The “Billionaire Club” in Africa has reached a historic milestone, with the combined net worth of its 23 members climbing to $126.7 billion—a 21% increase from 2025, according to the latest Forbes Billionaires list for 2026.
This surge is underpinned by a massive rally in major African equity markets, particularly the Nigerian Stock Exchange (NGX), which gained 81% over the past year as listed companies reported record-breaking earnings.
The Winners: Nigeria’s Industrial Titans Lead the Pack
Nigeria’s leading moguls were the primary beneficiaries of a surging domestic market and successful industrial expansions.
| Billionaire | Estimated Net Worth | Change from 2025 | Primary Source |
| Aliko Dangote | $28.5 Billion | +$4.6 Billion | Cement, Refinery |
| Johann Rupert | $16.1 Billion | — | Luxury Goods (Richemont) |
| Abdulsamad Rabiu | $11.2 Billion | +$6.1 Billion | BUA Cement, BUA Foods |
| Nassef Sawiris | $9.6 Billion | Break Even | Investments (Adidas/Sports) |
| Michiel Le Roux | $3.8 Billion | +57% | Banking (Capitec) |
Source: Forbes
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Aliko Dangote: Maintains his spot as Africa’s richest man. His fortune was bolstered by Dangote Cement doubling its profits to ₦1 trillion in 2025. He recently inked a $400 million deal with a Chinese firm to double his refinery’s capacity by 2029.
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Abdulsamad Rabiu: The year’s biggest gainer, his wealth jumped 120%. Shares of BUA Cement outperformed the broader market with a 135% rise, propelling him to the position of Africa’s third-richest person.
- Femi Otedola: Nigeria’s Femi Otedola, remains a billionaire despite losing $200 million in wealth after selling the majority of his stake in Geregu Power at a discount to the public company’s market price. Forbes estimates his net worth at $1.3 billion.
Regional Distribution: South Africa Holds the Lead
Despite the individual gains in Nigeria and Egypt, South Africa remains the primary hub for African billionaire wealth.
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South Africa (7 Billionaires): Benefits from a robust financial sector and rising commodity prices (Gold/Platinum).
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Egypt (5 Billionaires): Strong presence in global investment and diversified industries.
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Nigeria (4 Billionaires): Dominates the industrial and energy sectors.
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Morocco (3 Billionaires): Key players in real estate and retail.
The Forbes list tracks the wealth of African citizens who reside in Africa or have their primary business there, thus excluding Sudanese-born billionaire Mo Ibrahim, who is a U.K. citizen, and South Africans Nathan Kirsh and Paul Van Zuydam.
Kirsh operates out of London and has his business in the U.S. and U.K., while Swiss-resident Van Zuydam’s business is based in France. Also not included are several high profile billionaires who were born in Africa but migrated elsewhere. That includes Ivan Glasenberg, Clive Calder and most notable of all, the world’s richest person, Elon Musk.
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