Nigerian billionaires surpass South African rivals in combined wealth for the first time

For the first time, the combined wealth of Nigeria’s four listed billionaires has overtaken that of their South African counterparts. Driven by a soaring stock market and robust corporate profits, their total net worth reached $43.1 billion by the end of 2025, exceeding the $42 billion held by South Africa’s seven billionaires.

This shift highlights changing economic and capital-market dynamics in Africa. While South Africa still boasts more billionaires, Nigeria’s concentrated wealth grew 15.6% in 2025, following a 61.4% surge the year before. The Nigerian Exchange Limited (NGX) was a key driver, ranking as the world’s fourth best-performing market in 2025 with a 51.2% annual gain.

Leading the Nigerian surge was Abdulsamad Rabiu, founder of BUA Group, whose wealth skyrocketed 86.3% to $9.5 billion, making him Africa’s fourth-richest person. **Aliko Dangote**, Africa’s richest for the 14th consecutive year, saw his fortune rise 7.1% to $25.6 billion, bolstered by his massive new refinery. Femi Otedola gained 6.7% to $1.6 billion, while **Mike Adenuga** saw a 5.9% dip to $6.4 billion.

In contrast, South Africa’s billionaire class, though growing from five to seven individuals and seeing 16.7% collective growth, was outpaced in total value. Egypt’s five billionaires saw their combined wealth decline by 4.4%.

Analysts attribute Nigeria’s market boom to easing macroeconomic pressures, foreign-exchange reforms, strong corporate earnings, and domestic investors seeking inflation hedges. The performance underscores how national capital markets and flagship industries, like Dangote’s refinery and BUA’s food and cement empires, are reshaping the continent’s wealth landscape.

About The Author

Dele Fashomi

Dele Fashomi, seasoned journalist and communication teacher, is a holder of Master of Arts degree in Communication and Language Arts from the University of Ibadan in 1992/93.

Earlier, he had bagged a Bachelor degree from the same university in 1984, after which he proceeded to the Nigerian Institute of Journalism, Lagos, in 1990, for a postgraduate diploma in Journalism.

He had done many courses in communication, including the EU-BBC Editing Course in 2002.

Mr. Fashomi combines effectively the practice, research and teaching of communication. And to date, he has published two academic works in communication: Issues in Communication Technology and Policy (2010) and Economic and Social Issues in Advertising and PR (2013).

He had his first break in the Nigerian media in Concord Newspapers in 1990 and today, he has over two and half decades experience earned in several newspapers.

He has been part of many start-ups, such as The Republic (1987), The Comet (1999), The Anchor 2001 – 2002; Sun Newspapers (2003); Westerner newsmagazine (2005 – 2010) as Editor; National Life (2011) as Sunday Editor, and Newswatch Newspapers (2012- 2016) as Daily Editor.

Dele Fashomi is now the Publisher/Editor-in-Chief of Newstide247.com newspaper online, which he started in July 2015. He is also into biography writing, with many books in his trail, some of which he wrote alone and one he co- authored with his mentor, Mr Dare Babarinsa, entitled:  Olabiyi Durojaiye – DARE TO BE DiFFERENT. He also guided and collaborated with Pa Olatunji Odusanya in writing his autobiography – AGAINST ALL ODDS. There are many other books in the works under his pen.

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