It was a banner year for Africa’s billionaires, whose cumulative wealth surpassed $100 billion for the first time ever. Africa’s 22 billionaires saw their fortunes rise to a total of $105 billion, up from $82.4 billion and 20 billionaires last year.

It’s no small feat to generate this level of wealth on the continent, where political uncertainty, currency crises and challenging consumer markets are routine. Last May, Zimbabwe ditched the country’s Zimbabwe dollar in favor of the ZiG, a gold-backed currency aimed at curbing the nation’s hyperinflation problem. Still, the growth for Africa’s wealthiest is in line with global equity markets, which rose 22% in the 12 months ended February 2025, according to MSCI.

Aliko Dangote of Nigeria tops the list for the 14th year in a row with an estimated net worth of $23.9 billion, up from $13.9 billion a year ago. The big jump in his fortune is primarily due Forbes adding the value of his refinery, which opened last year on the outskirts of Lagos after long delays. The refinery struggled for years to take off due to regulatory disputes and other setbacks, but started refining a small amount of oil in early 2024 and is slated to reach full capacity this month. That has allowed Nigeria–a major oil-producing country–to begin exporting some refined petroleum products.

“This is a very, very big relief,” Dangote, 67, told Forbes in February. Dangote, now one of the world’s 100 richest people, believes that his latest project is “a pivotal step in ensuring that Africa has the capacity to refine its own crude oil, thereby creating wealth and prosperity for its vast population.”

The second richest African is South African luxury goods tycoon Johann Rupert, whose fortune rose 39% to $14 billion, the second-largest gain among the billionaires. Rupert has held onto the No. 2 spot since 2022. Another billionaire whose fortune grew more than 30%: Femi Otedola of Nigeria (No. 18, $1.5 billion), chairman of listed power generation firm Geregu Power Plc. Shares of Geregu surged some 40% in the past year following a jump in revenue and profits.

Two African billionaires who made the list in the past and then fell off are back on again. Anas Sefrioui, a Moroccan housing billionaire, returns to the ranking as shares of real estate firm Douja Promotion Groupe Addoha, which he controls, more than doubled in the past year as the company reported increased home sales. Jannie Mouton, founder of a South African investment firm, appears once again following a 59% jump in the share price of Capitec Bank Holdings, one of Mouton’s most significant holdings.

Among the four whose fortunes slipped since last year: Zimbabwean telecommunications magnate Strive Masiyiwa, whose fortune was caught in the crosshairs of the country’s currency change. Forbes estimates his net worth at $1.2 billion, down about 33% from the 2024 list.

South Africa had the largest number of billionaires this year, with seven, followed by four from Nigeria and four from Egypt. The list also includes three billionaires from Morocco, one from Algeria (Isaad Rebrab), one from Tanzania (Mohammed Dewiji) and one (Masiyiwa) from Zimbabwe.

METHODOLOGY

Our list tracks the wealth of African billionaires 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 African Nathan Kirsh, who operates out of London and has his business in the U.S. and U.K. Net worths were calculated using stock prices and currency exchange rates from the close of business on March 7, 2025.

Net worth changes were measured from Forbes’ 2024 African Billionaires list, published in January 2024. To value privately held businesses, we start with estimates of revenues or profits and apply prevailing price-to-sale or price-to-earnings ratios for similar public companies. Some list members grow richer or poorer within weeks or days–of our measurement date. For daily updated net worths, see Forbes’ Real-Time Billionaires List.