7 African Countries With Most Billionaires

Despite its image as the most underdeveloped continent, it’s intriguing to know that there are African countries with most billionaires. Africa is home to some of the wealthiest individuals in the world. Africa currently holds investable wealth worth USD 2.4 trillion. The motherland is home to 138,000 high-net-worth individuals (HNWIs), with a wealth of over USD 1 million or more. 56% of the continent’s HNWIs and 90% of its billionaires are from Africa’s ‘Big 5’ wealth markets, which are South Africa, Egypt, Nigeria, Morocco and Kenya.

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Which are the African Countries with Most Billionaires?

The richest man in Africa has a wealth portfolio of USD 14 billion and ranks as the 92nd wealthiest man in the world. Back home, this portfolio is just more than wealth. Here are the continent’s wealthiest people.

1. South Africa

South Africa tops the list of African countries with the most billionaires. According to Business Insider Africa, South Africa has seven billionaires as of 2023. The billionaires are: Natie Kirsh, Johann Peter Rupert, Nicky Oppenheimer, Patrice Motsepe, Michiel Le Roux, Koos Bekker and Christoffel Wiese. As of June 2023, Johann Rupert and his family are the richest people in South Africa with a net worth of $11.8 billion.

Johann Rupert is the richest man in South Africa. Photo/ Financial Times.

Apart from having the highest number of billionaires, South Africa also boasts having twice as many HNWIs as any other African country. It also accounts for an impressive 30% of the continent’s centi-millionaires.

2. Egypt

Egypt is the second African country with the most billionaires. As per reports, there are six billionaires in the North African country. The extremely wealthy individuals are Mohamed Al-Fayed, Nassef Sawiris, Naguib Sawiris, Mohamed Mansour, Yasseen Mansour and Youssef Mansour.

As of April 2023, Nassef Sawiris was the richest person in Egypt, with an estimated net worth of $7.4 billion, followed by Mohamed Mansour ($3.6 billion), Naguib Sawiris ($3.3 billion) and Mohamed Al-Fayed ($2.0 billion). Youssef Mansour ranks fifth, with a whopping $1.5 billion followed by Yasseen Mansour, with a personal wealth of $1.3 billion.

3. Nigeria

Nigeria, which has a population of 211 million people, ranks third in the list of African countries with most billionaires. The West African country has three billionaires – Aliko Dangote, Abdulsamad Rabiu and Mike Adenuga. Aliko Dangote, who has an estimated net worth of $13.5 billion as of 2023, is the richest Black man in the world. The 66-year-old was once a small sugar trader.

Aliko Dangote. Photo/ The CEO Magazine.

4. Morocco

Despite the fact that Morocco is home to some of the wealthiest individuals in the world, it has fewer billionaires compared to South Africa, Egypt and Nigeria. The North African country has two billionaires – Aziz Akhannouch and Othman Benjelloun.

5. Algeria

Algeria ranks fifth on the list of African countries with most billionaires as of 2023. According to reports, Algeria has one billionaire – Issad Rebrab. The well-known businessman is the CEO of the Cevital industrial group, the largest private company in Algeria. The company deals in steel, food, agribusiness and electronics.

6. Tanzania

Just like Algeria, Tanzania also has one billionaire. Mohammed Dewji is one of the richest men in Africa with a net worth of $1.5 billion. He is a businessman, entrepreneur, philanthropist, and former politician who serves as the President of MeTL Group, a Tanzanian conglomerate founded by his father in the 1970s.

Mohammed-Dewji. Photo/ African Liberty.

According to Invest Africa, Mohammed is single-handedly responsible for increasing MeTL’s revenues from $30 million to over 2 billion between 1999 and 2022. The group, which currently conducts business in eight countries, has investments in fields such as textiles, energy, insurance, mobile telephony, petroleum, agriculture, transport and logistics.

7. Zimbabwe

Zimbabwean billionaire Strive Masiyiwa,. Photo/Bloomber

With one billionaire, Zimbabwe has made it to the list of African countries with most billionaires. Strive Masiyiwa, the Zimbabwean billionaire, is the Founder and Executive Chairman of Econet Group and Cassava Technologies. Born in Zimbabwe, he left in 2000 and is now based in London.

What African Country Has The Most Billionaires?

According to the Forbes list, South Africa has the most billionaires, followed by Egypt, and then Nigeria, and Morocco.

How Rich Is Kenya in Africa?

Kenya is ranked among the ‘Big 5’ wealth markets in Africa, in a group that is led by South Africa followed by Egypt, Nigeria then Kenya as the 4th and Morocco.