Igbo billionaires absent as Forbes unveils Africa’s wealthiest for 2025

Forbes has unveiled its list of Africa’s wealthiest individuals for 2025, with only four Nigerians making the cut: Aliko Dangote, Mike Adenuga, Abdulsamad Rabiu, and Femi Otedola. Notably, no billionaire of Igbo descent featured in this year’s ranking.

For the 14th consecutive year, Aliko Dangote retained his position as Africa’s richest individual, with an estimated net worth of $23.9 billion, a substantial increase from $13.9 billion in 2024. The surge in his fortune is largely attributed to the valuation of his recently operational refinery. Dangote’s business empire spans multiple sectors, including cement, sugar, flour, salt, seasoning, pasta, beverages, real estate, oil and gas, and fertiliser.

Mike Adenuga, chairman of Globacom, ranked as Africa’s fifth-richest person with a net worth of $6.8 billion. Meanwhile, Abdulsamad Rabiu, the head of BUA Group, secured sixth place with an estimated fortune of $5.1 billion. Femi Otedola, chairman of First Bank of Nigeria and Geregu Power Plc, was listed in joint 16th place with a net worth of $1.5 billion. His wealth saw a significant rise of over 30% following a 40% surge in Geregu Power’s share value, driven by increased revenue and profits.

South Africa leads the continent in billionaire representation, boasting seven individuals on the list. Nigeria and Egypt follow with four each, while Morocco has three. Algeria, Tanzania, and Zimbabwe each have one billionaire.

Forbes described 2025 as a landmark year for Africa’s wealthiest, with their collective net worth surpassing $100 billion for the first time. The combined wealth of the 22 listed billionaires has risen to $105 billion, up from $82.4 billion last year, when only 20 individuals made the ranking.

The Forbes list tracks the fortunes of African billionaires who either reside on the continent or derive their primary wealth from Africa. Net worth calculations were based on stock prices and exchange rates as of the close of business on 7 March 2025.