Figures cited by BusinessDay show that Nigerian billionaires have overtaken their South African counterparts in combined net worth, with the total fortune of Nigeria’s top four listed billionaires hitting $43 billion. Abdul Samad Rabiu reportedly led the growth in 2025, moving up the ranks as Nigerian industrial sectors showed resilience despite foreign exchange fluctuations. The report notes that the shift in wealth dynamics is partly due to the expansion of Nigerian conglomerates into regional African markets and the stabilization of the Naira in late 2025. This marks a significant moment in the ‘wealth war’ between Africa’s two largest economies. This economic milestone was also mentioned by The Punch and Premium Times. The Punch noted that ‘Nigerian billionaires overtake South African peers,’ while Premium Times highlighted the ‘economics of coping’ for the broader population while the top tier sees record growth.
Echotitbits take: While billionaire growth is a sign of industrial strength, the ‘decoupling’ of elite wealth from the struggles of the average Nigerian remains a concern. The growth in Rabiu’s and Dangote’s fortunes suggests that local manufacturing is finally benefiting from the ‘Buy Nigeria’ policies and improved export routes.
Source: MarketsReporters – https://www.marketsreporters.com/2025/01/25/south-africa-overtakes-nigeria-in-dollar-billionaires-wealth/ January 6 2026
Photo Credit: MarketsReporters
