No African billionaire family made the global top 25 richest families list despite several African billionaires ranking among the world’s wealthiest individuals, underscoring the extreme wealth disparity compared to the international elite.
As of December 2023, Egypt’s Sawiris family leads the continent as Africa’s richest dynasty with a combined $14.5 billion net worth.
However, the minimum fortune required for Bloomberg’s latest annual ranking of the 2023 top 25 global family fortunes has exploded to a staggering $32 billion – more than double Africa’s wealthiest clan.
Collectively, the 25 richest families worldwide added an astonishing $1.5 trillion to their wealth over the past year.
The ultra-elite Al Nahyan family of Abu Dhabi claimed the top spot for the first time with a $305 billion fortune, surpassing even the Waltons of Walmart fame by $45 billion.
Meanwhile, in Africa, the Sawiris, Dangote, Rupert and Oppenheimer families making up the top four wealthiest African dynasties seem modest with their billion-dollar (not trillion) fortunes.
The wealth disparity highlights the long road ahead for even the continent’s richest to catch up with global ultra-high net worth peers.
Yet several African billionaire families continue accumulating impressive fortunes year after year. One recent addition to the exclusive African billionaires club is Egypt’s Elsewedy family, renowned for their electrical equipment manufacturing empire Elsewedy Electric.
While African dynasties expand their empires, the global elite are growing their multigenerational wealth at eye-watering speeds.
For African billionaire families absent from the top billionaire cohorts, sustaining solid returns and a long-term outlook remains key to closing the wealth gap in the coming decades.
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