Four takeaways from Forbes’ 2026 Africa’s richest people list

Africa’s billionaires are richer than ever, with their combined wealth surpassing $126 billion, helped by a rally in equity markets across the continent and improving currency stability.

The 23 African billionaires tracked in the 2026 Forbes World’s Billionaires list are now worth $126.7 billion as of March 9, 2026, up 21 percent from 2025, according to the American business magazine.

The group added $20.3 billion to their fortunes over the past year, marking the second consecutive year their combined wealth has crossed the $100 billion mark.

“In all, these 23 dealmakers and moguls are worth $126.7 billion as of March 2026, up 21% from 2025,” Forbes said. The magazine updates billionaire net worth estimates in real time, adjusting the value of public holdings every five minutes during trading hours while periodically reassessing privately held assets.

Earlier this year, BusinessDay reported that Nigeria’s four listed billionaires overtook their South African peers in combined wealth for the first time in years, driven by rising equity valuations and strong corporate earnings.

The total net worth of Aliko Dangote, Abdulsamad Rabiu, Mike Adenuga and Femi Otedola rose to $43.1 billion as of December 30, 2025, surpassing the $42 billion held by South Africa’s seven billionaires.

As of March 9, Nigeria’s billionaires maintained that lead, with their combined wealth rising to $47.5 billion, compared with $43 billion for South Africa’s richest.

Below are four key takeaways from the 2026 ranking.

Dangote remains Africa’s richest man

Aliko Dangote retains the top spot with an estimated net worth of $28.5 billion.

According to Forbes, Dangote is $4.6 billion richer than a year ago, as shares of his NGX-listed Dangote Cement surged nearly 69 percent since March 2025.

The cement giant also doubled profits in 2025 to a record N1 trillion, strengthening Dangote’s position as Africa’s wealthiest individual.

Forbes noted that Dangote, who plans to list his oil refinery later this year, recently announced a $400 million deal with a Chinese machinery company to accelerate plans to double the refinery’s capacity by 2029.

Abdulsamad Rabiu becomes Africa’s third richest person

The biggest gainer on the list was Abdulsamad Rabiu, founder of the BUA Group.

His estimated net worth rose 120 percent — or $6.1 billion — to $11.2 billion, making him Africa’s third richest person, up from sixth place a year ago.

Rabiu now trails only Dangote and Johann Rupert, the South African luxury goods tycoon worth $16.1 billion.

Shares of BUA Cement, Rabiu’s largest listed asset, jumped 135 percent, outperforming the broader Nigerian Exchange (NGX), which has surged 81 percent over the past year as corporate earnings strengthened and pension funds increased their exposure to equities.

Le Roux among biggest winners as bank shares surge

Michiel Le Roux, founder of Capitec Bank, also recorded strong gains.

His net worth rose to $3.8 billion after shares of the South Africa-listed lender climbed 57 percent, outperforming the Johannesburg Stock Exchange, which rose about 45 percent over the same period.

The rally has been partly supported by rising gold and platinum prices, which boosted investor sentiment in South Africa’s markets.

Meanwhile, Egypt’s Nassef Sawiris — worth an estimated $9.6 billion — was the only African billionaire whose fortune remained broadly unchanged.

Sawiris owns a stake in English Premier League club Aston Villa and holds roughly six percent of German sportswear giant Adidas, where he is expected to become chairman at the company’s shareholder meeting in May.

A few billionaires lost wealth — and none are women

Only four of the 23 African billionaires are poorer than they were a year ago.

Among them is Morocco’s Anas Sefrioui, whose wealth fell by $300 million after shares of his real estate company Group Addoha dropped more than 30 percent.

Nigeria’s Femi Otedola also lost about $200 million after selling a large portion of his stake in Geregu Power at a discount to the company’s market price.

Both men are now tied as the “poorest” billionaires in Africa, each worth about $1.3 billion, according to Forbes.

The list also highlights a persistent gender gap in Africa’s wealth rankings.

There are no women billionaires on the continent, while 14 of the 23 billionaires — about 61 percent — are self-made, having built their fortunes rather than inherited them.

South Africa remains home to the largest number of billionaires, with seven, followed by Egypt (five), Nigeria (four), and Morocco (three).