The global media company, Forbes has recently released the Africa’s richest 2020 edition and for the ninth time in a row, Dangote has topped the list. Three other Nigerians; Mike Adenuga, Abdulsamad Rabiu and Folorunsho Alakija also made the Forbes list of top African billionaires.
The billionaires list include only two women, Isabel Dos Santos of Angola and Folorunsho Alakija of Nigeria. Egypt and South Africa has five billionaires each; Nigeria, four; and Morocco, two. Algeria, Angola, Tanzania and Zimbabwe has 1 billionaire each on the list.
Altogether, Africa’s 20 billionaires are now worth $73.4 billion, an increase from $68.7 billion of last year.
Africa’s Richest 2020 Billionaires
Dangote tops the Africa’s richest 2020 list with a net worth of $10.1 Billion. He is the founder and Chairman of the Dangote Cement, the continent’s largest cement producer. He owns nearly 85% of publicly-traded Dangote Cement through a holding company, and his cement produces 45.6 million metric tons annually with operations in 10 countries across Africa.
Also, Dangote owns stakes in publicly-traded salt, sugar and flour manufacturing companies. Dangote Refinery which is also under construction is expected to be one of the world’s largest oil refineries once complete.
Nassef Sawiris is the youngest of Onsi Sawiris son, and a scion of Egypt’s wealthiest family. He is the second on the Africa’s richest 2020 Forbes list with a net worth of $8 Billion.
He joined the Orascom Group in 1982, and oversaw construction activities in Orascom Construction after the transfer of management control from his father in 1995. Next, he became the CEO of Orascom Construction following its incorporation in 1998 . In 2013, he also became the CEO of OCI NV.
OCI is one of the world’s largest nitrogen fertilizer producers, with plants in Texas and Iowa, and it trades on the Euronext Amsterdam exchange. While the Orascom Construction is an engineering and building firm, which trades on the Cairo exchange and Nasdaq Dubai.
In addition, Nassef has stakes in Cement giant Larfarge Holcim and Adidas, and sits on supervisory board of Adidas.
Mike Adenuga holds the third position with a worth of $7.7 billion following Nassef Sawiris of Egypt. The bulk of Adenuga’s wealth is from telecommunication and oil production. He is the founder of Globacom, the third largest mobile phone network operator in Nigeria. Globacom has over 43 million subscribers.
Mike got his MBA at Pace University in New York, where he was supporting himself as a student by working as a taxi driver. At the age of 26, Adenuga already made his first million from the sales of lace and distribution of soft drinks.
Mike also has an extensive real estate holding.
The Oppenheimer family is one of the Africa’s richest with a net worth of $7.7 billion. Oppenheimer is an heir to the family’s fortune, and the third generation of the family to run DeBeers. He took the company private in 2001.
For 85 years, the family occupied a controlling spot in the world’s diamond trade until 2012. In 2014, Oppenheimer started Fireblade Aviation in Johannesburg, which operates charted flights with its fleet of 3 planes and 2 helicopters.
Oppenheimer owns at least 720 square miles of conversation land across South Africa, Botswana and Zimbabwe.
Johann Rupert is a South African billionaire with net worth of $6.5 billion. He is the chairman of swiss luxury goods, Compagnie Financiere Richemont which is best known for the brands, Cartier and Montblanc.
Joahann chairs a diversified investment firm, Remgro, and owns a 7% stake in it. Also, he owns 25% stake of Reinet, an investment holding company based in Luxembourg.
Issad Rebab holds the sixth position on the Forbes Africa’s richest 2020 edition. His net worth is $4.4 billion and bulk of his fortune comes from food production. He is the founder and CEO of Algeria’s biggest privately-held company, Cevital.
Cevital owns one of the largest sugar refineries in the world; French home appliances maker, Groupe Brandt; Italian steel mill; and a German water purification company.
Mohamed Mansour is an Egyptian billionaire who occupies the seventh position on the Forbes Africa’s richest 2020 edition list. His net worth is $3.3 billion and together with his bothers Yasseen and Youssef, he oversees a family conglomerate, Mansour Group. The company was established by their late father Loufty, in 1952.
Mansour Group is a multinational conglomerate, with operations across the globe. It is the largest General Motors dealer, and the fifth largest distributor of Caterpillar Inc. products globally.
Also, Mohamed once served as a Minister of Transportation in Egypt from 2006 – 2009.
Abdulsamad Rabiu holds the eight position on the Africa’s richest 2020 list with a net worth of $3.1 billion. He is the founder of BUA Group, a Nigerian conglomerate active in cement production, sugar refining and real estate.
In early January 2020, Rabiu merged his privately-owned Obu Cement company with listed firm Cement Co. of Northern Nigeria, which he controls. The combined firm, called BUA Cement Plc, trades on the Nigerian stock exchange, and Rabiu owns 98.5% of it.
Naguib is a brother to Nassef Sawaris who are scion of the Egypt’s wealthiest family. Naguib’s net worth is $3 billion which comes from Telecom. He is the Chairman of Orascom TMT Investments. The company has stakes in major asset manager in Egypt, an Italian internet company and others.
Also, he is a majority owner of Euronews, and developed a luxury resort called Silversands in Grenada.
Patrice is a South African billionaire whose worth is $2.6 billion. He became a billionaire in 2008 and became the first black African to appear on Forbes list. Mostsepe is the founder of African Rainbow Minerals Limited, a mining company based in South Africa.
Also, in 2016, he launched African Rainbow Capital, a new private equity firm focused on investing in Africa.
Patrice founded the Mamelodi Sundowns Football Club, owns a stake in Sanlam, a financial services firm.
Koos occupies the eleventh position on the Forbes Africa’s richest 2020 edition, and is worth $2.5 billion. He is the chairman of the media group, Naspers, a company he transformed into an ecommerce investor & cable TV powerhouse.
Koos has made several profitable bets for Naspers. During his tenure, the Naspers market capitalisation grew from about $1.2 billion to $45 billion. He is a South African billionaire and one of the wealthiest persons in the world.
Yasseen Monsour’s net worth is $1.9 billion. He is a brother to Mohammed and Youssef whose names are also listed here. Just like his brother, Yasseen is also a shareholder in the family-owned conglomerate, Mansour Group, a company founded by their father, late Loutfy Mansour in 1952.
Yasseen is the chairman of Palm Hills Developments, one of Egypt’s biggest real estate developers.
Isabel Dos Santos
Isabel is the first Africa’s richest woman with a net worth of $2.2 billion. She is the oldest daughter of a former Angola President, Jose Eduardo dos Santos who ruled from 1979 – 2017.
Isabel owns stakes in telecommunications, media, retail, finance, oil, diamonds, and the energy industry in Angola and Portugal.
Recently, the Angolan authorities provisionally charged her with embezzlement and money laundering, but she denies the charges.
Youssef is an Egyptian billionaire, a brother to Mohamed and Yasseen and his net worth is $1.9 billion. He is the chairman of the family-owned conglomerate, Monsour Group.
He oversees the consumer goods division which includes supermarket chain, metro and sole distribution rights for L’Oreal in Egypt.
Aziz Akhannouch occupies the 15th position on the Forbes Africa’s Richest 2020 edition list with a net worth of $1.7 billion. He is a businessman and the current Minister of Agriculture, 2007 till date.
Aziz is the CEO of Akwa Group, a company he inherited from his father. Akwa Group is a Moroccan conglomerate dealing on petroleum, gas, and chemicals.
Mohammed, a Tanzanian billionaire and politician, has a net worth of $1.6 billion. He is the CEO of Mohammed Enterprises Tanzania Limited (METL). METL is a conglomerate that deals in textile manufacturing, flour milling, beverages, and edible oils with presence in Eastern, Southern and Central Africa.
As at 2018, Dewji occupied the position of youngest African billionaire. Prior to that, he was the first Tanzanian on the cover of Forbes Magazine in 2013.
Benjelloun’s net worth is $1.4 billion and bulk of his fortune is from banking and insurance. He is the CEO of BMCE Bank of Africa which operates in more than 20 African countries. He took over his father’s shareholdings in an insurance company and built it into a leading insurer.
In 2014, he inaugurated a $500 million plan to build the 55-story Mohammed VI Tower in Rabat, into what will become one of the tallest buildings in Africa. In Addition, Benjelloun is the chairman of Meditelecome and a member of World Union of Arab Bankers.
Michiel Le Roux
Michiel Le Roux is a South African billionaire with a net worth of $1.3 billion. He is the founder and Board member of Capitec Bank Holdings Limited. Aside this, he is a Director of Zeder Investments.
Also, he served as the Managing Director of Boland PKS, NBS Boland and BOE bank. Michel owns about 11% stake of Capitec Bank.
Strive occupies the nineteenth position on the Forbes Africa’s richest 2020 edition list. He is a London-based Zimbabwean billionaire businessman with a net worth of $1.1 billion. He is a founder and executive chairman of the telecommunications, media and technology company, Econet Wireless. Also, he has stakes in mobile phone networks in Burundi and Lesotho, and investments in Fintech, and power distribution firms in Africa.
Strive is a member of the Africa Progress Panel (APP), a group of individuals that advocates for equitable and sustainable development in Africa. He is a philanthropist and has assisted several Africans with his wealth.
Folorunsho Alakija is the second African richest woman on the list after Isabel Dos Santos of Angola, and she is worth $1 billion. She is the vice chair of Famfa Oil, a Nigerian oil exploration company with a stake in Agbami Oilfield, a prolific offshore asset.
Famfa Oil’s partners include Chevron and Petrobras. Alakija’s first company was a fashion label whose customers included the wife of former Nigerian president Ibrahim Babangida.
The Nigerian government awarded Alakija’s company an oil prospecting license in 1993, which was later converted to an oil mining lease. The Agbami field has been operating since 2008. Famfa Oil says it will likely operate through 2024.
Africa is evolving, and it’s the next big thing. We have always maintained at Entrepreneurs.ng, that entrepreneurship is the solution to our economic problem and it’s a thing of joy when we read about the exploits of African’s richest businessmen and women.
To keep track of our activities, follow us on Instagram.