Top 10 Richest Men in Africa and Their Net Worth 2022
Despite the global coronavirus pandemic, Africa’s wealthiest have become wealthier in the last eight years. The continent’s 18 billionaires are worth an estimated $84.9 billion, up 15% from a year ago and the highest total since 2014, when there were 28 African billionaires; the average net worth is higher this year due to the smaller number of list members, according to Forbes. Soaring stock prices lifted the fortunes of these tycoons from Nigeria to Zimbabwe, as demand for products ranging from cement to luxury goods increased.
Forbes used stock prices and currency exchange rates from September 06, 2022 to measure the net worths. Billionaires from seven African countries made the list. South Africa and Egypt have the most, with five each, followed by Nigeria with three billionaires.
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#10 Naguib Sawiris
- Net worth: $3.4 billion
- Nationality: Egyptian
Naguib Sawiris, the elder brother of Egypt’s richest man, Nassef Sawiris, is the second-richest man in Egypt and the tenth-richest man in Africa, with a fortune of $3.4 billion.
After selling Orascom Telecom to Russian telecom firm VimpelCom (now Veon) in a multibillion-dollar transaction in 2011, the billionaire amassed his fortune. He is a shareholder in Orascom TMT Investments and Ora Developers, a real estate development company.
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#9 Issad Rebrab
- Net worth: $5.1 billion
- Nationality: Algerian
With a fortune of $5.1 billion derived from his business interest in Cevital Group, Issad Rebrab, the founder and CEO of Cevital and Algeria’s richest man, is the ninth-richest man in Africa.
Cevital Group is Algeria’s largest privately held company, and it owns one of the world’s largest sugar refineries, with a capacity of 2 million tonnes of refined sugar per year.
#8 Nassef Sawiris
- Net worth: $6.29 billion
- Nationality: Egyptian
Egypt’s wealthiest man and a descendant of Egypt’s wealthiest family At the time of writing, Nassef Sawiris was the eighth-richest man in Africa, with a fortune of $6.29 billion.
The majority of Sawiris’ $6.29 billion fortune stems from his 3.72 percent stake in German sportswear manufacturer Adidas and his stake in Dutch fertilizer producer OCI N.V.
#7 Mohammed Al Amoudi
- Net worth: $6.45 billion
- Nationality: Ethiopian
With a net worth of $6.45 billion, Mohammed Al Amoudi is the richest man in Ethiopia and the seventh-richest man in Africa.
The majority of the Ethiopian billionaire’s fortune stems from his industrial holdings in Sweden, Saudi Arabia, Ethiopia, and Morocco, as well as his stake in Svenska Petroleum Exploration, Preem, Sweden’s largest oil refiner, and a 67 percent stake in Samir, Morocco’s sole oil refiner.
#6 Abdul Samad Rabiu
- Net worth: $6.5 billion
- Nationality: Nigerian
Abdul Samad Rabiu, the founder of one of Africa’s fastest growing manufacturing conglomerates, BUA Group, is the sixth-richest man in Africa and the second-richest man in Nigeria, with a net worth of $6.5 billion.
The majority of the billionaire’s fortune is derived from his 97 percent stake in his cement company, BUA Cement Plc, while the recent increase in his net worth to $6.5 billion was fueled by the recent listing of his consolidated food business, BUA Foods.
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#5 Mike Adenuga
- Net worth: $7.2 billion
- Nationality: Nigerian
Mike Adenuga, the founder of Nigerian telecom company Globacom Limited and majority owner of Nigeria’s pioneer petroleum marketer, Conoil Plc, is Nigeria’s third richest man and Africa’s fifth richest man.
His fortune was valued at $7.2 billion as of press time on January 25, thanks to the valuation of his stake in Globacom Limited, Nigeria’s third-largest telecom service provider.
#4 Natie Kirsh
- Net worth: $7.68 billion
- Nationality: Emaswati
Swaziland’s Nathan “Natie” Kirsh is the fourth-richest man in Africa, with a fortune worth $7.68 billion at the time of writing. Kirsh made his fortune through his ownership of Kirsh Group, a closely held conglomerate that owns a majority stake in Jetro Holdings, a food supply company.
Kirsh’s net worth has dropped by more than $595 million, or 7.2 percent, so far in 2021, due to a drop in the valuation of his private equity investments.
#3 Nicky Oppenheimer
- Net worth: $8.18 billion
- Nationality: South African
Nicky Oppenheimer, who previously ran diamond mining firm DeBeers before selling it to mining firm Anglo-American a decade ago, has an estimated net worth of $8.18 billion, ranking him third in Africa and second in South Africa.
The majority of his fortune is invested in private equity in Africa, Asia, the United States, and Europe through Stockdale Street in London and Tana Africa Capital in Johannesburg.
Because of the revaluation of his private equity investments, his net worth has increased by $225 million since the beginning of the year.
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#2 Johann Rupert
- Net worth: $11.4 billion
- Nationality: South African
With a net worth of $11.4 billion, South Africa’s richest man, Johann Rupert, is the continent’s second-richest man. In 2021, the billionaire’s wealth increased by $3.88 billion as shares in his luxury goods holding company, Richemont, increased by more than 60%.
Since the beginning of the year, his net worth has dropped by $565 million as investors profit from Richemont shares.
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#1 Aliko Dangote
- Net worth: $16.1 billion
- Nationality: Nigerian
Nigerian billionaire Aliko Dangote remains the continent’s richest man for the eleventh year in a row, with a net worth of $16.1 billion derived from his stake in Dangote Cement Plc, Africa’s largest cement manufacturer.
So far in 2021, the billionaire’s net worth has increased by more than $1.3 billion as investors react to news of Dangote Cement Plc’s planned share buyback program.
Conclusion
You might need to become a technological innovator or a luxury retail mastermind if you want to get a little closer to making the list of the richest billionaires. You could also keep it simple and concentrate on value investing. It would also help if you were born into wealth. However, the greatest fortunes on this list began with good ideas that were used to build some of the world’s largest companies by people with creativity, drive, and connections.
