For the first time in history, Africa’s billionaires have collectively amassed a fortune exceeding $100 billion, with their combined net worth reaching $105 billion, according to Forbes’ 2025 rankings.

The new milestone represents a significant increase from $82.4 billion in 2024, marking a major moment for Africa’s wealthiest individuals. The surge in fortunes underlines the business growth of Africa’s ultra-rich, particularly in industries like energy, consumer goods, banking, and real estate, which have benefited from rising equity markets and currency gains.

Dangote Retains Top Spot as Refinery Boosts Fortune

Nigeria’s Aliko Dangote continues his reign as Africa’s richest person for the 14th consecutive year, with his net worth surging to $23.9 billion, up from $13.9 billion in 2024. The sharp increase is attributed to his long-awaited refinery project near Lagos, which finally began operations in early 2024 after years of setbacks.

Speaking to Forbes in February, Dangote described the refinery as a pivotal step in ensuring that Africa refines its own crude oil, thereby creating wealth and prosperity for its vast population. The refinery’s successful launch has positioned Nigeria to begin exporting refined petroleum products, a historic shift for the continent’s largest oil producer, which has long been dependent on fuel imports. The development has not only increased Dangote’s personal wealth but has also boosted investor confidence in Nigeria’s industrial and energy sectors.

South Africa, Egypt, and Nigeria Dominate the Billionaire Rankings

South Africa leads the continent in billionaire representation, with seven individuals making the list. Nigeria and Egypt follow with four billionaires each, while Morocco boasts three. Other countries represented include Algeria, Tanzania, and Zimbabwe. South African luxury goods magnate Johann Rupert, owner of Richemont, remains Africa’s second-richest individual, with a net worth of $14 billion, marking a 39 percent increase from 2024. His growth is second only to Dangote’s, reflecting strong global demand for luxury brands.

Meanwhile, Nigeria’s Femi Otedola, chairman of Geregu Power Plc, saw his fortune rise by over 30 percent to $1.5 billion, driven by a 40 percent surge in Geregu Power’s stock price amid rising energy demand. Despite these gains, Africa’s billionaire list remains dominated by a small group of individuals, with few new entrants. In contrast, Asia and the U.S. add dozens of new billionaires each year, underscoring Africa’s slow pace of wealth creation.

This year’s rankings saw the return of two former billionaires who had previously dropped off the list. Moroccan real estate mogul Anas Sefrioui reentered the rankings following a major surge in shares of his real estate company, Douja Promotion Groupe Addoha. South African investor Jannie Mouton also made a comeback after a 59 percent jump in Capitec Bank Holdings’ stock price, reflecting renewed investor confidence in South Africa’s banking sector.

However, not all billionaires saw gains. Zimbabwe’s Strive Masiyiwa suffered the biggest decline, losing a third of his wealth due to Zimbabwe’s shift from the Zimbabwe dollar to the gold-backed ZiG currency. His net worth now stands at $1.2 billion, a sharp drop that highlights the instability of African financial systems.

Africa’s Billionaires Lag Behind Global Peers

While the Forbes rankings show that African billionaires are growing richer, the continent as a whole continues to struggle to produce new ultra-wealthy individuals. The rankings, based on publicly available financial data, including stock prices and currency exchange rates as of March 7, 2025, show that global billionaire wealth has risen by 22 percent over the past year.

Africa continues to fall significantly behind other regions in billionaire representation, highlighting the continent’s economic challenges.

While Africa’s wealthiest individuals have seen substantial gains, the total number of billionaires on the continent remains disproportionately low compared to other regions. The United States leads the world with 870 billionaires, whose combined wealth exceeds $5.5 trillion. Asia follows with 951 billionaires, reflecting the region’s booming economies, particularly in China, India, and Southeast Asia. Europe ranks third, with 536 billionaires, largely due to its well-established financial markets and industrial giants. In stark contrast, Africa has only a little over 20 billionaires, exposing the continent’s struggles in wealth creation and economic growth.

Africa’s underperformance in the global billionaire index is a direct reflection of the continent’s economic strength—or lack thereof. Unlike the U.S. and Asia, where billionaires emerge from technology, finance, and advanced manufacturing, Africa’s wealth remains heavily concentrated in traditional sectors like oil, commodities, and retail. The continent’s inability to diversify its economy, attract major tech investments, and develop strong financial markets has kept its billionaire count alarmingly low.

Moreover, Africa’s economic trajectory is deeply tied to governance and leadership. While countries like China, India, and Brazil have implemented pro-business policies, industrialization strategies, and financial reforms, many African nations continue to struggle with corruption, weak institutions, and regulatory hurdles that stifle large-scale wealth creation. The few billionaires that exist on the continent often have close ties to governments or operate in monopolistic industries, making it difficult for new entrepreneurs to amass significant wealth.

On March 29, 2025, small protests targeting Tesla and its CEO, Elon Musk, took place in Berlin as part of a broader “Tesla Takedown” Global Day of Action. These demonstrations were relatively modest in scale, with reports indicating only about ten participants in Berlin, a stark contrast to the larger crowds seen in the United States. The protests were driven by opposition to Musk’s role in the Trump administration’s Department of Government Efficiency (DOGE), where he has spearheaded significant cuts to the U.S. federal workforce and government spending. In Berlin, demonstrators gathered outside a Tesla dealership, holding signs critical of Musk, though the turnout remained limited.

The Berlin protests coincided with similar actions across Germany and internationally, including in cities like London and Seattle, as activists aimed to pressure Musk by targeting Tesla, the primary source of his wealth. While the movement has gained traction elsewhere—particularly in the U.S., where hundreds rallied at over 200 Tesla locations—the response in Berlin was notably subdued. Reports from German media, such as Der Spiegel, highlighted the low attendance, with some suggesting the global call to action failed to resonate strongly in the German capital.

This could reflect a disconnect between Musk’s U.S.-focused political actions and local sentiment in Germany, where Tesla’s presence is significant due to its Giga Berlin factory, yet the protests did not mirror the intensity seen in prior anti-Tesla actions there, like the May 2024 demonstrations against the factory’s expansion. The implications of these small protests in Berlin are limited but noteworthy. They signal a ripple of international discontent with Musk’s influence, though the minimal turnout suggests the “Tesla Takedown” movement has yet to mobilize significant support in Germany.

Elon Musk and Tesla have become targets for a variety of reasons, largely tied to Musk’s high-profile actions, political involvement, and the symbolic role Tesla plays as an extension of his influence and wealth. Based on available information, Musk’s close association with U.S. President Donald Trump, particularly since Trump’s second term began in 2025, has made him a lightning rod for criticism. Musk leads the Department of Government Efficiency (DOGE), which is aggressively cutting federal spending and jobs. This has angered groups who see these actions as undermining social programs and democratic institutions, positioning Musk as a powerful figure in Trump’s administration.

Tesla, as Musk’s most visible company, has become a proxy for this backlash, with protests like the “Tesla Takedown” movement aiming to hurt his wealth and influence by targeting the company. Critics view Musk as an unelected billionaire wielding outsized influence over government policy, especially through DOGE. Tesla, which underpins much of his fortune, is seen as a tangible target for those opposing what they call an “illegal coup” or a tech oligarchy. Activists globally have organized demonstrations at Tesla showrooms, with some arguing that hitting Tesla’s stock value and sales directly impacts Musk’s power.

Musk’s vocal support for Trump and far-right figures, coupled with controversial gestures—like a salute at Trump’s inauguration that some interpreted as fascist—has alienated segments of Tesla’s traditional customer base, particularly progressive and liberal buyers. This shift has fueled boycotts, vandalism, and protests, with Tesla vehicles and dealerships being attacked as symbols of Musk’s ideology. For example, in Europe, companies like Rossmann have ditched Tesla fleets over Musk’s politics, and owners report harassment.

Tesla’s stock has dropped significantly in 2025—down 45% according to some reports—amid these protests and a broader sales slump. Activists and short sellers may see this as an opportunity to amplify pressure, with some suggesting that coordinated attacks on Tesla are meant to drive down its stock price. Musk himself has noted that many involved in these “takedowns” profit from shorting Tesla stock, linking financial motives to the targeting. Beyond peaceful protests, Tesla has faced violent acts—gunfire at dealerships, arson at charging stations, and Molotov cocktails—labeled as “domestic terrorism” by U.S. officials like Attorney General Pam Bondi.

While not all incidents are politically motivated, the timing aligns with Musk’s rising prominence in Trump’s administration, suggesting some are retaliating against his policies or persona. The FBI has even launched a task force to investigate these attacks. Opinions differ on who’s behind the targeting. Some claim it’s a well-funded operation, possibly violating securities laws, while others, like activist Valerie Costa, insist it’s a decentralized, people-powered movement. No conclusive evidence ties specific groups like ActBlue or George Soros to the violence, but the narrative of organized opposition persists.

For Tesla, the Berlin protests pose little immediate threat to operations, especially compared to the vandalism and larger rallies elsewhere. However, they contribute to a growing narrative of Tesla as a polarizing brand, potentially complicating its image in a key European market where it employs thousands and produces electric vehicles. For now, the Berlin demonstrations remain a footnote in the wider anti-Musk campaign, lacking the scale to drive substantial change but reflecting a persistent undercurrent of criticism.