According to the latest Billionaire Ambitions Report, Nigeria has emerged as the leading hub for self-made billionaires in Africa in 2023, showcasing its economic resilience despite ongoing challenges. The report, encompassing Middle East and Africa (MEA) nations, reveals that Nigeria, with its vast population of approximately 200 million people, claims the top spot with an impressive 66.6% of self-made billionaires, outpacing South Africa (60%) and Egypt (50%).
The report highlights the success stories of three prominent Nigerian billionaires—Aliko Dangote, AbdulRabiu Samad, and Mike Adenuga—whose combined wealth has surged by nearly 20%, reaching a substantial $28.5 billion. A significant contributor to this growth is the robust performance of their consumer retail and oil companies.
Among them, Mike Adenuga, with interests in telecom and oil production, stands out. His mobile phone network, Globacom, is Nigeria’s third-largest operator, and his oil exploration entity, Conoil Producing, manages six oil blocks in the Niger Delta. Meanwhile, Aliko Dangote, Africa’s wealthiest individual, is the founder and chair of Dangote Cement, the continent’s largest cement producer, and is gearing up for full-scale operations at the Dangote Refinery, one of the world’s largest oil refineries.
Abdulsamad Rabiu, whose entrepreneurial journey began in 1988, imported iron, steel, and chemicals initially, building on a foundation of business acumen inherited from his successful businessman father.
While Nigeria experienced a boost in billionaire wealth, South Africa's billionaires saw a 16.9% increase in net worth, reaching $25.6 billion. In contrast, Egypt witnessed a historic low, with the net worth of its billionaires plummeting to -17.7%, decreasing to $13.5 billion from the $16.4 billion recorded in 2022. The number of Egyptian billionaires also dropped from six to four within the past 12 months.
Despite global economic fluctuations, the 2022/2023 period saw a partial recovery in billionaires’ wealth, with the total number globally rising by 7% to 2,544, and combined wealth rebounding by 9% to USD 12.0 trillion. The EMEA region demonstrated exceptional performance, driven by a post-pandemic surge in luxury goods and cosmetics companies in France, with total wealth escalating by 21% to USD 3.2 trillion.
Looking ahead, billionaires in Europe, the Middle East, and Africa are considering increased exposure to developed market bonds, with concerns about geopolitical tensions and the inflation outlook. Artificial intelligence (AI) is identified as the most significant commercial opportunity, while the looming threat of new technologies disrupting existing business models is perceived as the most substantial risk by a majority of billionaires surveyed
