In the dynamic landscape of African billionaires, the year 2023 has been marked by fluctuations in valuations, driven by evolving policies, stock performance, and strategic company acquisitions and sales.
Despite the ebb and flow of their financial trajectories, as the holiday season unfolds, a handful of these billionaires find themselves gleefully reviewing their investment portfolios, adding a touch of festive cheer to their financial reflections.
This holiday season tells a compelling tale of five individuals within this African elite group, each successfully amassing over $100 million during this joyful period. highlights 5 African billionaires, who amid the festivities, have strategically capitalized on wealth-building opportunities.
5. Mohammed Al Amoudi
Gain: $280 million
Ethiopia’s richest man, Al Amoudi who controls a collection of industrial assets in Sweden, Saudi Arabia, and Ethiopia has gained $280 million so far in December. As of Dec 1, $8.76 billion, and by Dec 25 it was $9.04 billion.
Al Amoudi at 77 years is the owner of Svenska Petroleum Exploration and Preem, Sweden’s biggest oil refiner. In Ethiopia, he owns two gold assets: Midroc Gold, the country’s largest miner according to its website, and the undeveloped Okote Gold Mine.
The Okote project is valued using a discounted cash-flow analysis and Midroc Gold is valued using the average enterprise value-to-reserves of peers.
4. Nath Kirsh
Gain: $350 million
Eswatini billionaire Nath Kirsh, founder of Jethro Holdings, saw a notable $350 million increase in his net worth. Starting December at $7.18 billion, his current net worth as of December 25 stands at $7.53 billion based on the performance of his stakes in various companies.
The majority of Kirsh’s wealth comes from his 75% stake in Jetro Holdings, a New York-based company overseeing two U.S. wholesale grocery businesses: Jetro Cash & Carry and Restaurant Depot. With an annual revenue exceeding $10 billion, according to a December 2019 Fitch’s credit report, and considering peer performance, Jetro and Restaurant Depot operate as sister businesses.
Kirsh, through Kirsh Group, commands a 52% stake in Sydney-based Abacus Property Group, a publicly traded real estate investment trust, as per its September 16, 2022, stock exchange filing.
Beyond his business ventures, the billionaire holds real estate across four continents, including notable properties like London’s first office skyscraper, Tower 42, and Birkenhead Point in Sydney, Australia.
3. Nicky Oppenheimer
Nicky Oppenheimer, one of South Africa’s wealthiest individuals, has experienced a $400 million surge in his net worth throughout December. According to data tracked by on Bloomberg, Oppenheimer’s net worth stood at $9.35 billion on December 1, and by December 25, it had climbed to $9.75 billion, primarily driven by the robust performance of his private equity investments.
Oppenheimer maintains a diversified portfolio with private equity investments spanning Africa, Asia, the US, and Europe. These investments are managed through London-based Stockdale Street and Johannesburg-based Tana Africa Capital.
The bulk of Oppenheimer’s wealth originates from the proceeds he garnered from selling his family’s 40% stake in De Beers, the world’s largest rough diamond producer, to Anglo American for $5.2 billion in August 2012. Additionally, he received approximately $390 million in dividends from Anglo American.
2. Nassef Sawiris
Gain: $620 million
Egypt’s wealthiest individual, Nassef Sawiris, has seen a substantial increase in his net worth, climbing from $7.68 billion on Dec 1 to $8.30 billion by Dec 25, 2023—an impressive gain of about $620 million. Sawiris’s wealth is primarily tied to his ownership of 39% of OCI, a fertilizer producer based in Geleen, Netherlands.
OCI was formed through a demerger from his family’s original business, Orascom Construction, and reported revenue of $6.3 billion in 2021.
In addition to his holdings in OCI, Sawiris possesses a 7% stake in Adidas and an interest in Arkema SA, a French company specializing in speciality materials.
As reported, there are plans for Sawiris to relocate his family office to Abu Dhabi, aligning with a trend of notable investors establishing operations in the flourishing emirate. The move aims to re-domicile NNS Group in the Abu Dhabi Global Market, the city-state’s international financial centre, pending regulatory approval.
1. Johann Rupert
Gain: $800 million
Johann Rupert, briefly Africa’s richest before Aliko Dangote, gained $800 million in December, with his net worth rising from $11.4 billion on December 1 to $12.2 billion by December 25.
Primarily fueled by Richemont shares’ robust performance, Rupert’s fortune is chiefly derived from the luxury goods manufacturer and retailer, the world’s largest luxury watchmaker.
His family investment vehicle, Compagnie Financiere Rupert, holds 0.5% of Richemont’s publicly traded Class A shares and all non-traded Class B shares.
Additionally, the family has stakes in Remgro, controlling 1% of its publicly traded ordinary shares and all Class B shares through Rembrandt Trust, directed by Rupert.
