A detailed estimation procedure has been carried out for privately held companies, taking into account their revenues or profits before using current price-to-sales or price-to-earnings ratios obtained from comparable publicly traded companies. It is important to recognize that some of the people on this list may see significant changes in their financial situation, making them richer or worse off in a matter of weeks or even days after our measurement date.
Here is the list
| RANGE | NAME | NET WORTH | INDUSTRY |
| 1 | Aliko Dangote | $13.5 billion | Manufacturing |
| 2 | Juan Rupert and family | 10.7 billion dollars | Fashion and retail |
| 3 | Nicky Oppenheimer and family | 8.4 billion dollars | Metals and Mining |
| 4 | Abdulsamad Rabiu | 7.6 billion dollars | Diversified |
| 5 | Nassef Sawiris | 7.3 billion dollars | Construction Engineering |
| 6 | Mike Adenuga | 6.3 billion dollars | Diversified |
| 7 | Issad Rebrab and family | 4.6 billion dollars | food drink |
| 8 | Naguib Sawiris | 3.3 billion dollars | telecommunications |
| 9 | Patrice Motsepe | 3.2 billion dollars | Metals and Mining |
| 10 | Mohamed Mansur | 2.9 billion dollars | Diversified |
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Richest people in Africa 2023
1. Aliko Dangote
Source: Manufacturing
Aliko Dangote has the distinction of being the richest person in Africa. Her vast wealth of $13.5 billion comes from her powerful position in the manufacturing industry. Under his jurisdiction is Dangote Cement, the main cement manufacturer on the continent, with a remarkable annual production capacity of 48.6 million metric tons, distributed in 10 African countries.
Furthermore, it is also involved in the fertilizer business; Its Nigerian factory opened in March 2022 and its ongoing project, the Dangote Refinery, is expected to be among the largest oil refineries in the world when completed.
2. Johann Rupert and his family
Source: Fashion and Retail
At the helm of Swiss luxury goods company Compagnie Financiere Richemont, Johann Rupert has made a name for himself in the retail and fashion industries. Richemont, known for having long-standing brands such as Cartier and Montblanc, was founded after Rembrandt Group Limited spun off some assets in 1998.
In addition to Richemont, Johann Rupert owns a significant 26% stake in Luxembourg-based investment holding company Reinet and a 7% position in diversified investment business Remgro, which he oversees. His outspoken opposition to hydraulic fracturing in the Karoo region of South Africa, where he owns significant properties, highlights his proactive involvement in environmental conservation.
3. Nicky Oppenheimer and family
Source: Metals and Mining
The heir to the DeBeers diamond empire, Nicky Oppenheimer, was essential to the family’s lasting legacy. He made history in 2012 when he sold mining giant Anglo American his 40% stake in DeBeers for $5.1 billion in cash. For eighty-five years before the crucial deal, the Oppenheimer family dominated the global diamond trade for three generations.
Surprisingly, Oppenheimer entered the aviation business when he founded Fireblade Aviation, a Johannesburg-based company that specialized in charter flights. Additionally, he is in charge of approximately 720 square miles of protected territory in South Africa, Botswana, Zimbabwe and Mozambique. This shows how extensive his administration is.
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4. Abdulsamad Rabiu
Source: Diversified
The brilliant creator of the Nigerian conglomerate BUA Group, which is dedicated to sugar refining, cement manufacturing and real estate, is Abdulsamad Rabiu. BUA Cement Plc was created through his clever combination of the listed Northern Nigeria Cement Co., which he controlled, with the privately held Obu Cement.
Rabiu currently owns a significant 98.2% stake in this company, which is actively listed on the Nigerian stock exchange. He started his venture in 1988 when he imported chemicals, steel and iron to launch his business career.
5. Nassef Sawiris
Source: Construction and Engineering
One of the most valuable assets of renowned billionaire Nassef Sawiris, who comes from one of Egypt’s most prominent families, is his nearly 6% stake in sportswear company Adidas. He accomplished the astonishing achievement of acquiring a 5% stake in Madison Square Garden Sports, the company that owns the NBA’s Knicks and the NHL’s Rangers.
Sawiris also serves as CEO of OCI, one of the world’s largest nitrogen fertilizer manufacturers, with offices in Texas and Iowa. Among its many assets is Orascom Construction, an engineering and construction company listed on the Nasdaq markets. Dubai and Cairo. His influence also includes the huge cement company Lafarge Holcim and Adidas, as he sits on the supervisory board of the latter company. Notably, he joined forces with Wes Edens of Fortress Investment Group to buy Aston Villa Football Club, a Premier League team.
6. Mike Adenuga
Source: Diversified
Nigeria’s second richest person, Mike Adenuga, made his fortune by making wise investments in the oil and telecommunications industries. His cellular network, Globacom, is Nigeria’s third-largest provider, with more than 55 million subscribers.
Conoil Prousing, his oil exploration company, is working in six oil-rich areas in the Niger Delta. After earning an MBA from Pace University in New York, Adenuga began his career as a taxi driver to support himself. At age 26 he started his own business and earned his first million dollars selling lace and soft drinks.
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7. Issad Rebrab and family
Source: Food and drinks
Renowned businessman Issad Rebrab founded and ran Cevital for almost 50 years; His son Malik became CEO in July 2022. With a staggering two million tons of sugar produced annually, one of the largest refineries in the world is located at Cevital, Algeria’s largest private company.
Outside its borders, Cevital has stakes in renowned European companies, including the Italian steelmaker, the German water purification company and the French appliance manufacturer Groupe Brandt. Rebrab was released on January 1, 2020, after serving an eight-month prison sentence for corruption. He strongly denied any wrongdoing.
8. Naguib Sawiris
Source: Telecommunications
A member of Egypt’s richest dynasty, Naguib Sawiris made his fortune in the telecommunications sector. His key deal was the multibillion-dollar sale of Orascom Telecom in 2011 to Russian telecoms giant VimpelCom (now Veon).
In addition to other profitable ventures, Sawiris currently maintains stakes in Italian internet business Italiaonline and an Egypt-based asset manager through Orascom TMT Investments. It still owns 88% of European pay-TV and video news network Euronews through Media Globe Holdings. He especially oversaw the creation of the opulent Silversands resort on the island of Grenada in the Caribbean.
9. Patrice Motsepe
Source: Metals and Mining
As the first black African on the esteemed Forbes list, Patrice Motsepe, founder and chairman of African Rainbow Minerals, achieved billionaire status in 2008, a historic moment. He entered the private equity space in 2016 with African Rainbow Capital, focusing on investments across the continent. Also part of his portfolio are his stakes in Sanlam, a listed financial services company, and in Mamelodi Sundowns Football Club, of which he is chairman and owner.
Notably, Motsepe made a statement to the Confederation of African Football, the sport’s regulatory organization on the continent, upon assuming the role of president in March 2021. His journey began in 1994, when he became the first partner black from the Bowman Gilfillan law firm. in Johannesburg. He then created a successful mining services contracting company and wisely purchased underperforming gold mine shafts, which he eventually turned into profitable assets.
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10. Mohamed Mansur
Source: Diversified
Mohamed Mansour is the director of the prestigious family business Mansour Group, founded in 1952 under the direction of his father Loutfy. With 60,000 employees, the company rose to prominence as one of the largest General Motors distributors globally after General Motors stores opened in Egypt in 1975.
For Caterpillar machinery, Mansour Group is the exclusive distributor in Egypt and seven other African countries. During Hosni Mubarak’s administration, Mansour held the prominent position of Egypt’s Minister of Transport from 2006 to 2009. Notably, his son Loutfy is in charge of Man Capital’s private equity division, while his brothers Youssef and Yasseen, both become multimillionaires, share ownership of the family business.
Of note, Johann Rupert, a well-known personality in South Africa’s luxury goods industry, continued to rank second on the list for the second year in a row, despite seeing a $300 million decline in his net worth to 10.7 billion dollars.
Conclusion
In this post, we will discuss the top 10 billionaires in Africa. These people have amassed large fortunes through their investments and business ventures, making them some of the richest people on the continent. Topping the list is Nigeria’s Aliko Dangote, with an estimated net worth of over $10 billion. He is closely followed by Nassef Sawiris of Egypt and Nicky Oppenheimer of South Africa. Other notable names on the list include Mike Adenuga, Johann Rupert and Isabel dos Santos. These billionaires have made significant contributions to their respective industries and economies, demonstrating the potential for immense wealth creation in Africa. It is important to note that these rankings are subject to change as luck fluctuates according to market conditions.
Africa Top 10 Billionaires List 2023 FAQ
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Source: vtt.edu.vn