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Top 20 Richest Men in Africa, Source of their worth and net worth – Forbes 2020 list

Top 20 Richest Men in Africa, Source of their worth and net worth

The Africa continent is blessed with men and women who are worth billions of dollars. In fact, the 20 African billionaires are worth $68.7 billion. So every year, the American magazine Forbes presents its ranking of the wealthiest people in the world.

Africa is not left out of the ranking of wealthiest people. In Africa, the Nigerian business tycoon Aliko Dangote remains the richest person, with an estimated net worth of $10.1 billion, according to the Forbes Africa Top Billionaires 2020 list.

Aside from Dangote, who else made the list of richest persons in Africa. Read below to find out who are really the richest billionaires in Africa.

Richest Men in Africa and Net Worth

Below is the comprehensive list of the top 20 richest billionaires in Africa and their net worth according to Forbes 2020.

1. Aliko Dangote

Alhaji Aliko Dangote is a Nigerian businessman and Africa’s richest man with a net worth of $10.1 billion. He is the founder and chairman of Dangote Cement, the continent’s largest cement producer. Dangote owns nearly 85% of publicly-traded Dangote Cement through a holding company.

Dangote Cement produces 45.6 million metric tons annually and has operations in 10 countries across Africa. The billionaire also owns stakes in publicly-traded salt, sugar, and flour manufacturing companies. The Dangote Refinery has been under construction for three years and is expected to be one of the world’s largest oil refineries once completed.

Dangote is also ranked as the 136 richest billionaires in the world and the 66th most powerful person in the world.

  • Dangote Net Worth: $10.1 billion
  • Source of Wealth: cement, sugar, flour, Self Made
  • Citizenship: Nigeria
  • Age: 62
  • Education: Bachelor of Arts/Science, Al-Azhar University

2. Nassef Sawiris

Nassef Sawiris is the richest man in Egypt and the second richest man in Africa with a net worth of $8 billion. He is a scion of Egypt’s wealthiest family. His brother Naguib is also a billionaire.

Sawiris split Orascom Construction Industries into two entities in 2015: OCI and Orascom Construction. He runs OCI, one of the world’s largest nitrogen fertilizer producers, with plants in Texas and Iowa; it trades on the Euronext Amsterdam exchange.

Orascom Construction, an engineering and building firm, trades on the Cairo exchange and Nasdaq Dubai. His holdings include stakes in cement giant Lafarge Holcim and Adidas; he sits on the supervisory board of Adidas.

  • Nassef Sawiris Net Worth: $8 billion
  • Source of Wealth: construction, chemicals
  • Citizenship: Egypt
  • Age: 58
  • Education: Bachelor of Arts/Science, University of Chicago

3. Mike Adenuga

Dr. Mike Adenuga is Nigeria’s third-richest man and also the second richest man in Africa with a net worth of $7.7 billion. The business tycoon built his fortune in telecom and oil production. His mobile phone network, GLobacom is the third-largest operator in Nigeria with over 43 million subscribers.

Mike Adenuga also has an oil exploration outfit, Conoil Producing, which operates 6 oil blocks in the Niger Delta region of Nigeria.

  • Mike Adenuga Net Worth: $7.7 billion
  • Source of Wealth: telecom, oil, Self Made
  • Citizenship: Nigeria
  • Age: 66
  • Education: Master of Business Administration, Pace University

4. Nicky Oppenheimer

Nicky Oppenheimer is the richest man in South Africa and the joint third richest man in Africa with a net worth of $7.7 billion. Oppenheimer inherited his wealth from his family, where he sold his 40% stake in diamond firm DeBeers to mining group Anglo American for $5.1 billion in cash in 2012.

In 2014, Oppenheimer started Fireblade Aviation in Johannesburg, which operates chartered flights with its fleet of 3 planes and 2 helicopters. He also owns at least 720 square miles of conservation land across South Africa, Botswana, and Zimbabwe.

  • Niky Oppenheimer Net Worth: $7.7 billion
  • Source of Wealth: diamonds
  • Citizenship: South Africa
  • Age: 74
  • Education: Bachelor of Arts/Science, Oxford U Christ Church; Master of Arts, Oxford U Christ Church

5. Johann Rupert

Johann Rupert is the second richest man in South Africa and the fifth richest man in Africa with a net worth of $6.5 billion. Rupert is the chairman of Swiss luxury goods firm Compagnie Financiere Richemont. The company is best known for its brands Cartier and Montblanc.

The company was formed in 1998 through a spinoff of assets owned by Rembrandt Group Limited (now Remgro Limited), which his father Anton formed in the 1940s. Johann Rupert owns a 7% stake in diversified investment firm Remgro, which he chairs, as well as 25% of Reinet, an investment holding co. based in Luxembourg.

  • Johann Rupert Net Worth: $6.5 billion
  • Source of Wealth: luxury goods
  • Citizenship: South Africa
  • Age: 69
  • Education:

6. Issad Rebrab

Issad Rebrab is the richest man in Algeria and the sixth richest man in Africa with a net worth of $4.4 billion according to Forbes. He is the funder and CEO of Cevital, Algeria’s biggest privately-held company.

Cevital owns one of the largest sugar refineries in the world, with the capacity to produce 2 million tons a year. Cevital also owns European companies, including French home appliances maker Groupe Brandt, an Italian steel mill and a German water purification company. The billionaire also has plans to build a steel mill in Brazil to produce train tracks and improve transportation logistics for sugar, corn and soy flour exports.

  • Issad Rebrab Net Worth: $4.4 billion
  • Source of Wealth: food, Self Made
  • Citizenship: Algeria
  • Age: 75
  • Education:

7. Mohamed Mansour

Mohamed Mansour is one of the richest men in Africa with a net worth of $3.3 billion according to Forbes. The Egyptian oversees a family conglomerate Mansour Group, which was founded by his father Loutfy (D.1976) in 1952 and has 60,000 employees.

Mansour established General Motors dealerships in Egypt in 1975, later becoming one of GM’s biggest distributors worldwide. Mansour Group also has exclusive distribution rights for Caterpillar equipment in Egypt and seven other African countries. He also served as Egypt’s Minister of Transportation from 2006 to 2009 under the Hosni Mubarak regime.

  • Mohamed Mansour Net Worth: $3.3 billion
  • Source of Wealth: diversified, Self Made
  • Citizenship: Egypt
  • Age: 71
  • Education: Master of Business Administration, Auburn University.

8. Abdulsamad Rabiu

Abdulsamad Rabiu is the third richest man in Nigerian and the founder of BUA Group, a Nigerian conglomerate active in cement production, sugar refining, and real estate.

In December 2018, Rabiu merged his privately-owned Kalambaina Cement company with listed firm Cement Co. of Northern Nigeria, which he controlled. His BUA Group also owns Obu Cement, which expanded its production with a new line in 2018.

  • Abdulsamad Rabiu Net Worth: $3.1 billion
  • Source of Wealth: cement, sugar
  • Citizenship: Nigeria
  • Age: 58
  • Education:

9. Naguib Sawiris

Naguib Sawiris is the second richest man in Egypt and the ninth wealthiest African alive with a net worth of $3 billion. He is a scion of Egypt’s wealthiest family. His brother Nassef is also a billionaire.

Naguib Sawiris built his fortune in telecom, selling Orascom Telecom in 2011 to Russian telecom firm VimpelCom (now Veon) in a multibillion-dollar transaction. He’s the chairman of Orascom Telecom Media & Technology–renamed Orascom Investment Holding to reflect investments in other sectors.

His family holding La Mancha has stakes in Evolution Mining, Endeavour Mining and Golden Star Resources, which operate gold mines in Africa and Australia.

  • Naguib Sawiris Net Worth: $3 billion
  • Source of Wealth: telecom
  • Citizenship: Egypt
  • Age: 65
  • Education: Bachelor of Arts/Science, Swiss Federal Polytechnical Institute; Master of Science, Swiss Federal Polytechnical Institute.

10. Patrice Motsepe

Patrice Motsepe is a South African billionaire with a net worth of $2.6 billion. He is the founder and chairman of African Rainbow Minerals, became a billionaire in 2008 – the first black African on the Forbes list.

In 2016, Motsepe launched a new private equity firm, African Rainbow Capital, focused on investing in Africa. Motsepe also has a stake in Sanlam, a listed financial services firm, and is the president and owner of the Mamelodi Sundowns Football Club.

In 1994, he became the first black partner at law firm Bowman Gilfillan in Johannesburg and then started a contracting business doing mine scut work. In 1997, he bought low-producing gold mine shafts and later turned them profitable.

  • Patrice Motsepe Net Worth: $2.6 billion
  • Source of Wealth: mining, Self Made
  • Citizenship: South Africa
  • Age: 57
  • Education:

11. Koos Bekker

Koos Bekker is the third wealthiest South African, and the 11th richest billionaire in Africa with a net worth of $2.5 billion. He is popularly known for transforming South African newspaper publisher Naspers into an eCommerce investor & cable TV powerhouse.

He led Naspers to invest in Chinese Internet and media firm Tencent in 2001 — by far the most profitable of the bets he made on companies elsewhere. Naspers has a 31% stake in Tencent, and Bekker serves as a non-executive director at the Chinese company.

  • Koos Bekker Net Worth: $2.5 billion
  • Source of Wealth: media, investments, Self Made
  • Citizenship: South Africa
  • Age: 66
  • Education: LLB, University of Witwatersrand; Master of Business Administration, Columbia Business School.

12. Yasseen Mansour

The 12th richest man in Africa is Egyptian’s Yasseen Mansour who is a shareholder in family-owned conglomerate Mansour Group, which was founded by his father Loutfy (d.1976) in 1952.

Mansour Group is the exclusive distributor of GM vehicles and Caterpillar equipment in Egypt and several other countries. His brothers Mohamed and Youssef are also billionaires and part owners of Mansour Group. He’s chairman of Palm Hills Developments, one of Egypt’s biggest real estate developers.

  • Yasseen Mansour Net Worth: $2.3 billion
  • Source of Wealth: diversified, Self Made
  • Citizenship: Egypt
  • Age: 57
  • Education: Bachelor of Arts/Science, George Washington University.

13. Youssef Mansour

Youssef Mansour is a member of the richest family in Egypt. He is the chairman of family-owned conglomerate Mansour Group, which was founded by his father Loutfy (d.1976) in 1952.

Mansour Group is the exclusive distributor of GM vehicles and Caterpillar equipment in Egypt and several other countries. He oversees the consumer goods division, which includes supermarket chain Metro, and sole distribution rights for L’Oreal in Egypt.

  • Youssef Mansour Net Worth: $1.9 billion
  • Source of Wealth: diversified, Self Made
  • Citizenship: Egypt
  • Age: 74
  • Education: Master of Business Administration, Auburn University; Bachelor of Science in Engineering, North Carolina State University.

14. Aziz Akhannouch

Aziz Akhannouch is the richest man in Morocco and the 14th richest billionaire in Africa with a net worth of $2.1 billion. He is the majority owner of Akwa Group, a multibillion-dollar conglomerate founded by his father and a partner, Ahmed Wakrim, in 1932.

Akhannouch also has interests in petroleum, gas, and chemicals through publicly-traded Afriquia Gaz and Maghreb Oxygene. Akhannouch is Morocco’s Minister of Agriculture and Fisheries and the president of a royalist political party.

  • Aziz Akhannouch Net Worth: $2.1 billion
  • Source of Wealth: petroleum, diversified
  • Citizenship: Morocco
  • Age: 58
  • Education: Master of Business Administration, Universite de Sherbrooke.

15. Mohammed Dewji

Mohammed Dewji is the richest man in Tanzania and the CEO of METL, a Tanzanian conglomerate founded by his father in the 1970s. METL is active in textile manufacturing, flour milling, beverages and edible oils in eastern, southern and central Africa.

METL operates in at least six African countries and has ambitions to expand to several more. Dewji, Tanzania’s only billionaire, signed the Giving Pledge in 2016, promising to donate at least half his fortune to philanthropic causes.

  • Mohammed Dewji Net Worth: $1.7 billion
  • Source of Wealth: diversified
  • Citizenship: Tanzania
  • Age: 44
  • Education:

16. Othman Benjelloun

Othman Benjelloun is the second richest man in Morrocco and the CEO of BMCE Bank of Africa, which has a presence in more than 20 African countries. His father was a shareholder in RMA Watanya, a Moroccan insurance company; Benjelloun built it into a leading insurer.

Through his holding company FinanceCom, Benjelloun has a stake in the Moroccan arm of French telecom firm Orange. Benjelloun inaugurated a $500 million plan to build the 55-story Mohammed VI Tower in Rabat. It will be one of the tallest buildings in Africa.

FinanceCom is part of a project to develop a multibillion-dollar tech city in Tangiers that is expected to host 200 Chinese companies.

  • Othman Benjelloun Net Worth: $1.4 billion
  • Source of Wealth: banking, insurance
  • Citizenship: Morocco
  • Age: 86
  • Education: Diploma, Ecole Polytechnique de Lausanne.

17. Michiel Le Roux

Michael Le Roux is the 17th richest man in Africa with a net worth of $1.1 billion. He is the founder of Capitec Bank where he owns about 11% stake. The bank, which trades on the Johannesburg Stock Exchange, targets South Africa’s emerging middle class.

He served as chairman of the board of Capitec from 2007 to 2016 and has continued on as a board member. Le Roux previously ran Boland Bank, a small regional bank in Cape Town’s hinterland.

  • Michael Le Roux Net Worth: $1.3 billion
  • Source of Wealth: banking, Self Made
  • Citizenship: South Africa
  • Age: 70
  • Education:

18. Strive Masiyiwa

Strive Masiyiwa is the richest man in Zimbabwe and the 19th richest billionaire in Africa with a net worth of $1.1 billion. He started his mobile phone network Econet Wireless Zimbabwe in his country of birth in 1998.

Masiyiwa owns just over 50% of the publicly-traded Econet Wireless Zimbabwe, which is one part of his larger Econet Group. Masiyiwa also owns just over half of private company Liquid Telecom, which provides fiber optic and satellite services to telecom firms across Africa.

His other assets include stakes in mobile phone networks in Burundi and Lesotho and investments in fintech and power distribution firms in Africa.

  • Strive Masiyiwa Net Worth: $1.1 billion
  • Source of Wealth: telecom, Self Made
  • Citizenship: Zimbabwe
  • Age: 58
  • Education: Bachelor of Engineering, University of Wales.

Notable Mentions

Other richest billionaires in Africa include

Isabel dos Santos

Isabel do Santos is the richest woman in Africa with a net worth of $2.2 billion. She is the oldest daughter of Angola’s longtime former president, Jose Eduardo dos Santos, who stepped down in fall 2017.

Isabela owns shares of Portuguese companies, including telecom and cable TV firm Nos SGPS.

Folorunsho Alakija

Folorunsho Alakija is the second richest female billionaire in Africa with a net worth of $1.0 billion. She is the vice chair of Famfa Oil, a Nigerian oil exploration company with a stake in Agbami Oilfield, a prolific offshore asset. Famfa Oil’s partners include Chevron and Petrobras.

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Written by Frank Amofa

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