Africa’s Wealthiest Individuals in a Modest Rebound

The financial standings of Africa’s wealthiest individuals have experienced a modest rebound in the past 12 months, countering the decline observed a year earlier, though they remain below their peak levels.

The resurgence can be primarily attributed to the return of Nigeria’s Femi Otedola. Otedola transitioned from a controlling stake in fuel distributor Forte Oil to phasing out oil investments in alignment with the government’s push to privatize Nigeria’s energy sector. His 73% stake in Geregu, a public power generation plant, now valued at over $850 million, constitutes a significant portion of his $1.1 billion fortune, securing his position at No. 20 on the list.

Taking Otedola’s return into account, Africa’s billionaires experienced a marginal dip but fared better than the 4% decline observed in the previous year. African equities participated in a global rally in the final two months of 2023, with the S&P All Africa index registering a 10% increase. However, over the 12 months through January 8, 2024, the index ended down more than 9%.

A tumultuous 2023, coupled with weakening domestic currencies, tax increases, and multiple coups, made African equities less appealing to foreign investors. Established family fortunes or those closely tied to governments continue to dominate Africa’s richest ranks. Alike Dangote of Nigeria retained the top spot for the 13th consecutive year despite political uncertainty and naira devaluation. South African magnates Johann Rupert and Nicky Oppenheimer secured the second and third positions, respectively.

Notable shifts include Christoffel Wiese of South Africa maintaining his No. 18 rank with a $1.2 billion net worth. Algerian magnate Issad Rebrab faced the biggest decline, with his net worth nearly halving to $2.5 billion due to legal restrictions on his conglomerate Cevital. Conversely, Egypt’s Nasseff Sawiris registered the most significant gain, adding $1.4 billion to reach $8.7 billion.

South Africa leads with six billionaires, followed by Egypt with five and Nigeria with four. Algeria, Tanzania, and Zimbabwe each contribute one billionaire to the list, while Morocco has two.

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