The Top 5 Richest People In Africa

Ever wonder what foreigners think of Africa? My guess is you likely don't expect words like "wealth" and "riches" to cross their minds.

Beauty is an obvious first choice, and you'd be right. Most foreigners who visit Africa recount the beauty of the lands.

From the sweeping Savannah in Southern Africa to the Sahara further north, as well as gorgeous beaches and blooming metropolises. It truly is unlike anywhere else in the world.

Wildlife, safaris, and exotic locations would be the second choice.

And you'd be right again.

Africa attracts tourists from far and wide to enjoy its wildlife. It is home to everything from the Big Five and the wildebeest migration, not to mention the great whites and whales that lurk off the shore.

Others might think of its historical importance and mysteries - home to the great pyramids and the cradle of humankind. They might consider the diamond and gold rush, or they might share more negative stereotypes, such as regarding it as a continent filled with poverty and crime.

Of course, there is a truth to this, but there is also a polar opposite.

Where some struggle, others thrive, and it is not surprising that Africa is also home to some of the richest people in the world.

In recent years, foreigners are starting to acknowledge that Africa can and should be associated with terms like "wealth" and "success."

Shocker isn't it. At Anvil, we think it's about time!

In this article, we'll look at those in Africa who have capitalized and profited from all the continent has to offer. Size and beauty breeds opportunity.

In February 2022, Forbes named the 18 billionaires that Africa is home to. Let's take a look at each of them in order of wealth, diving into what they are worth and how they earned their fortunes.

5. Abdulsamad Rabiu (NIGERIA)

The second richest man in Nigeria and the 354th richest person in the world, Rabiu is the founder of the commodity trading company BUA group.

The company specializes in food, infrastructure, mining, and manufacturing. It has a diversified investment portfolio that spans several key business sectors in the African economy. On top of this, Rabiu serves as the Nigerian Bank of Industry chairman. The son of Isyaku Rabiu - one of Nigeria's foremost industrialists in the 1970s and 80s and from whom Abdulsamad Rabiu inherited land - Rabiu founded BUA in 1988, importing rice, edible oils, flour, iron, and steel.

Key points in the BUA timeline include their acquisition of the largest vegetable oil processing company, Nigeria Oil Mills Limited, in 2005, Laifiagi Sugar Company, in 2008, and Sokoto and Edo Cement, in 2009.

They also started flour milling plants in Lagos and Kano, making BUA leaders in the African continent across multiple food groups. BUA cement was listed on the Nigerian Stock Exchange in 2020, leading to a massive increase in Rabiu's personal net worth as he owns 98.5% of it.

It is worth noting that Rabiu is known for far more than his business acumen. He uses the BUA Foundation for philanthropic pursuits.

He has contributed significantly to the Aminu Kano Teaching Hospital and Bayero University, among others. Rabiu famously claimed that he would rather be the top giver in Africa than the top billionaire and stated that he still feels he is not giving enough - a rare admission from a man of his wealth and stature.

As of 2022, Rabiu boasts a net worth of around 5.5 billion US Dollars. With the rate at which BUA is growing, many speculate that Abdulsamad Rabiu may top the list of Africa's richest people within the next decade.

4. Nassef Sawiris (EGYPT)

The richest man in Egypt and boasting a net worth of $8.6 billion, Nassef Sawiris made his fortune in construction and engineering. Sawiris increased his wealth significantly through prudent investing throughout his career.

Another billionaire who benefited from the wealth of those before him, Nassef Sawiris is the son of Onsi Sawiris, who founded Orascom Construction in 1950 - the company that Nassef is now the chairman of.

Orascom is an engineering, procurement, and construction contractor still based in Cairo, where Sawiris resides, but operates in over 25 countries. The Sawiris family is now a major stakeholder in just about every economic sector in Egypt.

Unlike his father, who experienced major government opposition when he founded the family business, Nassef Sawiris is reported to receive significant support from the pro-business Egyptian government.

But more than just state support and family wealth can be attributed to Nassef Sawiris's rise to the top of the Egyptian food chain. His investment prowess and wise acquisitions are really what sets him apart. Most significantly, Sawiris has a 6% stake in sportswear maker Adidas and sits on the company's board. He also owns a 5% stake in the New York firm Madison Square Gardens Sports, making him a part owner of several American sports teams.

Sawiris is a fine example of a businessman who has operated out of Africa on a global scale. Pumping his wealth into established international brands, then reinvesting his profits into his own company.

3. Nicky Oppenheimer & family (SOUTH AFRICA)

South Africa has the 3rd highest GDP in Africa and two of the top 3 richest people on the continent. Their booming economy and place in the forefront of the global mind come in no small part to the presence of diamonds and gold in the country.

South Africa's dominance as a mining superpower began all the way back in the late 1880s when businessmen and commoners flocked to the Southern tip of Africa in search of their fortunes. It was back in 1888 that De Beers, the world-renowned diamond mining company, was founded by Cecil Rhodes and Barney Barnato. To the De Beers fortune, Oppenheimer owes his significant wealth.

Nicky Oppenheimer took De Beers private in 2001 and was the 3rd generation of his family to run the company. He joined Africa's rich list in 2012 after selling his 40% stake in the firm to Anglo American mining group for 5.1 billion dollars.

From there, he set up Fireblade Aviation, the chartered flight company that operates out of South Africa's business capital Johannesburg. However, like others on this list of wealthy Africans, Oppenheimer represents more than just generational wealth.

In 2022 alone, it was reported that his personal wealth increased by $400 million due to the outstanding performance of his private equity investments, which he owns across Africa, Asia, Europe, and the United States.

Tana Africa, which Oppenheimer founded in 2011 shortly before selling his De Beers stake, has been one of the busiest Africa-focused investment companies this year. It operates primarily in the fintech sector, investing in many startups across the continent.

Nicky Oppenheimer and his family's net worth is estimated to be 8.7 billion US dollars.

2. Johann Rupert & Family [SOUTH AFRICA]

The trend of generational wealth in Africa's southernmost country continues here with Johann Rupert and his family. Rupert is the eldest son of another South African business mogul, Anton Rupert— founder of the tobacco and industrial conglomerate Rembrandt Group. The company started with Anton Rupert and his fellow investors manufacturing cigarettes in their garage. Their initial investment was meager 10 British Pounds! Talk about a rags-to-riches story.

Johann Rupert inherited his father's entrepreneurial attitude. And yes, a ton of money thanks to the success of that tobacco business. But before making assumptions about Johann's silver platter, it's worth remembering that his early years weren't spent in the family business. Instead, he was an employee. Rupert worked at Chase Bank and Lazard Freres in New York City before returning to his home country to launch Rand Merchant Bank in 1979.

Rupert served as CEO of the company and oversaw its merger with RMB in 1984 before leaving to finally join Rembrandt Group, the company his father still acted as CEO of.

In 1988, Johann Rupert was named Businessman of the Year by the Sunday Times after he founded Compagnie Financiere Richemont, the company from which he now owes most of his wealth. Despite its South Africa founder, Compagnie Financiere Richemont is a Swiss Luxury Goods Company that deals with jewelry, watches, leather goods, pens, and more through multiple subsidiaries. It is perhaps best known for its brands, Cartier and Montblanc.

While growing Compagnie Financiere Richemont, Rupert still rose up the ranks of Rembrandt Group, eventually becoming chairman in 1991. He would go on to restructure the company 10 years later, forming Remgro Limited and VenFin Limited.

Today, Johann Rupert owns 7% of Remgro and still chairs the company. He also owns 25% of Reinet, an investment holding company out of Luxembourg.

Rupert's net worth is around 11 billion US dollars - an almost 3 billion dollar increase since 2021 when he sat behind Oppenheimer in Africa's rich list. His father's net worth was estimated at 1.7 billion dollars at the time of his death, so Johann could not be accused of simply being the beneficiary of his father's wealth.

And while we're dishing out credit here, it's worth calling out the incredible journey of Anton Rupert. He took ten British Pounds and turned it into 1.7 billion dollars. Even Johan Rupert cannot claim to rival that business prowess.

1. Aliko Dangote [NIGERIA] 

With an astounding net worth of 13.9 billion US dollars, Aliko Dangote is the richest person in Africa. He is one of the 7 billionaires to emerge from Nigeria.

Dangote's massive wealth comes from Dangote Cement, the company he founded and the continent's largest cement manufacturer. Unlike others in this list, Dangote wasn't born into a family with a business that ran through generations (although his great-grandfather was the wealthiest man in West Africa at the time of his death over 70 years ago). 

Instead, Dangote established the Dangote Group as a small trading firm in 1977. He received a $500,000 loan from his uncle to set up shop and began trading goods such as bagged cement, rice, and sugar. Despite being known as a cement company, the group is far more than a simple trading company today. Nigeria's largest industrial group with operations spanning beyond the country's borders. Ghana, Benin, Zambia, and Togo are some of the other African countries the Dangote Group operates.

The flour and sugar refinery he built in Apapa Port in 2012 is now the largest refinery in Africa and the third biggest in the world, producing 800 000 tonnes of sugar a year. 

With that much sugar production, are we surprised at Dangote's rise to fame and fortune?

In 2007, Dangote was declared Nigeria's first billionaire. Many were astonished, and yet, it was just the beginning. By 2013, Dangote's net worth had increased by 9.2 billion dollars.

How?

According to Forbes Magazine, his rise to being the wealthiest man in Africa can be tied to the fact that Dangote Cement shot up in stock value back in 2013. With a 93% stake in the cement company, an extensive real estate portfolio, and controlling stakes in other publicly-listed companies like Dangote Sugar and the National Salt Company of Nigeria, the numbers quickly add up to more than $20 billion.

It is unclear whether his wealth has decreased or is now engrossed in his massive assets. Dangote's wealth rose again last year by 30% due to house-building and government infrastructure projects in his home country.

Today, Dangote holds 85% of his now publicly traded company. The Dangote Oil Refinery, which has been under construction since 2016, is expected to be one of the world's largest oil refineries when it eventually opens.

Last year, it was reported that Dangote Cement produced 45.6 million tons of cement across 10 African countries. It does not look as if Aliko Dangote will be letting go of his title of Africa's Richest man any time soon.

A final thought:

While there are still many more stories emerging from the African continent, may these 5 help inspire you and, at the very least, show you what's possible in our continent. It's not just the beauty, wildlife, and exotic historical locations that we're blessed with. We have untapped potential and opportunities that can enable you to build generational wealth.

The first step to your economic empowerment is to access the right financial education and set the right goals. Anything is possible in Africa. Foreigners know this... it's time you knew it too!

Share this on social media to encourage other ambitious Africans to reach for their wildest dreams.

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