×
  • World - Africa
  • Updated: July 10, 2023

Ten Richest Men In Africa

Ten Richest Men In Africa

Even though the African continent is highly underrated by other parts of the world, it won't take away the fact that the African continent is endowed with brilliant minds, prosperous businesspeople, and career individuals.

The richest men in Africa are of brilliant minds with great knowledge of businesses, wealth creation, career driven and highly ambitious. 

These men, have over the years expanded their wealth creation and business-driven self throughout the whole of Africa and even in some cases extended to other parts of the world. 

The richest men in Africa do not have a single income stream, rather, they have interests in multiple sectors which have purposefully helped them in creating the huge amount of wealth they have today. 


Methodology

Our list of the richest men in Africa in 2023 monitors the wealth of African billionaires who live in Africa or have operations here in Africa. 

We were able to compile this list by accurately researching and collating secondary data and facts from websites such as Forbes, Bloomberg, U.S News, GOBankingRates, Business Insider and Investopedia which are top-notch at ranking the wealthiest individuals on the planet.

These websites calculate Net worth using stock prices and currency exchange rates. 

They also use value privately-held businesses, with estimates of revenues or profits and apply prevailing price-to-sale or price-to-earnings ratios for similar public companies as a means to arrive at their rankings of the wealthiest people on the planet. 

Today's listicle will look at the top ten richest men in Africa for the year 2023. 

This listicle will also talk about their age, country, source of wealth and their net worth. 


10. Patrice Motsepe

Date of birth: January 28, 1962 
Age: 61 years (as of 2023) 
Country of origin: South Africa Source of wealth: Mining 
Net worth: $2.4B

Patrice Motsepe

The founder and chairman of African Rainbow Minerals, Patrice Motsepe, entered the Forbes billionaire list as the first black African in 2008.

He established African Rainbow Capital, a private equity business with an emphasis on investments in Africa in 2016.

In addition, Motsepe is the president and owner of the Mamelodi Sundowns Football Club and a shareholder in the listed financial services company Sanlam.

Motsepe was chosen to lead the Confederation of African Football, which oversees the continent's practice of football, in March 2021.

He established a mining services contracting company after becoming the first black partner at the Johannesburg legal firm Bowman Gilfillan in 1994.

He acquired unprofitable gold mine shafts in 1997 and eventually turned them around to become profitable.

 

9. Mohamed Mansour

Year of birth: 1948 
Age: 75 years (as of 2023) 
Country of origin: Egypt 
Source of wealth: Auto, Diversified, Self-made
Net worth: $3.6B


Mohamed Mansour

Mohamed Mansour is in charge of the 60,000-person Mansour Group, a family-run corporation that his father Loutfy (who died in 1976) created in 1952.

In 1975, Mansour started General Motors dealerships in Egypt. He later grew to be one of the company's largest distributors globally.

Additionally, Caterpillar equipment is exclusively distributed in Egypt and seven other African nations by the Mansour Group.

Under the Hosni Mubarak administration, Mansour, who holds dual citizenship in Egypt and the United Kingdom, served as Egypt's minister of transport from 2006 to 2009.

His son Loutfy is the CEO of the private equity part of Man Capital, while his brothers Yasseen and Youssef, who also share ownership in the family firm, are both billionaires.

 

8. Mike Adenuga

Date of birth: April 29, 1953 
Age: 70 years (as of 2023) 
Country of origin: Nigeria 
Source of wealth: Telecom and oil production 
Net worth: $3.6B

Mike Adenuga

Mike Adenuga, the third-richest person in Nigeria, made his fortune in the oil and telecommunications industries.

With 55 million members, his mobile phone provider, Globacom, is the third-largest provider in Nigeria.

Conoil Producing, his oil exploration company, manages 6 oil blocks in the Niger Delta.

At Pace University in New York, Adenuga earned an MBA while supporting himself as a student by driving cabs.

At the age of 26, he sold lace and distributed soft drinks, earning his first million. 

 

7. Issad Rebrab & family

Date of birth: May 27, 1944 
Age: 79 years (as of 2023) 
Country of origin: Algeria 
Source of wealth: Sugar refinery, water purification, steel milling, and French home appliances 
Net worth: $4.6B

Issad Rebrab

Cevital was created by Rebrab, who also served as its CEO for more than 50 years. In July 2022, Rebrab nominated Malik, his son, as Cevital's new CEO.

With a capacity to produce 2 million tonnes of sugar annually, Cevital, the largest privately held firm in Algeria, is the owner of one of the largest sugar refineries in the world.

Groupe Brandt, a manufacturer of French home appliances, an Italian steel mill, and a business that purifies water in Germany are just a few of the European businesses owned by Cevital.

Rebrab was released on January 1, 2020, following an 8-month sentence for corruption-related offences. However, he denied the charges. 

 

6. Abdulsamad Rabiu

Date of birth: August 4, 1960 
Age: 62 years (as of 2023) 
Country of origin: Nigeria 
Source of wealth: Cement production, sugar refining and real estate
Net worth: $5.5B

Abdulsamad Rabiu

The BUA Group, a Nigerian conglomerate involved in the production of cement, sugar refining, and real estate, was founded by Abdulsamad Rabiu.

Early in January 2020, Rabiu combined his privately held Obu Cement company with his controlled, publicly traded Cement Co. of Northern Nigeria.

Rabiu owns 98.2% of the combined company, which trades as BUA Cement Plc on the Nigerian stock exchange.

The businessman's son Rabiu received land as an inheritance from his father. 

In 1988, he founded his own company and began importing chemicals, steel, and iron.

 

5. Naguib Sawiris 

Date of birth: June 15, 1954 
Age: 69 years (as of 2023) 
Country of origin: Egypt 
Source of wealth: Telecom 
Net worth: $5.95B

Naguib Sawiris

Through his closely held company, La Mancha Resources, Naguib Sawiris has ownership interests in gold mines. 

Investments made by the Luxembourg-based company include shares in Evolution Mining and Endeavour Mining. 

When he sold his shares in Vimpelcom in 2011 and 2012, he generated more than $4 billion.

The majority of Sawiris' wealth is kept in cash and closely held assets, most of which came from the sale of his interest in the Russian telecom giant VimpelCom for about $4.1 billion in 2011 and 2012. 

He bought 20% of Vimpelcom in 2010 as part of an agreement to sell the majority of his telecom businesses, including 51% of Cairo-based Orascom Telecom Holding and Italy's Wind Telecomunicazioni, for $1.5 billion, plus the Vimpelcom shares. 

In an interview with Bloomberg News from 2011, he stated that he made roughly $300 million off of the VimpelCom transaction. 

His cash investments' worth is determined by looking at dividends, insider trading, taxes, and market performance.

 

4. Nassef Sawiris 

Date of birth: January 19, 1961 
Age: 62 years (as of 2023) 
Country of origin: Egypt 
Source of wealth: Nitrogen fertilizer production 
Net worth: $7.43B

The wealthiest person in Egypt controls 39% of OCI, a fertiliser manufacturer with operations in Geleen, the Netherlands. OCI was created as a result of a demerger from his family's original company, Orascom Construction. 

In 2021, it recorded $6.3 billion in revenue. 7% of Adidas and a stake in the French manufacturer of speciality materials Arkema SA are among his other holdings.

According to the company's 2021 annual report, Sawiris's most valued asset is a 39% share in the publicly traded fertiliser company OCI. 

Sawiris owns the shares both directly and via the holding company Capricorn Capital BV, which is domiciled in the Netherlands. 

The billionaire's father, Onsi Sawiris, established Orascom Construction, the company that would become OCI, in 1950. Samih, his elder brother, also has stock in the business.

He has a stake in Adidas, the shoe and sports equipment manufacturer.

According to the business's announcement on September 20, 2022, he holds 7% of the voting rights of the Herzogenaurach, Germany-based corporation through Elian Corporate Trustee in the Cayman Islands.

His other investments include a 5% ownership in the speciality materials manufacturer Arkema, situated in Colombes, France, and a 6% stake in MSG Sports, the sports holding company that oversees the hockey team New York Rangers and the basketball franchise New York Knicks.

According to a September 20, 2022 press release from the corporation, he holds 7% of the voting rights for the Herzogenaurach, Germany-based company through Elian Corporate Trustee, which has its headquarters in the Cayman Islands.

His other investments include a 5% ownership in Arkema, a producer of speciality materials with headquarters in Colombes, France, and a 6% stake in MSG Sports, the sports holding company that oversees the New York Knicks basketball franchise and the New York Rangers hockey team.

His cash assets are determined by taking into account dividends, taxes, market performance, and insider transactions, such as the $3.8 billion payment he made in January 2008 to purchase Lafarge shares.


3. Nicky Oppenheimer & family 

Date of birth: June 8, 1945 
Age: 78 years (as of 2023) 
Country of origin: South Africa 
Source of wealth: Diamond trade and aviation 
Net worth: $9.08B

Nicky Oppenheimer

In 2012, Oppenheimer sold mining corporation Anglo American his family's 40% ownership in De Beers, the largest diamond producer in the world, for $5.2 billion in cash. 

He keeps up private equity investments through Tana Africa Capital in Johannesburg and Stockdale Street in London across Africa, Asia, the US, and Europe.

The majority of Oppenheimer's wealth came from the $5.2 billion sale of his family's 40% ownership in De Beers, the largest producer of rough diamonds in the world, to Anglo-American in August 2012. 

He also received around $390 million in dividends from Anglo American; these sums, along with the impact of taxes and charitable contributions, are used to determine the worth of his cash investments. 

Commodities and African markets have a greater weight in the market performance of the investments.


2. Johann Rupert & family

Date of birth: June 1, 1950 
Age: 73 years (as of 2023) 
Country of origin: South Africa 
Source of wealth: Trading luxury products 
Net worth: $13.2B


Johann Rupert

Through a family trust, Rupert has control over Cie Financiere Richemont, the largest luxury watchmaker in the world. 

The corporation is situated in Bellevue, Switzerland, and its brands include Cartier and Jaeger-LeCoultre. 

Remgro, an investment company with holdings in more than 30 businesses and situated in Stellenbosch, South Africa, is one of his other holdings.

According to data from Bloomberg Intelligence, Cie Financiere Richemont, the world's largest luxury watchmaker and a publicly traded manufacturer and reseller of luxury goods, accounts for the majority of Rupert's wealth. 

According to the luxury company's March 2022 annual report, parties connected to Johann Rupert and his family investment vehicle, Compagnie Financiere Rupert, possess 0.5% of the publicly listed Class A shares. 

The family also owns all Class B shares, which do not trade and have a tenth of the economic worth of Class A shares, through Compagnie Financiere Rupert, a company domiciled in Switzerland, according to the same source.

 

1. Aliko Dangote

Date of birth: April 10, 1957 
Age: 66 years (as of 2023) 
Country of origin: Nigeria 
Source of wealth: Cement, sugar, automobile 
Net worth: $15.7B

Aliko Dangote

Dangote Industries, a closely held conglomerate, is controlled by Africa's richest person, Dangote. 

Dangote Cement, the largest cement producer in Sub-Saharan Africa, generated revenue of 1.38 trillion naira ($3.4 billion) in 2021, according to the firm based in Lagos, Nigeria. 

It is also involved in sugar, salt, oil, fertiliser, and packaged foods.

The majority of Dangote's riches stem from his 86% share in Dangote Cement, which is publicly traded. 

He owns the corporation both individually and through his conglomerate, Dangote Industries.

Other publicly traded assets owned by Dangote include Dangote Sugar, Nascon Allied Industries, and United Bank for Africa. 

His investments in publicly traded firms are owned both personally and through Dangote Industries, which also holds closely held enterprises in the food, fertiliser, oil, and other industries.

His most valued privately held asset is a fertiliser factory capable of producing up to 2.8 million tonnes of urea per year. 

Its net worth is determined by a discounted cash flow analysis performed by KPMG. Outside analysts validated the valuation.

In Lagos, the millionaire owns six residential and business buildings. 

The capitalization method is used to value them, using rental income provided by Dangote's spokesman, Anthony Chiejina, and capitalization rates from CBRE Broll Nigeria.

His cash holdings are determined through an examination of dividends, taxes, insider trades, and other expenses.

Related Topics

Join our Telegram platform to get news update Join Now

0 Comment(s)

See this post in...

Notice

We have selected third parties to use cookies for technical purposes as specified in the Cookie Policy. Use the “Accept All” button to consent or “Customize” button to set your cookie tracking settings