Africa’s billionaire class recorded a major rise in wealth over the past year, with the continent’s 23 richest individuals now worth a combined $126.7 billion, marking a 21 percent increase from 2025.

The latest ranking released on Monday by Forbes shows that Africa’s billionaires collectively added $20.3 billion to their fortunes, buoyed by rising equity markets and stabilising regional currencies across the continent.

Leading the list once again is Nigerian industrialist Aliko Dangote, whose net worth rose to $28.5 billion after gaining $4.6 billion within the past year.

Dangote’s wealth surge was largely driven by the strong performance of Dangote Cement, whose shares climbed nearly 69 percent since last March after the company doubled its profits in 2025 to a record one trillion naira.

The billionaire businessman also recently announced a $400 million agreement with a Chinese machinery firm aimed at accelerating plans to double the capacity of his refinery by 2029.

Nigeria maintained a strong presence on the list with four of its business leaders featured among Africa’s wealthiest individuals.

Aside from Dangote, other Nigerians on the ranking include Mike Adenuga with a net worth of $6.5 billion, Abdulsamad Rabiu with $11.2 billion, and Femi Otedola valued at $1.3 billion.

Rabiu recorded the biggest gain on the list after his fortune surged by 120 percent, or $6.1 billion, pushing him to third place among Africa’s richest individuals.

His wealth was boosted by a sharp rise in shares of BUA Cement, which jumped 135 percent, outperforming the broader Nigerian stock market.

South African luxury goods magnate Johann Rupert ranked second on the list with a net worth of $16.1 billion, while Nicky Oppenheimer and family followed in fourth place with $10.6 billion from interests in the mining sector.

Egyptian billionaire Nassef Sawiris, whose fortune is estimated at $9.6 billion, was the only billionaire on the list whose wealth remained unchanged during the year.

Sawiris owns stakes in English football club Aston Villa F.C. and global sportswear company Adidas, where he is expected to become chairman in May.

The report also noted that four African billionaires recorded declines in their fortunes over the past year.

Among them was Moroccan real estate magnate Anas Sefrioui, whose wealth fell by $300 million after shares of Group Addoha dropped by more than 30 percent.

Similarly, Nigerian businessman Otedola lost about $200 million but returned to the ranking after selling most of his stake in Geregu Power Plc.

According to Forbes, Africa’s billionaire club—often referred to as the “three-comma club”—surpassed $100 billion in combined wealth for the first time last year and has continued to grow.

Of the 23 billionaires on the list, 14 are self-made, while all except Tanzanian entrepreneur Mohammed Dewji, who is 50, are over the age of 60.

By country representation, South Africa leads with seven billionaires, followed by Egypt with five, Nigeria with four and Morocco with three.