In Africa, professional wealth distribution is an issue that continues to spark controversy and divide opinions. With hundreds of millions of people in poverty, the importance and need for an equal and fair sharing of resources are paramount.
It’s a difficult subject to tackle—though some African countries have made significant strides in improving income inegalitarianism with policy reform, there is still much work to be done.
Africa is home to some of the world’s wealthiest people, and many of them hail from the continent’s most populous countries. In fact, according to Forbes, seven of the world’s ten richest people are African. Our compiled list consists of the top 10 richest Africans in 2023.
#1 – Aliko Dangote
Country: Nigeria
Net worth: $14.54 billion USD
Rank in 2022: 1
Source of Wealth: cement, sugar, and flour
The continent’s wealthiest individual is Aliko Dangote of Nigeria, who is worth an estimated $14.54 billion. Dangote is the founder and majority shareholder of Dangote Industries, a conglomerate of businesses in commodities such as cement, sugar, and flour.
#2 – Johann Rupert and family
Country: South Africa
Net worth: $11.14 billion USD
Rank in 2022: 1
Source of Wealth: Compagnie Financier Richemont
Next on the list is South African businessman, Johann Rupert. Rupert is the chairman of the Swiss-based luxury goods company, Compagnie Financier Richemont, and is worth an estimated $11.14 billion.
#3 – Mike Adenuga
Country: Nigeria
Net worth: $6.41 billion USD
Rank in 2022: 1
Source of Wealth: Oil, Conoil
The third wealthiest person on the African continent is Nigerian business magnate Mike Adenuga, who is worth an estimated $6.41 billion. Adenuga is the founder and chairman of Globacom, Nigeria’s second largest telecommunications company. He also owns oil exploration firm Conoil and has stakes in several other businesses.
#4 – Nicky Oppenheimer and family
Country: South Africa
Net worth: $6.01 billion USD
Rank in 2022: 1
Source of Wealth: diamond mining, De Beers
The fourth richest African is South African businessman Nicky Oppenheimer, who is worth an estimated $6.01 billion. Oppenheimer is the former chairman of diamond mining company De Beers.
#5 – Nassef Sawiris
Country: Egypt
Net worth: $5.14 billion USD
Rank in 2022: 1
Source of Wealth: Construction, Orascom Construction Industries
Egyptian billionaire Nassef Sawiris is the fifth wealthiest African, worth an estimated $5.14 billion. Sawiris is the CEO of Orascom Construction Industries, a major construction and engineering company.
#6 – Patrice Motsepe
Country: South Africa
Net worth: $3.5 billion USD
Rank in 2022: 1
Source of Wealth: African Rainbow Minerals, mining
Coming in sixth is South African investor and philanthropist, Patrice Motsepe, who is worth an estimated $3.5 billion. Motsepe is the founder and executive chairman of African Rainbow Minerals, the largest black-owned mining company in the country.
#7 – Abdulsamad Rabiu
Country: Nigeria
Net worth: $3.31 billion USD
Rank in 2022: 1
Source of Wealth: BUA Group, cement production, real estate, Sugar
The seventh wealthiest African is Nigerian businessman Abdulsamad Rabiu, who is worth an estimated $3.31 billion. Rabiu is the chairman and founder of BUA Group, a conglomerate with interests in sugar refining, cement production, real estate, and port operations.
#8 – Mohammed Al Amoudi
Country: Ethiopia
Net worth: $3.14 billion USD
Rank in 2022: 1
Source of Wealth: oil and gas, chemical, and hotel
The eighth richest African is Mohammed Al Amoudi, a Saudi-Ethiopian billionaire worth an estimated $3.14 billion. Al Amoudi is the owner of Midroc Group, a conglomerate of companies in industries such as construction, oil and gas, chemical, and hotel management.
#9 – Koos Bekker
Country: South Africa
Net worth: $2.99 billion USD
Rank in 2022: 1
Source of Wealth: media and internet company
The ninth wealthiest person on the African continent is South African mining magnate, Koos Bekker, who is worth an estimated $2.99 billion. Bekker is the chairman and former CEO of Naspers, a media and internet company.
#10 – Mohamed Mansour
Country: Egypt
Net worth: $2.24 billion USD
Rank in 2022: 1
Source of Wealth: automotive, retail, and banking
Finally, rounding out the top ten is billionaire Mohamed Mansour of Egypt, who is worth an estimated $2.24 billion. Mansour is the chairman of the Mansour Group, an investment firm with interests in a variety of industries including automotive, retail, and banking.
Conclusion
These ten individuals have a combined net worth of over $58.42 billion USD and are testament to the immense wealth that can be accumulated on the African continent. Even with rising worldwide inflation, Africa’s Top10 richest people in 2023 wealth have diminished by much.
As governments look to address key challenges over inequality, it is crucial that professional wealth distribution remains a priority on the continent’s agenda. And as more businesses create economic opportunity across sectors, African governments must ensure measures are taken to ensure equitable outcomes for all its citizens.
