Aka Ekene, PBA Journalism MenteeSouth Africa, Egypt, Nigeria, Kenya, and Morocco are the ‘Big 5’ wealth markets in Africa. Together, they account for some significant 56% of Africa’s high-net-worth individuals. In that order, they constitute well over 90% of the continent’s billionaires.
SOUTH AFRICA
South Africa at the start of 2023 has six (6) billionaires globally ranking numbers 1, 223, 230, 241, 324 and 913.
Sourcing his wealth from Tesla, SpaceX, and Twitter and ranking number one globally, Elon Musk leads the pack of South African billionaires with his $219 billion net worth. Glencore’s Ivan Glasenberg has $5.5 billion net worth; Johann Rupert has $7.1 billion. Nicky Oppenheimer has $8.0 billion’ Patrick Soon-Shiong, $7.5 billion; Patrice Motesepe, $2.9 billion; Koos Bekker, $3.0 billion, and Michiel Le Roux $1.6 billion.
EGYPT
In Egypt, global ranking shows that the country’s number one Nassef Sawiris, with his $7.7 billion net worth sits as world’s number 304 as shown below:
| 304 | Nassef Sawiris | Egypt | 7.7 billion | Construction, Investments |
| 883 | Naguib Sawiris | Egypt | 3.4 billion | Telecommunication |
| 1238 | Mohamed Mansour | Egypt | 2.5 billion | Automotive |
NIGERIA
Forbes’ 2022 assessment of private wealth and assets in Nigeria, showed three Nigerians – Aliko Dangote, Samad Rabiu, and Mike Adenuga – in the lead.
| Name | Citizenship | Net worth (USD) | Sources of wealth |
| Aliko Dangote | Nigeria | 12.9 billion[3] | cement, sugar, Self Made |
| Abdul Samad Rabiu | Nigeria | 8 billion[4] | cement, sugar |
| Mike Adenuga | Nigeria | 5.8 Billion[5] | telecom, oil, Self Made |
MOROCCO
In Morocco, latest Forbes 2022 list, apart from the King, Aziz Akhannouch as number 1, with $1.8 billion.
Moroccan Billionaires List
| Name | Citizenship | Net worth (USD) | Source of wealth |
| King Mohammed VI | Morocco | 5.7 billion (As of 2015) | Kingdom of Morocco |
| Aziz Akhannouch | Morocco | 1.8 billion (As of 2022) | Akwa Group |
| Othmane Benjelloun | Morocco | 1.2 billion (As of 2022) | Banking |
| Anas Sefrioui | Morocco | 1.1 billion (As of 2017) | Anas Sefrioui |
| Lahmer Family | 1.02 billion (As of 2022) | Al Khawarizmi Group | |
| Ftaichi Family | Morocco | 1.0 billion (As of 2022) | Zwita Group |
References
- “King Mohammed VI”. Forbes.
- “Aziz Akhannouch & family”. Forbes.
- “Othman Benjelloun & family”. Forbes.
- “Anas Sefrioui”. Forbes.
Looking Forward
The Africa Wealth Report – a definitive guide to Africa’s wealth and luxury sector, published annually by Henley & Partners – provides a comprehensive review of private wealth in Africa, including high-net-worth-individual, luxury, and wealth management trends. It also provides expert insights on investment, investment migration sector, and economic mobility Africa.
Its 2023 edition reveals that the “big 5′ markets in Africa actually constitutes 90% of the continent’s billionaires.
But the continued dominance of these countries as Africa’s wealth markets is being threatened by the growth in Mauritius, Rwanda and Seychelles, three African countries that are fast gaining ground.
Namibia, with its new offering of residence by investment, is also being positioned as future potential rival wealth market.
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