Billions Changes Hands: Check Out the List of the Wealthiest People in Africa 2023

Africa is indeed blessed. There are tons of wealthy people

Between 2022 and 2023, billions changed hands, and there were noticeable variations in the net worth of African billionaires. The variation, which was mainly due to global market fluctuations, inflation, and the effect of the Russian-Ukraine war, was in favour of some and disfavour of others and as such produced a new set of wealthiest people in Africa.

What is perhaps most noticeable on the list of Africa’s top wealthiest individuals and the wealtheist people in Africa for 2023 is that the continent’s 19 billionaires are currently worth an estimated $81.5 billion – the figure shows a decline from the $84.9 billion sum a year ago, despite the addition of one more billionaire to the ranks.

Overall, the report shows that many African billionaires encountered significant losses within the last fiscal year – something which financial and economic experts say reflects the narrative of the African continent relative to its economy in the past year.

Africa’s richest man in the last decade, Aliko Dangote, experienced a drop in his fortune to the tune of $400 million – which reduced his net worth to $13.5 billion. Yet, despite the loss, the Nigerian industrialist emerged as the richest man in Africa for the 12th year in a row.

In the same vein, South African luxury goods magnate Johann Rupert maintained the second position on the list of Africa’s wealthiest individuals for the second consecutive year. You will recall that last month, Exclusive Africa reported How Africa’s Second Richest Man, Johann Rupert, Added $400m to His Net-Worth in One Week.

In third position was another South African billionaire, Nicky Oppenheimer. The Metals and Mining magnate and his family sat in the third position with a net worth of $8.4 billion. Going by the list, Africa’s wealthiest individuals lost a combined total of $3.1 billion within the past 12 months.

The total loss, which amounts to 4% of their combined net revenue, comes after the African billionaires experienced a 15% jump last year on the back of soaring stock prices across the region. According to reports, the fortunes of African billionaires were greatly affected as a result of the All Africa index dropping more than 20% within the first nine months of 2022.

Methodology for Calculating the Wealth of Africa’s Richest Billionaires

The methodology employed by Forbes in tracking and ranking African billionaires is simple. The company focuses only on African billionaires who reside in the African continent or have their primary business there.

As a result of this, billionaires such as Sudanese-born billionaire Mo Ibrahim are excluded from the list because he is a citizen of the United Kingdom. Others who are excluded from the list are South African Nathan Kirsh and Egyptian citizen Mohamed Al-Fayed, who both operate out of the United Kingdom.

Zimbabwe’s Strive Masiyiwa, who is also a London resident, is ranked on the list because of his large telecom holdings in Africa.

This year, the net worth of Africans was calculated using stock prices and currency exchange rates from the close of business on Friday, January 13, 2023. However, it is safe to say that despite the fact that many of the billionaires on the ranking grow richer or poorer within days of the measurement date, the ranking is static throughout the calendar year.

Top 10 Richest People In Africa