Dangote, Rabiu Ranked 1st, 3rd On Forbes Africa’s Richest People List

Africa’s wealthiest individuals have cemented a historic financial milestone, with the continent’s billionaire population now boasting a combined net worth of $126.7 billion.

According to a release by Forbes, this marks a substantial 21 percent increase from the previous year, propelled by buoyant equity markets and stabilizing local currencies.

The 23 moguls and industry captains who make up the continent’s exclusive three-comma club added a staggering $20.3 billion to their collective fortunes in the last twelve months, building on a landmark 2025 when their wealth first crossed the $100 billion threshold.

Retaining his position as Africa’s wealthiest citizen is Aliko Dangote. The Nigerian industrialist saw his estimated fortune swell by $4.6 billion to reach $28.5 billion. This surge was largely driven by a near 69 percent rally in shares of his cement giant, Dangote Cement, on the Nigerian Exchange (NGX). The company’s profitability also hit new heights, with earnings doubling to a record one trillion Naira in 2025. While, Dangote is preparing for the public listing of his massive oil refinery later this year and has inked a $400 million deal with a Chinese machinery firm to expedite plans to double the facility’s capacity by the end of the decade.

However, the most dramatic ascent, belongs to fellow Nigerian Abdulsamad Rabiu. His net worth more than doubled, skyrocketing by 120 percent, a $6.1 billion increase to $11.2 billion. This stellar performance moved him from sixth to third place on the continental rich list, trailing only luxury goods tycoon Johann Rupert ($16.1 billion).

While the primary driver was a 135 percent surge in the stock price of his flagship business, BUA Cement, which significantly outpaced the broader NGX’s impressive 81 percent rally to all-time highs. The market boom has been fueled by record corporate earnings and regulatory changes compelling pension funds to allocate more capital to equities.

Other notable gainers include South Africa’s Michiel Le Roux, the founder of Capitec Bank. His wealth climbed to $3.8 billion as the bank’s shares jumped 57 percent, outperforming the Johannesburg bourse’s strong 45 percent advance amid a surge in gold and platinum prices.

In contrast, Egyptian investor Nassef Sawiris was the sole billionaire on the list whose wealth remained static for the year, holding at an estimated $9.6 billion. Sawiris, who holds stakes in English Premier League side Aston Villa and sportswear manufacturer Adidas, is poised to assume the chairmanship of the German footwear giant at its upcoming shareholder meeting.

While the majority on the list prospered, four of the 23 members saw their wealth contract. Moroccan real estate developer Anas Sefrioui experienced the steepest decline, losing $300 million as shares of his firm, Group Addoha, tumbled over 30 percent. This drop places him in a tie with Nigeria’s Femi Otedola at the bottom of the list, with each worth an estimated $1.3 billion. Otedola’s fortune dipped by $200 million following his decision to offload a significant portion of his holding in Geregu Power at a discount to its market value.

The list highlights a trend of self-made success, with 14 of the 23 individuals (61%) having built their empires from the ground up. The demographic profile remains predominantly male and seasoned, with all but one 50-year-old Tanzanian Mohammed Dewji, aged over 60.

Geographically, South Africa continues to be the primary hub for the continent’s super-rich, hosting seven billionaires. It is followed by Egypt (five), Nigeria (four), and Morocco (three).

Consequently, the list released by Forbes showed that the net worth figures are based on stock prices and currency exchange rates as of March 1, 2026. Valuations for privately held companies are derived by applying standard market multiples to estimated revenues or profits. The list specifically tracks African citizens residing or primarily operating on the continent, which excludes figures like Mo Ibrahim, Nathan Kirsh, and the world’s richest person, Elon Musk.