Africa is home to some of the world’s wealthiest people, who have seen their combined net worth drop by $3.1 billion over the past 12 months. The continent’s top 19 billionaires are now worth an estimated $81.5 billion, down from $84.9 billion a year ago. This is despite there being one more billionaire in the ranks. The majority of Africa’s billionaires come from just two countries – Nigeria and South Africa. Nigeria is home to 8 billionaires, with a combined net worth of $28.5 billion. South Africa is home to 5 billionaires, with a combined net worth of $20.5 billion. The majority of Africa’s billionaires made their fortune in either the oil or mining industries.

The 4% dip in the fortunes of Africa’s richest people follows a 15% jump in 2022 on the back of soaring stock prices across the region. These tycoons’ fortunes faded in sync with equity values around the world, with the S&P All Africa index dropping more than 20% in the first nine months of 2022. However, the index started a late-year rally that left it down just 3% through January 13, the day Forbes locked in stock prices and exchange rates for the list. Even with the late rally, the S&P All Africa index was still down 11% for the year, ending a four-year run of gains.

It is no secret that Africa is home to some of the world’s wealthiest people. In fact, according to a recent report by Forbes, billionaires from just seven of Africa’s 54 countries made the ranks. Nigerian industrialist Aliko Dangote, whose fortune dropped $400 million to $13.5 billion, is the richest person for the 12th year in a row, and South African luxury goods magnate Johann Rupert held onto no. 2 for a second year, despite falling $300 million to $10.7 billion.

In 2018, Christo Wiese, a South African businessman, dropped out of the ranks of the world’s richest people amid an accounting scandal at the retailer Steinhoff. However, he has now returned to the ranks after successfully suing Steinhoff.

The accounting scandal at Steinhoff led to the resignation of Christo Wiese as chairman of the board in December 2017. Wiese was replaced by Johan van Zyl as the new chairman. The scandal also resulted in the share price of Steinhoff plummeting, and Wiese lost his position as a billionaire.

Wiese has now returned to the ranks of the world’s richest people after successfully suing Steinhoff. He is currently worth an estimated $10.7 billion.

Here’s Africa’s top billionaires in 2023

1. Aliko Dangote

• Net Worth:  $13.5 Billion
• Industry: Manufacturing

Aliko Dangote is the Nigerian billionaire with a net worth of $13.5 billion. He has been top of the list for 12 straight years. A master manufacturer in cement, sugar, and salts, with the addition of fertiliser and oil, Dangote is one of the richest people in Africa. Dangote grew up in Nigeria and is of Hausa ethnicity. a graduate of Business Studies from Al-Azhar University in Cairo, Egypt, he started business in 1978 trading in commodities, before he ventured into full-scale manufacturing.. Dangote is the founder and chairman of the Dangote Group, which is the largest industrial group in Nigeria. The group has interests in food, commodities, and infrastructure.

2. Johann Rupert & family

• Net worth: $10.7 Billion
• Industry: Fashion & Retail

Johann Rupert and his family have a net worth of $10.7 billion. The South African family is involved in the fashion and retail industries and their wealth largely comes from their controlling stake in Richemont, the luxury goods group that owns Cartier, Van Cleef & Arpels, and other high-end brands. Johann Rupert is the eldest son of Anton Rupert, who founded Richemont in 1950. The Rupert family has been able to maintain their large wealth through their controlling stake in Richemont and their involvement in the luxury goods industry.

3. Nicky Oppenheimer & family

• Net worth: $8.4 Billion
• Industry: Metals & Mining

The Oppenheimer family is one of the richest families in South Africa, with a net worth of $8.4 billion. The family’s wealth comes from their holdings in metals and mining companies. Nicky Oppenheimer, the family’s patriarch, is one of the richest men in the world. The Oppenheimers are major shareholders of some of the largest mining companies in the world, such as Anglo American and De Beers. They also have interests in other industries, such as banking and insurance.

The family’s wealth has enabled them to live a life of luxury. They own several properties around the world, including a sprawling estate in South Africa. They also have a private jet and a yacht. 

4. Abdulsamad Rabiu

• Net worth: $7.6 Billion
• Industry: Diversified

Abdulsamad Rabiu is a Nigerian billionaire who is into cement production and also diversified with a net worth of $7.6Billion. He is the Chairman and CEO of BUA Group, a Nigerian conglomerate with interests in cement production, sugar milling, real estate development, port concessions, and manufacturing. BUA Group is one of the largest privately held diversified conglomerates in Nigeria with an annual turnover in excess of $2.5 billion. 

Rabiu was born in Kano State in 1961. He is a graduate of Capital University, Columbus, Ohio, where he obtained a degree in Economics. He is also a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN).

5. Nassef Sawiris

• Net worth $7.3 Billion 
• Industry: Construction & Engineering

Nassef Sawiris is an Egyptian billionaire with a net worth of $7.3 billion. He made his fortune through his construction and engineering businesses, including Orascom Construction Industries and LafargeHolcim. He is known for his philanthropy, and has donated millions of dollars to charities including the Sawiris Foundation for Social Development.

6. Mike Adenuga

• Net worth: $6.3 Billion 
• Industry: Diversified

Mike Adenuga, Nigerian billionaire and chairman of Globacom, is one of Africa’s most prominent businessmen. His net worth is an estimated $6.3 billion, and he has interests in telecommunications and oil production, among other businesses. Adenuga is a vocal advocate for the development of Africa’s economy and infrastructure, and he has been instrumental in helping to grow Nigeria’s telecommunications sector. He is also a generous philanthropist, and has donated large sums of money to various charities and causes.

7. Issad Rebrab & family

• Net worth: $4.6 Billion
• Industry: Food & Beverage

The Algerian family of Issad Rebrab is one of the wealthiest families in the world, with a net worth of $4.6 billion. The family’s wealth comes from their investments in the food and beverage industry. The Rebrab family has a long history in the food and beverage industry, and they have been able to use their expertise to make themselves one of the most successful families in the world. The family’s wealth has allowed them to live a life of luxury, and they have been able to use their wealth to help others. The Rebrab family is known for their philanthropy, and they have helped many people in need.

8. Naguib Sawiris

• Net worth: $3.3 Billion 
• Industry: Telecom

Naguib Sawiris is an Egyptian billionaire who has a net worth of $3.3 billion. He made his fortune in the telecom industry and is the chairman and CEO of Orascom Telecom Holding. Sawiris is also a major shareholder in media companies such as MobiNil and ONTV. He is a strong supporter of democracy and human rights in Egypt and has been outspoken against the country’s military regime.

9. Patrice Motsepe

• Net worth: $3.2 Billion 
• Industry: Metals & Mining

Patrice Motsepe is a South African mining businessman with a net worth of $3.2 billion. He is the founder and executive chairman of African Rainbow Minerals, which has interests in gold, ferrous metals, base metals, and platinum group metals. Motsepe was born in Soweto, South Africa, and graduated from the University of the Witwatersrand with a law degree. He began his career as a lawyer before moving into the mining business. Motsepe is also a philanthropist, and has donated millions of dollars to charitable causes.

10. Mohamed Mansour

• Net worth: $2.9 Billion 
• Industry: Diversified

Mohamed Mansour is an Egyptian billionaire entrepreneur and industrialist. He is the chairman and CEO of Mansour Group, a conglomerate with interests in automobiles, aviation, consumer electronics, distribution, heavy equipment, media, packaging, and real estate. According to Forbes, Mansour has a net worth of $2.9 billion as of March 2019.

Mansour was born in Cairo in 1952. He received a bachelor’s degree in economics from Cairo University in 1974 and a master’s degree in business administration from Harvard Business School in 1978. He began his career working in his family’s construction business before joining Cairo Bank in 1978. He left Cairo Bank in 1980 to co-found Mansour Group with his brothers.

11. Koos Bekker

• Net worth: $2.6 Billion 
• Industry: Media & Entertainment 

Koos Becker is a media mogul from South Africa with a net worth of $2.6 billion. He made his fortune in the entertainment industry, and is now one of the richest people in the world. Becker has started and owned many successful businesses in the media and entertainment industries, and his holdings include some of the most popular television and radio stations in South Africa. He is also a major shareholder in several major media companies. Becker is a very successful businessman, and his net worth is proof of that. He is a powerful force in the media and entertainment industries, and his businesses are some of the most successful in the world.

12. Strive Masiyiwa

• Net worth: $1.9 Billion 
• Industry: Telecom 

Strive Masiyiwa is a Zimbabwean entrepreneur and philanthropist. He is the founder and executive chairman of the Econet Group, a diversified telecommunications company. He is also the founder of the Higherlife Foundation, a non-profit organisation that provides scholarships and other support to underprivileged children in Africa.

Masiyiwa has a net worth of $1.9 billion, making him one of the richest people in Zimbabwe. He is a passionate advocate for entrepreneurship and empowering young people. In 2014, he was named one of Time magazine’s 100 Most Influential People in the World.

13. Aziz Akhannouch & family

• Net worth: $1.5 Billion 
• Industry: Diversified

Aziz Akhannouch & family is a Moroccan based family with a net worth of $1.5 billion. They have made their fortune through diversified investments in a number of businesses. They have a large stake in the Moroccan oil and gas industry, and also have interests in construction, tourism, and banking. The family is also one of the largest landowners in the country.

The Akhannouch family has been active in Moroccan politics and business for many generations. Aziz Akhannouch, the patriarch of the family, is currently the Minister of Agriculture and Rural Development in the Moroccan government. His son, Ayoub, is the CEO of Akwa Group, one of the largest conglomerates in Morocco.

14. Mohammed Dewji

• Net worth: $1.5 Billion 
• Industry: Diversified

Mohammed Dewji is a Tanzanian businessman who has an estimated net worth of $1.5 billion. He is the chairman and CEO of the MeTL Group, a commodities trading and manufacturing conglomerate he founded in Dar es Salaam in 1975. The MeTL Group has operations in 10 countries across Africa and employs more than 30,000 people.

Dewji is one of the richest people in Africa and is sometimes referred to as the “continent’s youngest billionaire.” He has been active in philanthropy, donating $1 million to a hospital in Tanzania and $10 million to the Mo Dewji Foundation, which provides scholarships and loans to students in need.

15. Youssef Mansour

• Net worth: $1.5 Billion 
• Industry: Diversified 

Mansour is an Egyptian billionaire businessman and is one of the richest men in Egypt, with an estimated net worth of $1.5 billion. He is also one of the country’s most powerful and influential businessmen, having built up a vast business empire. Mansour’s businesses span a wide range of sectors, from construction and real estate to media and banking. He is a major shareholder in a number of leading companies, including Egypt’s largest bank, the National Bank of Egypt. Mansour is also a major player in the country’s lucrative tourism industry, owning a number of hotels and resorts. In recent years, Mansour has been increasingly involved in politics, and is a close ally of President Abdel Fattah el-Sisi.

16. Othman Benjelloun & family

• Net worth: $1.3 Billion 
• Industry: Finance & Investments

The Othman Benjellon family is one of the wealthiest families in Morocco, with a fortune estimated at $1.3 billion. The family’s wealth comes from finance and investments. The family has a controlling stake in several banks and financial institutions in Morocco, as well as a number of businesses in other sectors. The family is also active in philanthropy, and has donated millions of dollars to various causes.

The family’s wealth has allowed them to live a life of luxury, and they are often seen as one of the most powerful families in Morocco. However, the family has also been the target of criticism, with some accusing them of using their wealth to unfairly gain influence and power.

17. Michiel Le Roux

• Net worth: $1.2 Billion 
• Industry: Finance & Investments

Michiel Le Roux is a South African billionaire who made his fortune in finance and investments. He has an estimated net worth of $1.2 billion, making him one of the richest people in the world.

Le Roux started his career as a stockbroker and eventually founded his own investment firm. He has made savvy investments in a number of companies, including a stake in the popular online retailer Amazon.com. He also has a large portfolio of real estate holdings.

Le Roux is a generous philanthropist, and has given away millions of dollars to various causes. He is also a major political donor, and has supported both the ruling African National Congress party and the opposition Democratic Alliance.

18. Yasseen Mansour

• Net worth: $1.1 Billion 
• Industry: Diversified 

Yasseen Mansour is an Egyptian businessman with a net worth of $1.1 billion. His main source of wealth is diversified, with interests in construction, real estate, and industrial companies. Mansour is the chairman of Mansour Group, one of the largest privately-owned companies in Egypt. The group has interests in a wide range of businesses, including construction, automotive, retail, and distribution. Mansour Group is also the largest shareholder of MB Group, another large Egyptian conglomerate.

19. Christoffel Wiese

• Net worth: $1.1 Billion 
• Industry: Fashion & Retail 

Christoffel Wiese is a South African billionaire businessman. He is the chairman of Pepkor, a retail group, and the former owner of Shoprite, a South African chain of supermarkets. He has a net worth of $1.1 billion.

Wiese was born in 1941 in Johannesburg, South Africa. He attended the University of the Witwatersrand, where he earned a degree in commerce. He began his career in the retail industry, working for a number of different companies. In 1979, he founded Pepkor, a discount retail chain. In the early 1990s, Wiese acquired a controlling stake in Shoprite, a South African chain of supermarkets.

These 19 men are worth an estimated $81.5 billion. With hard work, determination, resilience and favour, they have put Africa on the World stage and we are proud of them.

But there’s a need for more men and women to rise. There’s a need to do more to improve the lives of Africans. These men have shown that it is possible to achieve great things, but there are many more people who need to be given the opportunity to succeed. There are many challenges that still need to be addressed, and we need more people to help address them.

Their combined net worth is just a little above Steve Ballmer, the 10th richest person in the World. This is according to the Bloomberg Billionaires Index. Together, Bill Gates and Warren Buffet are worth $128 billion, which is just $4 billion more than Ballmer.

It is disheartening to see that not a single woman made it onto Africa’s billionaires list for 2023. This is a clear indication of the gender inequality that still exists within the continent, and is something that needs to be addressed urgently. Women have just as much potential as men to become successful entrepreneurs and business leaders, yet they are still being held back by outdated attitudes and practices.

It is time for Africa to catch up with the rest of the world and start championing gender equality. Only then will we see more women becoming billionaires and taking their rightful place among the continent’s elite.

Forbes contributed to this report