires Set Record As Africa’s 10 Richest People Emerge

• Forbes has released the list of the richest men in Africa in 2025, with Nigerian billionaire Aliko Dangote leading the pack
• Dangote, in the latest ranking, was listed among the 100 richest men in the world, climbing nearly 20 places from the previous year
• Mike Adenuga of Globacom and Abdul Samad Rabiu of BUA Group were the other Nigerians on the list of Africa’s wealthiest

Dave Ibemere, a journalist at Legit.ng, has been reporting on business for over ten years. He has deep knowledge of the Nigerian economy, stock market, and general market trends.

Forbes has reported that the combined net worth of African billionaires for the first time ever has crossed the $100 billion threshold.

Also, the number of billionaires ranked in Africa increased to 22 in 2025 from 20 in the previous year, 2024.

Forbes disclosed this in its latest report titled "Africa’s Billionaires Are Richer Than Ever". In the report, the magazine announced that African billionaires are worth $105 billion, up from $82.4 billion last year.

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Share of African billionaires by country

Nigeria has 4 billionaires, followed by South Africa with 6, Egypt with 6, Morocco with 3, while Algeria, Tanzania, and Zimbabwe have 1 each.

Richest men in Africa

Aliko Dangote has once again secured the crown as the richest African for the 14th consecutive year, with his net worth rising to an estimated $23.9 billion from $13.9 billion last year.

His closest rival from Africa, Johann Rupert, who is 111 places below Dangote in the global ranking, has a net worth of $14 billion.

According to information from Forbes, Dangote’s wealth comes primarily from his conglomerate, Dangote Industries, comprising cement manufacturing, food, and others.

Dangote owns 86% stake in Dangote Cement, Africa’s largest cement manufacturer, with over N8 trillion market capitalisation.

Forbes' World Billionaire list

Forbes said it compiled its list of billionaires using prevailing stock market prices and exchange rates.

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"Our list tracks the wealth of African billionaires who reside in Africa or have their primary business there, thus excluding Sudanese-born billionaire Mo Ibrahim, who is a U.K. citizen; and South African Nathan Kirsh, who operates out of London and has his business in the U.S. and U.K.

"Net worths were calculated using stock prices and currency exchange rates from the close of business on March 7, 2025."

Forbes added that it tracked 2,933 billionaires globally.

Top 10 wealthiest billionaires in Africa in 2025

Based on Forbes data, the combined wealth of the 10 richest men, including Dangote, stands at $84.6 billion on Monday.

Here is a snapshot of the billionaires and rankings.

1. Aliko Dangote: $23.9bn
2. Johann Rupert & Family: $14bn
3. Nicky Oppenheimer & Family: $10.4bn.
4. Nassef Sawiris: $9.6bn
5. Mike Adenuga: $6.8bn
6. Abdul Samad Rabiu: $5.1bn
7. Naguib Sawiris: $5bn
8. Mohamed Mansour: $3.4bn
9. Koos Bekker: $3.4bn
10. Patrice Motsepe: $3bn

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Billionaire Femi Otedola rejoins Forbes list

Earlier, Legit.ng reported that Nigerian business magnate Femi Otedola had returned to the Forbes billionaires list.

Otedola rejoined the list in 2024 with a net worth of $1.7 billion.

Otedola accumulated a fortune in commodities before selling his stakes in Forte Oil and turning his attention to energy.

Proofreading by James Ojo, copy editor at Legit.ng.

Source: Legit.ng