Africa’s billionaire class hit a new milestone in 2025 as the combined wealth of the continent’s richest individuals climbed beyond $100 billion for the first time, a new Forbes ranking has revealed.

The report lists 22 African billionaires with a total net worth of about $105 billion, a sharp rise from last year’s $82.4 billion shared among 20 people.

The surge comes even as many African economies continue to grapple with political uncertainty, weak currencies and sluggish consumer demand. Analysts link the gains largely to a strong run in global stock markets, which rose roughly 22 per cent in the year to February 2025.

Nigeria’s Aliko Dangote once again topped the list, extending his reign as Africa’s richest person to a 14th straight year.

His fortune jumped to $23.9 billion from $13.9 billion a year earlier, driven mainly by the addition of the value of his long-awaited oil refinery near Lagos, which began operations in early 2024.

Now approaching full capacity, the refinery has positioned Nigeria to export refined petroleum products, a major shift for the continent’s biggest crude oil producer.

“This is a very big relief,” Dangote told Forbes, describing the project as a breakthrough for Africa’s ambition to process its own oil and unlock long-term value.

Second place went to South African luxury goods billionaire Johann Rupert, whose wealth rose 39 per cent to $14 billion, the second-biggest increase on the list.

He has held the runner-up position since 2022.

Another Nigerian, Femi Otedola, returned strongly to the billionaire ranks as his net worth climbed above $1.5 billion, buoyed by a rally in shares of Geregu Power Plc on the back of improved revenues and profits.

READ ALSO: Dangote Retains Crown As Africa’s Richest Man On Forbes List

Two other former billionaires also made comebacks. Moroccan property mogul Anas Sefrioui rejoined the list after shares in his Addoha Group more than doubled, while South Africa’s Jannie Mouton returned following gains in Capitec Bank Holdings.

Not all fortunes moved upward. Zimbabwean telecoms entrepreneur Strive Masiyiwa saw his wealth fall by about a third to an estimated $1.2 billion, largely blamed on currency reforms in his home country.

Country-by-country, South Africa led with seven billionaires, followed by Nigeria and Egypt with four each, and Morocco with three. Algeria, Tanzania and Zimbabwe each had one representative on the 2025 list.

Here is the list of Africa’s richest people in 2025`

1. Aliko Dangote ($23.9B) Nigeria

2. Johann Rupert & family ($14B) South Africa

3. Nicky Oppenheimer & family ($10.4B) South Africa

4. Nassef Sawiris ($9.6B) Egypt

5. Mike Adenuga ($6.8B) Nigeria

6. Abdulsamad Rabiu ($5.1B) Nigeria

7. Naguib Sawiris ($5B) Egypt

8. Koos Bekker ($3.4B) South Africa

9. Mohamed Mansour ($3.4B) Egypt

10. Patrice Motsepe ($3B) South Africa

11. Issad Rebrab & family ($3B) Algeria

12. Mohammed Dewji ($2.2B) Tanzania

13. Michiel Le Roux ($2.2B) South Africa

14. Othman Benjelloun & family ($1.6B) Morocco

15. Anas Sefrioui & family ($1.6B) Morocco

16. Aziz Akhannouch & family ($1.5B) Morocco

17. Jannie Mouton & family ($1.5B) South Africa

18. Femi Otedola ($1.5B) Nigeria

19. Christoffel Wiese ($1.5B) South Africa

20. Youssef Mansour ($1.4B) Egypt

21. Yasseen Mansour ($1.2B) Egypt

22. Strive Masiyiwa ($1.2B) Zimbabwe