Ranked: Who Are the Richest People in Africa?
The African continent is home to 46 billionaires, the second-lowest total of any global region.
The number of wealthy individuals in Africa is growing, however. Total private wealth is expected to rise 30% over the next decade, led by growth in the billionaire and millionaire segments.
Visualized here are Africa’s richest, using data collected by Forbes, on billionaires who reside on the continent and have their primary business there.
Breaking Down Africa’s Billionaires
The richest man in Africa is also the richest Black man in the world. Once a small sugar trader, Aliko Dangote now has a net worth of $13.5 billion. He is the 86th richest person in the world, and single-handedly makes up 25% of the total wealth of African billionaires.
His company, the Dangote Group is now an African conglomerate with interests in a range of sectors, including sugar, cement, and real estate.
|Rank||Name||Net Worth (billions, USD)||Industry||Citizenship|
|1||Aliko Dangote||$13.5||Manufacturing||🇳🇬 Nigeria|
|2||Johann Rupert & family||$10.7||Fashion & Retail||🇿🇦 South Africa|
|3||Nicky Oppenheimer & family||$8.4||Metals & mining||🇿🇦 South Africa|
|4||Abdulsamad Rabiu||$7.6||Diversified||🇳🇬 Nigeria|
|5||Nassef Sawiris||$7.3||Construction & Engineering||🇪🇬 Egypt|
|6||Mike Adenuga||$6.3||Diversified||🇳🇬 Nigeria|
|7||Issad Rebrab & family||$4.6||Food & Beverage||🇩🇿 Algeria|
|8||Naguib Sawiris||$3.3||Telecom||🇪🇬 Egypt|
|9||Patrice Motsepe||$3.2||Metals & mining||🇿🇦 South Africa|
|10||Mohamed Mansour||$2.9||Diversified||🇪🇬 Egypt|
|11||Koos Bekker||$2.6||Media & Entertainment||🇿🇦 South Africa|
|12||Strive Masiyiwa||$1.9||Telecom||🇿🇼 Zimbabwe|
|13||Mohammed Dewji||$1.5||Diversified||🇹🇿 Tanzania|
|13||Aziz Akhannouch & family||$1.5||Diversified||🇲🇦 Morocco|
|13||Youssef Mansour||$1.5||Diversified||🇪🇬 Egypt|
The top three—Alike Dangote, Johann Rupert, and Nicky Oppenheimer—account for 40% of the total wealth of those ranked.
A Look Through the Rest of the Richest People in Africa
At number two on the list is Johann Rupert. The chairman of Swiss luxury goods company, Compagnie Financiere Richemont, started his career with a banking apprenticeship in New York, before returning to South Africa and eventually pivoting to retail.
Through the rest of those ranked, a range of diverse business activities have allowed these billionaires to garner their wealth.
Nicky Oppenheimer (3rd) and Patrice Motsepe (9th)—have made fortunes in the mining industry, a sector which contributes nearly 10% to sub-Saharan Africa’s GDP. Meanwhile, Naguib Sawiris (8th) and Strive Masiyiwa (12th) have built telecom empires.
Billionaire Wealth Mirrors Country Wealth
Only seven out of the 54 African countries are represented on Africa’s rich list, and even amongst them, three countries (Egypt, South Africa, and Nigeria) account for more than two-thirds of the top-ranked billionaires.
|Country||Rank in African Economy||Individuals on Top 15 Billionaire List|
|🇿🇦 South Africa||#2||4|
The home countries for these billionaires reflects the nations’ contribution to the African economy as a whole. Nigeria, South Africa, and Egypt have the top three GDPs in Africa.
Algeria—where Issad Rebrab (7th) is from—is ranked fourth, and Morocco—where Aziz Akhannouch (13th) is based—is fifth.
What’s Next For Africa’s Richest?
Africa has routinely been touted to become a future economic powerhouse as its demographic dividend pays off in the next few decades. However, its biggest challenge will be developing its economic and social infrastructure to retain local talent to make their fortunes at home.
Mapped: How Much Does it Take to be the Top 1% in Each U.S. State?
An annual income anywhere between $360,000-$950,000 can grant entry into the top 1%—depending on where you live in America.
How Much Does it Take to be the Top 1% in Each U.S. State?
There’s an old saying: everyone thinks that they’re middle-class.
But how many people think, or know, that they really belong to the top 1% in the country?
Data from personal finance advisory services company, SmartAsset, reveals the annual income threshold at which a household can be considered part of the top 1% in their state.
Some states demand a much higher yearly earnings from their residents to be a part of the rarefied league, but which ones are they, and how much does one need to earn to make it to the very top echelon of income?
Ranking U.S. States By Income to Be in the Top 1%
At the top of the list, a household in Connecticut needs to earn nearly $953,000 annually to be part of the one-percenters. This is the highest minimum threshold across the country.
In the same region, Massachusetts requires a minimum annual earnings of $903,401 from its top 1% residents.
Here’s the list of all 50 U.S. states along with the annual income needed to be in the 1%.
|Rank||State||Top 1% Income|
|Top 1% Tax Rate
(% of annual income)
California ($844,266), New Jersey ($817,346), and Washington ($804,853) round out the top five states with the highest minimum thresholds to make it to their exclusive rich club.
On the other end of the spectrum, the top one-percenters in West Virginia make a minimum of $367,582 a year, the lowest of all the states, and about one-third of the threshold in Connecticut. And just down southwest of the Mountain State, Mississippi’s one-percenters need to make at least $381,919 a year to qualify for the 1%.
A quick glance at the map above also reveals some regional insights.
The Northeast and West Coast, with their large urban and economic hubs, have higher income entry requirements for the top 1% than states in the American South.
This also correlates to the median income by state, a measure showing Massachusetts households make nearly $90,000 a year, compared to Mississippians who take home $49,000 annually.
How Much Do the Top 1% Pay in Taxes?
Meanwhile, if one does make it to the top 1% in states like Connecticut and Massachusetts, expect to pay more in taxes than other states, according to SmartAsset’s analysis.
The one-percenters in the top five states pay, on average, between 26–28% of their income in tax, compared to those in the bottom five who pay between 21–23%.
And this pattern exists through the dataset, with higher top 1% income thresholds correlating with higher average tax rates for the wealthy.
|State Ranks||Median Tax Rate|
These higher tax rates point to attempts to reign in the increasing wealth disparity in the nation where the top 1% hold more than one-third of the country’s wealth, up from 27% in 1989.
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