Prime Business Africa
Nigeria accounts for 43.72 percent of the wealth held by billionaires in Africa, with South Africa second at 38.95 percent, according to Prime Business Africa’s analysis of the Bloomberg Billionaires Index.
The analysis showed that there are only three Africa countries represented on the Billionaire Index as of May 9, with Egypt being the third, and accounting for 17.32 percent of the wealth held by African billionaires.
Join our WhatsApp ChannelNigeria’s upward movement comes at a period the country is experiencing economic hardship, which has increased the poverty rate from 56 percent in 2023 to 61 percent in 2024, and 63 percent in 2025, according to the World Bank.
In 2023, the Bretton Woods institution said the number of poor people in Nigeria was 87 million, however, the figure skyrocketed to 139 million in 2025.
As the poverty rate rises, billionaires in Nigeria have also seen a growth in their wealth, largely driven by the stock market, where equity Investors are betting heavily on cement companies owned by Abdul Samad Rabiu and Aliko Dangote.
While the two represents Nigeria on the Billionaires Index, Prime Business Africa gathered that South Africa has three and Egypt also have two.
However, out of the $125.79 billion total wealth held by the seven billionaires, Nigeria accounts for $55 billion, South Africa holds $49 billion, and Egypt accounts for $21.79 billion.
The total wealth increased from $102.44 billion recorded earlier this year — representing an increase of $23.34 billion — with South Africa accounting for 41.07 percent, followed by Nigeria with 39.16 percent, and Egypt accounting for 19.76 percent.
Further breakdown showed that at the start of the year, South African billionaires accounted for $42.07 billion, Nigerian businessmen held $40.12 billion, and Egyptian investors accounted for $20.24 billion.
Breakdown Of African Billionaires’ Wealth Movement
According to the analysis, two billionaires retained their position year-to-date, two moved upward and three dropped on the Bloomberg Billionaire Index between January and May 9.
Aliko Dangote, a Nigerian billionaire and cement mogul, topped the list of Africa’s richest with a net worth of $35.9 billion, after gaining $5.92 billion year-to-date, which raised his wealth from $29.98 billion.
The second on the list is another businessman, Abdul Samad Rabiu, the founder of BUA Cement and BUA Foods, who was valued at $10.14 billion at the start of the year, but now worth $19.1 billion.
Prime Business Africa gathered that the $8.96 billion increase in Rabiu’s net worth pushed the businessman up the billionaires’ ranking, moving from the fifth position to the second spot.
Rabiu replaced Johann Rupert & family, a South African business man, who is currently valued at $19 billion on the Billionaire Index, surpassing the $18.49 billion he was valued at the start of the year.
Analysis showed that Rupert’s wealth increased by $506 million, however, it was not enough to help him retain his position on the list, as he dropped from the second spot to the third position.
Natie Kirsh followed with $15.3 billion net worth as of Saturday, according to the Bloomberg Billionaire Index, which had previously valued the South African businessman at $9.76 billion at the beginning of the year
Kirsh took the fourth spot on the billionaires’ list in Africa following a $5.54 billion increase in his net worth, leading to the investor rising from the sixth position he was ranked earlier this year.
On the fifth spot is Nicky Oppenheimer, the South African diamond expert, who dropped from the third position, despite his net worth increasing by $875 million within the last four months and two weeks.
Oppenheimer had started this year with $13.82 billion net worth, according to the billionaire index, however, the South African businessman is now valued at $14.7 billion as of May 9.
Next on the list is Egyptian businessman and telecommunications industry tycoon, Naguib Sawiris, who is currently valued at $11.8 billion, compared to the $10.66 billion wealth he held earlier this year.
However, Sawiris’ net worth increasing by $1.14 billion year-to-date was not enough to prevent a drop in his position on the list, as the media mogul declined from the fourth to the sixth position.
On the seventh spot is Nassef Sawiris, another Egyptian businessman, who retained his position despite recording a $407 million increase in his net worth between January and May.
Nassef’s net worth has increased to $9.99 billion as of the time of this report, rising from the $9.58 billion he was valued at the beginning of this year.
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Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
Dr Mbamalu, who serves as Founder and Publisher, set up Prime Business Africa to deliver sharp, data-driven reporting on Nigeria’s markets, trade, investment, and governance trends for decision-makers, entrepreneurs, and policy leaders.
He also writes The Bottom Line, a backpage column for Punch Newspaper every Thursday.
Under his leadership, Prime Business Africa combines deep newsroom experience with a focus on accountability journalism, aiming to bridge information gaps between Africa’s private sector and the global economy.
