Abdulsamad Rabiu and Johann Rupert in a fierce race to become Africa's next $20b billionaire

A fascinating billionaire struggle is taking place at the top of Africa's rich list, as Nigeria's Abdulsamad Rabiu and South Africa's Johann Rupert race to be the second African to hit the significant $20 billion net worth milestone.

• Nigeria's Abdulsamad Rabiu and South Africa's Johann Rupert are competing to become Africa's second billionaire with a $20 billion net worth.
• Rabiu currently leads with $19.1 billion, just $100 million more than Rupert, despite having a larger advantage days earlier.
• Rabiu's net worth surged by $8.96 billion this year, making him Africa's best-performing billionaire in 2024.
• Rupert's fortune decreased by $506 million this year, mainly due to changes in Richemont's performance, though he was previously close to the $20 billion mark.

At the moment, Abdulsamad Rabiu appears to have a $100 million advantage, despite being almost $2 billion clear of Rupert just a few days back.

Abdulsamad Rabiu, the Nigerian industrialist, is now worth $19.1 billion, making him Africa's second-richest man and the continent's best-performing billionaire this year, with an astounding year-to-date gain of $8.96 billion per the Bloomberg Billionaires Index.

Just behind him is South Africa's richest billionaire, Johann Rupert, whose net worth is currently $19.0 billion.

Unlike Rabiu's rapid growth, Rupert has seen his fortune fall this year, with a year-to-date change of -$506 million and a rating as the 140th richest person in the world.

Johann Rupert vs Abdulsamad Rabiu

Only a few months ago, Rupert appeared to be Africa's next $20 billion billionaire.

In December, he was the continent's top-performing billionaire, with a net worth of $19.1 billion and gains exceeding $5.4 billion.

By January, his fortune had risen to $19.7 billion, leaving him just $300 million short of breaching the $20 billion threshold.

Much of his momentum came from Richemont, the Swiss luxury firm under his control, which achieved $20 billion in yearly sales for the fiscal year ending December 2025, contributing significantly to the growth of his personal fortune.

The chairman of BUA Group, on the other hand, has seen a rise in valuations for his cement, sugar, and industrial holdings, a growth that made him eventually surpass Rupert's in May.

The race is now tighter than ever, with Rabiu just $900 million away from the $20 billion mark and Rupert only marginally behind.

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BUA Foods Plc’s amazing performance, which has demonstrated tenacity in the face of a challenging economic environment, is primarily attributed to the group’s success this year so far.

The company's unaudited Q1 2026 results revealed a 14% growth in earnings after tax to ₦142.32 billion, up from ₦125.28 billion at the same time last year, according to Vanguard.

This growth indicates cautious cost management, improved operational efficiency, and a focus on value creation.

Despite an 11% drop in revenue to ₦394.6 billion due to moderated pricing, lower inflation, and stable foreign exchange, profitability remained strong.