Amid economic challenges, Nigeria has emerged as the top hub for self-made billionaires in Africa in 2023, according to the Billionaire Ambitions Report. In a comprehensive analysis of the Middle East and Africa (MEA) nations, Nigeria claimed the leading position with an impressive 66.6% of self-made billionaires, surpassing South Africa (60%) and Egypt (50%).
The report highlighted 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. This increase is attributed to the market performance of their consumer retail and oil companies.
Nigeria’s wealthy individuals on the list are primarily self-made billionaires, achieving their status through remarkable achievements. For instance, Mike Adenuga made his fortune in telecom and oil production, while Aliko Dangote, Africa’s wealthiest individual, founded and chairs Dangote Cement and operates one of the world’s largest oil refineries.
South Africa’s five billionaires also experienced a 16.9% increase in net worth, aggregating to $25.6 billion. However, the narrative in Egypt differed, with the net worth of its billionaires plummeting to a historic low of -17.7%, shrinking to $13.5 billion from the $16.4 billion recorded in 2022.
Globally, the 2022/2023 period witnessed a partial recovery in billionaires’ wealth, driven by the resilience of Europe’s Consumer and Retail billionaires. The EMEA region showed exceptional performance, with total wealth escalating by 21% to USD 3.2 trillion and the number of billionaires growing from 599 to 658.
Looking ahead, the report revealed that 50% of billionaires in Europe, the Middle East, and Africa are considering an increased exposure to developed market bonds, with concerns about geopolitical tensions (61%) and the inflation outlook (44%). Artificial intelligence (AI) is identified as the most significant commercial opportunity for businesses and portfolios over the next year. However, 56% of billionaires perceive the looming threat of new technologies disrupting existing business models as the most substantial risk.
