The decline in African billionaires' wealth is mainly due to global trade disruptions affecting resource-rich countries, rising interest rates, power shortages, and ongoing political and social instability across the continent.
Africa had 29 billionaires with a combined fortune of $54 billion by the end of 2023, according to a report released on November 20 by wealth management firm Altrata.
The report, titled Billionaire Census 2024, shows that the number of African billionaires increased by 3.6% compared to 2022.
However, the total wealth of these billionaires decreased by 3.7% during the past year. This decline represents just 0.4% of the total wealth held by billionaires worldwide.
Altrata attributes the drop in African billionaires' combined wealth to several factors. These include the vulnerability of resource-rich countries to global trade disruptions, tough financing conditions, electricity shortages, and ongoing political and social instability. These issues have negatively affected the portfolios of Africa’s wealthiest individuals.
On a global scale, the billionaire population grew by 4% in 2023, reaching a total of 3,323 individuals. Their combined wealth surged by 9%, reaching an enormous $12.1 trillion.
However, wealth among billionaires remains highly unevenly distributed. Of the 3,323 billionaires, 2,779 (84%) have fortunes ranging from $1 billion to $5 billion. Meanwhile, 351 billionaires hold between $5 billion and $10 billion, and 176 have fortunes valued between $10 billion and $50 billion. A small group of 18 billionaires, each worth over $50 billion, controls 16% of the total billionaire wealth, or $1.974 trillion.
The report also highlights regional disparities. North America remains home to the largest number of billionaires, with 1,111 individuals collectively worth more than $5.027 trillion (+20.2%). In Europe, there are 980 billionaires with a combined fortune of $3.179 trillion, while Asia has 806 billionaires with a total wealth of $2.573 trillion.
• Inflation within the West African Economic and Monetary Union (UEMOA) fell to a two-year low of 0....
Flutterwave gained a BCEAO license to operate in Senegal, expanding to 35 African countries. ...
In Africa, the private sector is widely seen as the main engine of industrialization and plays a cen...
President Paul Biya, 92, to seek eighth term in October 2025 election In power since 19...
• Interbank volumes rose 18.7% in May, while rates declined across the market• The BCEAO cut its mai...
Highlights: • Kobold Metals signed an agreement in principle with the DRC government on July 17, 2025.• The deal includes the Manono lithium project,...
Highlights: • Global cocoa processing down across all major regions in Q2 2025• ECA: Europe’s grindings at lowest since 2020, Asia at lowest since...
Highlights: • Egypt targets 42% renewable energy share by 2030.• POWERCHINA to build 130-km high-voltage line signed on June 25.• National grid expansion...
Highlights: • EXIM Bank issues letter of intent for $150M to support Botswana's NexMetals• US eyes battery-grade nickel sulphates and cobalt from...
Ashenda is a vibrant traditional festival celebrated primarily in northern Ethiopia, particularly among the Tigray and Amhara communities, as well as in...
The Emerald Sea is a vast turquoise lagoon located in the northern part of Madagascar, just a few kilometers from the town of Antsiranana (formerly Diego...