According to the latest figures, the continent’s 23 billionaires added a collective $20.3 billion to their fortunes, driven by strong equity market performance and more stable regional currencies.

Leading the pack is Aliko Dangote, who remains Africa’s richest man with an estimated net worth of $28.5 billion. His wealth saw a major boost following a surge in shares of his cement company, alongside expansion plans for his oil refinery.

One of the biggest gainers this year is Abdulsamad Rabiu, whose fortune rose sharply to $11.2 billion, placing him among the top three richest individuals on the continent. Meanwhile, Johann Rupert continues to hold a strong position with $16.1 billion.

Despite the overall growth, not all billionaires saw gains. Nassef Sawiris maintained his position with no significant change, while others like Anas Sefrioui and Femi Otedola recorded slight declines in their fortunes.

The report also highlights that the majority of Africa’s billionaires are self-made, accounting for 61% of the list. However, there are still no female billionaires on the continent, and most individuals on the list are over the age of 60.

Regionally, South Africa leads with the highest number of billionaires, followed by Egypt, Nigeria, and Morocco.

As Africa’s economic landscape continues to evolve, the rapid growth in billionaire wealth reflects both expanding industries and increasing investment opportunities across the continent.