Africa's Richest People 2022

"The continent’s billionaires are collectively 15% richer than a year ago, thanks mostly to soaring stocks."

- By Kerry a. Dolan

Africa’s billionaires are richer than they have been in years. As a group, the continent’s 18 billionaires are worth an estimated $84.9 billion – a 15% increase from 12 months ago and the largest tally since at least 2015. Soaring stock prices from Nigeria to Zimbabwe lifted the fortunes of these tycoons, as demand for products and services from telecom to luxury goods ticked up.

For the 11th year in a row, Alike Dangote of Nigeria is the continent’s richest person, worth an estimated $13.9 billion, up from $12.1 billion last year following a 30% increase in the stock price of Dangote Cement, his most valuable asset. Jumping into the No. 2 spot – up from No. 4 last year – is luxury goods magnate Johann Rupert of South Africa. A more than 60% surge in the share price of his luxury goods firm Compagnie Financiere Richemont – maker of Cartier watches and Montblanc pens – pushed his fortune to $11 billion, up from $7.2 billion a year ago, making him the biggest gainer on the list. South African Nicky Oppenheimer, who formerly ran diamond mining firm DeBeers before selling it to mining firm Anglo American a decade ago, ranks No. 3, worth an estimated $8.7 billion.

The biggest gainer in percentage terms – up 125% – is Strive Masiyiwa of Zimbabwe, worth $2.7 billion (up from $1.2 billion last year). Shares of Econet Wireless Zimbabwe, which he founded, rose more than 750% in the past year, helping to drive up the size of his fortune.