It was a banner year for Africa’s billionaires, whose cumulative wealth surpassed $100 billion for the first time ever. Africa’s 22 billionaires saw their fortunes rise to a total of $105 billion, up from $82.4 billion and 20 billionaires last year.

It’s no small feat to generate this level of wealth on the continent, where political uncertainty, currency crises and challenging consumer markets are routine. Last May, Zimbabwe ditched the country’s Zimbabwe dollar in favor of the ZiG, a gold-backed currency aimed at curbing the nation’s hyperinflation problem. Still, the growth for Africa’s wealthiest is in line with global equity markets, which rose 22% in the 12 months ended February 2025, according to MSCI.

Aliko Dangote of Nigeria tops the list for the 14th year in a row with an estimated net worth of $23.9 billion, up from $13.9 billion a year ago. The big jump in his fortune is primarily due Forbes adding the value of his refinery, which opened last year on the outskirts of Lagos after long delays. The refinery struggled for years to take off due to regulatory disputes and other setbacks, but started refining a small amount of oil in early 2024 and is slated to reach full capacity this month. That has allowed Nigeria–a major oil-producing country–to begin exporting some refined petroleum products.

The second richest African is South African luxury goods tycoon Johann Rupert, whose fortune rose 39% to $14 billion, the second-largest gain among the billionaires. Rupert has held onto the No. 2 spot since 2022. Another billionaire whose fortune grew more than 30%: Femi Otedola of Nigeria (No. 18, $1.5 billion), chairman of listed power generation firm Geregu Power Plc. Shares of Geregu surged some 40% in the past year following a jump in revenue and profits.