Top 7 Wealthiest Women in Africa: Trailblazers of Industry and Wealth
The 2024 Africa Wealth Report by Henley & Partners highlights Africa’s rising prominence in global wealth, boasting 135,200 high-net-worth individuals and 21 billionaires. Among these affluent personalities, women have made significant strides, establishing themselves as leaders across various industries, from oil and real estate to retail and wine production. Here is an in-depth look at the top seven wealthiest women in Africa, showcasing their inspiring journeys and contributions to their respective sectors.
1. Folorunsho Alakija – Net Worth: $1 Billion
Country: Nigeria
Industry: Oil, Fashion
Folorunsho Alakija, one of Africa’s most prominent entrepreneurs, serves as the Vice Chair of Famfa Oil, a leading oil exploration company. Famfa Oil holds a significant stake in the Agbami Oilfield, one of Nigeria’s most productive offshore assets.
Alakija began her career in fashion, founding a company that became a household name in Nigeria before transitioning to the oil industry. Her ability to pivot between industries and succeed highlights her exceptional business acumen. A passionate philanthropist, she has invested heavily in education and healthcare initiatives in Nigeria.
2. Ngina Kenyatta – Net Worth: $1 Billion
Country: Kenya
Industry: Banking, Hospitality, Media
Ngina Kenyatta, widely known as Mama Ngina, is an influential Kenyan businesswoman and matriarch of the Kenyatta family. As the widow of Kenya’s first president, Jomo Kenyatta, and mother of former president Uhuru Kenyatta, her influence extends across Kenya's political and economic landscape.
Mama Ngina holds significant stakes in businesses across various sectors, including the Commercial Bank of Africa, the Heritage hotel chain, Brookside Dairy, Timsales Timber, and Media Max. Her business empire reflects her sharp investment strategy, solidifying her position as one of Africa’s wealthiest women.
3. Hajia Bola Shagaya – Net Worth: $950 Million
Country: Nigeria
Industry: Real Estate, Oil, Finance
Hajia Bola Shagaya is a Nigerian entrepreneur with a diversified portfolio that spans real estate, oil, communications, and finance. As the founder of Bolmus Group International, she has built a reputation for her strategic investments and business acumen.
Shagaya owns luxury properties in Nigeria’s most affluent neighborhoods as well as in Europe and the United States. She is also the managing director of Practoil Limited, a leading importer and distributor in Nigeria’s oil sector. Her entrepreneurial journey is an inspiration to many aspiring businesswomen across Africa.
4. Daisy Danjuma – Net Worth: $900 Million
Country: Nigeria
Industry: Oil, Politics, Philanthropy
Daisy Danjuma, a lawyer and former senator for Nigeria’s Edo South Senatorial District, is a prominent businesswoman with extensive influence in the oil and gas sector. She chairs South Atlantic Petroleum (SAPETRO), a major player in Nigeria’s energy industry.
Beyond her business ventures, Danjuma is a committed philanthropist, serving as a trustee for several charitable organizations. Her dual contributions to business and public service have solidified her reputation as a powerhouse in Nigeria.
5. Dr. Stella Okoli – Net Worth: $850 Million
Country: Nigeria
Industry: Pharmaceuticals
Dr. Stella Chinyelu Okoli is the founder and CEO of Emzor Pharmaceutical Industries Limited, a leading pharmaceutical company in Nigeria. Emzor is renowned for producing affordable and high-quality medications, contributing significantly to healthcare access in Africa.
Okoli’s entrepreneurial journey began with a vision to address Nigeria’s healthcare challenges. Today, her company is a key player in the industry, exporting products to various African countries. Her philanthropic efforts focus on education and healthcare, aligning her business success with community development.
6. Wendy Appelbaum – Net Worth: $260 Million
Country: South Africa
Industry: Wine, Investment
Wendy Appelbaum is a South African businesswoman who has carved out a niche in the wine and investment sectors. She is the owner and chair of De Morgenzon Wine Estate in Stellenbosch, a globally recognized wine producer.
Previously a significant shareholder in Liberty Group Investors, Appelbaum transitioned to entrepreneurship, co-founding the Women’s Investment Portfolio Limited (Wiphold), the first female-controlled company to be listed on the Johannesburg Stock Exchange. Her innovative approach to business has made her a prominent figure in South Africa’s financial and agricultural sectors.
7. Wendy Ackerman – Net Worth: $200 Million
Country: South Africa
Industry: Retail
Wendy Ackerman is one of the founders and executive directors of Pick n Pay, a leading retail chain in South Africa. Alongside her husband, Ackerman played a pivotal role in expanding the company into a major player in the African retail industry.
Ackerman is celebrated for her contributions to consumer business and her philanthropic efforts. She has received numerous awards, including the Paul Harris Fellowship Award and recognition from CEO Magazine. Her focus on social responsibility has added to her legacy as a transformative leader in African retail.
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The Rise of Wealth Among African Women
The wealth and influence of these women highlight the growing economic opportunities and evolving business landscape in Africa. Their ventures across diverse industries—ranging from oil and pharmaceuticals to retail and wine production—demonstrate the limitless potential of women entrepreneurs.
Their success stories are also a testament to resilience, innovation, and strategic investment. These women have not only amassed personal wealth but have also contributed significantly to job creation, industry growth, and community development.
The Future of Wealth in Africa
As Africa continues to grow economically, the number of high-net-worth individuals is expected to increase. Women, in particular, are poised to play a more prominent role in driving economic progress across the continent. With supportive policies, access to capital, and opportunities for education and mentorship, the next generation of African women entrepreneurs can achieve even greater success.
The achievements of Folorunsho Alakija, Ngina Kenyatta, and their contemporaries serve as a beacon of possibility for aspiring women across the continent. By breaking barriers and building sustainable businesses, they are redefining what it means to be a leader in Africa.
