Africa's Richest People
Updated: Nov 29, 2020
Meet the ten wealthiest people in Africa, with a combined wealth of 56 billion dollars, these ten men have more wealth than the Gross Domestic Products of many Africa nations. Their wealth comes from construction, oil, precious metals, and food conglomerates that drive the economies of their nations. Topping the list is Nigerian businessman Aliko Dangote with a net worth of 10.3 billion dollars.
1. Aliko Dangote
With a net worth of over $10.3 billion, according to Forbes, Aliko Dangote is currently the richest man in Africa; a position he has held for close to a decade. Born on April 10th, 1957, he is the chairman of Dangote Group, a business Empire he set up about 30 years ago.
Dangote group is considered the most valuable business conglomerate in the whole of Africa. Dangote Group business interests extend to several industries including manufacturing, oil and gas, consumer goods and construction. Dangote Cement, a subsidiary of his business conglomerate, operates in more than 10 African countries and accounts for about 80% of the Dangote Group's revenue. His sugar refinery is the largest sugar refinery in the whole world.
Dangote who was born and bred in Kano State Nigeria, learned the basics of trading from his guardian and grandfather, Sanusi Dantata, who at some point was one of the wealthiest men in Kano State. After his graduation from Al-azhar University in Egypt, the 21-year-old entrepreneur borrowed money from an uncle in 1977 to kick start his own business. He would import agricultural products such as rice and sugar from international suppliers to retail in his local community. The venture prospered quickly and by 1997 he had started producing the goods he used to import.
He was subsequently awarded a state-owned cement company which grew and expanded tremendously under his Midas touch, and would later become his. One notable business strategy that Dangote employs is that he always re-invested a major portion of his profits back into his businesses. Thus, he had advanced each of his individual manufacturing subsidiaries into separate successful companies: Dangote cement Plc, Dangote Sugar Refinery Plc, Dangote Flour Mills Plc, National Salt Company of Nigeria Plc, and the most recent Dangote Oil Refinery. He has constantly diversified into new business segments and as advanced into telecommunications and steel manufacturing, real estate, and construction.
2. Nassef Sawiris
As of July 2020, his net worth stood at a total of $8 billion. The Egyptian billionaire businessman born in 1961 and is the youngest of the three sons born to Onsi Sawiris. Nassef has two brothers Samih and Naguib Sawiris. Nassef Sawiris is ranked the second richest man in Africa according to Forbes.
Nassef Sawiris joined the Orascom Group in 1982 and became the CEO of Orascom Construction Industries in 1998. Nassef owns a 30% stake of OCI which is one of the largest fertilizer producers in the world. Nassef also has stakes and investments in companies such as Adidas, the Cement industry Lafarge Holcom, Orascom construction as well as a 55% controlling stake in the football team Aston Villa which makes him executive chairman of the Football club. Nassef Sawiris is married with four children.
3. Mike Adenuga
Mike ranked third on Forbes list of richest people in Africa with a net worth of $7.7 billion. Born on April 29th, 1953, Michael Adeniyi Adenuga is a Nigerian billionaire businessman. Mike Adenuga's Fortune was built mainly on telecommunication and oil production. Mike received his secondary School education at Ibadan/ Comprehensive High School, Aiyetoro. Working as a taxi driver to further his education,
Mike pursued degrees in business administration from Northwestern Oklahoma University and Place university. By the age of 26, Michael Adenuga made his first million selling lace and soft drinks. Today, his telecommunication operator Globacom is Nigeria’s second largest operator with presence in Ghana and Benin. Other notable investments of the billionaire include Conoil and investments in Real estate. Mike Adenuga is married with seven children.
4. Nicky Oppenheimer
South Africa’s richest man Nicholas F. Oppenheimer, born on June 8th, 1945 has a net worth of $7.6 billion as of 2020, his source of wealth is mainly from De Beer diamond and Fireblade, which is an aviation company he started in 2014. In 2012, Nicholas sold his 40% stake in De Beers diamond firm (where he was chairman) to Anglo American Mining Group for $ 5.1 billion in cash. Oppenheimer who is the heir of his family’s fortune owns over 750 square miles of conservation land across South Africa, Botswana, and Zimbabwe. Nicholas Oppenheimer also owns the largest game reserve in South Africa which is the Tswalu Kalahari. Nicholas Oppenheimer is married with kids.
5. Johann Rupert
Johann Rupert is a South African entrepreneur. Born in 1950. Johann Rupert ranked fifth on the Forbes list of Africa's Richest Persons with a net worth of $6.5 billion as of 2020. Rupert is the chairman of luxury goods company Compaigne Financiere Richemont which is popularly known for brands such as Montblanc and Cartier. Rupert is the eldest son of the famous tycoon Anton Rupert. Johann went to Stellenbosch university in South Africa where he was given an honorary degree in Economics. Johann Rupert is a part owner of the Saracens Rugby team. He is also a part owner of Anthonij Rupert Wines which was named after Anthonij Rupert, Johan's deceased brother. Johann Rupert is married with three kids.
6. Issad Rebrab
Issad Rebrab is from Algeria and has a net worth of $4.4 billion and ranks sixth on Forbes list of Africa's richest persons. He is the founder and CEO of Cevital which is Algeria's biggest privately owned company. Cevital owns various European companies such as Groupe Brandt. Cevital also owns one of the biggest sugar refineries in the world as well as an Italian steel mill and a water purification company located in Germany. Issad source of wealth is mainly food and self-made.
7. Mohamed Mansour
Mohamed Mansour is an Egyptian billionaire businessman and ranks seventh on Forbes list of Africa’s Richest persons with a net worth of $3.3 billion. Mohamed oversees the Mansour Group, which is a conglomerate founded by his father, having over 50,000 employees. His brothers Yassen and Youssef are also billionaires. During the time of Hosni Mubarak, Mansour served as Egypt’s minister of transportation. He studied at North Carolina State University and obtained a master’s in business administration from Auburn University. Mohamed Mansour is married with two kids.
8. Abdulsamad Rabiu
Rabiu is a Nigerian billionaire businessman. With a net worth of $3.1 billion as of 2020, he ranked eight on Forbes list of Africa’s billionaires. Abdulsamad is the founder of BUA Group, which is a Nigerian Conglomerate dealing with cement production, sugar refinery as well as food production. He obtained his early education in Kano, Nigeria and later attended Capital University in Columbus, Ohio. The conglomerate BUA Cement Plc trades on the Nigerian stock market with Abdulsamad owing 98.5% of the stock.
9. Naguib Sawiris
Brother to Nassef Sawiris, Naguib Sawiris has a net worth of $3 billion dollars and ranks ninth on Forbes list of Africa's billionaires. His source of wealth comes mainly from telecom, in a multibillion-dollar transaction he sold Orascom Telecom to a Russian Telecom firm known as Veon. He is a majority owner in Euro news and owns a resort in Grenada called Silversands.
10. Patrice Motsepe.
Born in 1962, Patrice Tlhopane Motsepe is a South African billionaire businessman with a net worth of about $2 billion dollars. His source of wealth is mainly mining and self-made, the founder and chairman of African Rainbow Minerals, Motsepe became a billionaire in 2008. In 1997 when the price of gold was low, Motsepe bought gold mine shafts and turned them profitable. Patrice Motsepe was the richest man in South Africa in 2012. He went to the University of Swaziland and the University of Witwatersrand. Motsepe also has stakes and investments in Sanlam a financial services firm.