For decades, the narrative around wealth in Africa has been dominated by men. But today, the richest women in Africa are rewriting that story. These women have built empires, shaped industries, and amassed fortunes that place them among the continent’s most powerful figures. They are not just business leaders; they are visionaries, investors, and pioneers who have transformed Africa’s economy.
From oil and banking to retail and telecommunications, the top 10 richest women in Africa have used opportunities, navigated challenges, and built wealth through strategic investments. Some inherited their fortunes and expanded them, while others started with little and climbed to the top. Regardless of their paths, they all share a common trait—relentless ambition.
According to Forbes, these women collectively control billions of dollars, influencing economies far beyond Africa. But who are they? What industries made them wealthy? And what can aspiring entrepreneurs learn from their journeys?
In this article, we reveal the Forbes richest women in Africa, exploring their industries, investments, and the power moves that built their success. If you’re curious about the richest women in Africa, this is the ultimate guide.
Who Are Africa’s Richest Women?
Before diving into the list, it’s important to understand how Forbes ranks Africa richest women. The ranking is based on net worth, which fluctuates due to stock market performance, company valuations, and economic trends. These women have created wealth through oil, banking, retail, mining, real estate, and pharmaceuticals sectors that continue to shape Africa’s economy.
While some inherited wealth, they did not simply sit back. Instead, they expanded their fortunes through strategic investments and bold business decisions. Others built their empires from scratch, proving that vision, resilience, and strategy can create immense wealth.
Now, let’s look at the top 10 richest women in Africa, as ranked by Forbes.
10 Africa Richest Women According to Forbes
1. Folorunsho Alakija- Nigeria
Industry: Oil, Real Estate, Fashion
Folorunsho Alakija is the richest woman in Africa and one of the most successful self-made billionaires on the continent. Unlike many wealthy individuals who inherited fortunes, she built her empire from scratch through strategic investments in oil, real estate, and fashion.
How She Built Her Wealth:
She began her career in the fashion industry, launching Supreme Stitches, a luxury fashion brand that catered to Nigeria’s elite. Her success in fashion put her in contact with high-profile clients, opening doors to new opportunities. However, she had bigger aspirations beyond fashion. In the early 1990s, she applied for and secured an oil prospecting license, which later led to the discovery of one of Nigeria’s richest oil blocks.
Her company, Famfa Oil, became a major player in Nigeria’s oil and gas sector, partnering with Chevron for the development of the Agbami Oil Field, one of Nigeria’s largest deepwater oil fields. Over the years, her business has expanded into real estate, owning some of the most valuable properties in Nigeria and beyond.
Despite her enormous wealth, Alakija is deeply committed to philanthropy. Through the Rose of Sharon Foundation, she supports widows and orphans by providing scholarships and financial assistance. Her story is a blueprint for aspiring female entrepreneurs, proving that vision, persistence, and bold investments can create extraordinary success.
See also: 10 Richest Women in the World and Their Businesses
2. Isabel dos Santos- Angola
Industry: Banking, Telecommunications, Oil
Isabel dos Santos was once Africa’s richest woman, with a fortune exceeding $2 billion, according to Forbes. Her wealth was rooted in telecommunications, banking, and oil, making her one of the most powerful business figures in Angola. However, her financial empire later became entangled in controversy.
How She Built Her Wealth:
As the daughter of José Eduardo dos Santos, Angola’s former president, she used her political influence to secure lucrative state contracts and high-profile business deals. She gained a major stake in Unitel, Angola’s largest telecom company, and expanded her investments into Banco BIC, one of the country’s biggest banks. Her reach extended to Sonangol, Angola’s state-run oil company, where she served as chairperson and controlled key assets.
Despite her financial success, her fortune crumbled in 2020 when the Angolan government froze her assets, accusing her of corruption and mismanagement of public funds. Dos Santos denied the allegations, but many of her business holdings have been seized or lost in legal battles.
Her story remains a cautionary tale about power, wealth, and political influence, but it also highlights how Africa’s richest women can shape industries when given the right opportunities.
3. Ngina Kenyatta- Kenya
Industry: Banking, Real Estate, Agriculture
Ngina Kenyatta, widely known as Mama Ngina, is one of the richest women in Africa, with an empire spanning banking, real estate, and agriculture. As the widow of Jomo Kenyatta, Kenya’s first president, she has played a key role in expanding the Kenyatta family’s business empire, making them one of the wealthiest families in East Africa.
How She Built Her Wealth:
Her fortune is deeply rooted in strategic land ownership. The Kenyatta family owns thousands of hectares of prime land across Kenya, including valuable real estate in Nairobi, Mombasa, and other key cities. Their extensive land holdings, used for commercial and agricultural purposes, generate millions of dollars annually.
Beyond real estate, she has major interests in banking, particularly as a key shareholder in Commercial Bank of Africa (CBA), which later merged with NIC Bank to form NCBA Group, one of Kenya’s largest financial institutions. This bank serves thousands of customers, including corporate clients, high-net-worth individuals, and businesses across East Africa.
Her business empire also extends into hospitality and retail, with investments in luxury hotels, supermarkets, and logistics companies. The Kenyatta family owns stakes in Heritage Hotels, Brookside Dairy (East Africa’s largest dairy company), Mediamax Group (a major media house), and several other lucrative enterprises.
Despite her immense wealth, Mama Ngina maintains a low public profile and is known for her philanthropy, supporting various community development projects. Her business empire continues to thrive under the leadership of her family, proving that generational wealth can be preserved and expanded through smart investments and strategic diversification.
4. Hajia Bola – Shagaya Nigeria
Industry: Oil, Banking, Real Estate
Hajia Bola Shagaya is a powerhouse in Nigeria’s business world, having built an impressive empire in oil, banking, and real estate. She started her career in the Central Bank of Nigeria before venturing into entrepreneurship, where she made a name for herself in the oil and gas sector.
How She Built Her Wealth:
She founded her own oil importation and distribution business, using Nigeria’s vast petroleum industry to generate millions in revenue. Over the years, she expanded her portfolio to include exploration and production, securing lucrative contracts with major international oil firms.
Beyond oil, she is a major player in banking, holding substantial shares in Unity Bank, one of Nigeria’s financial institutions catering to small and medium-sized enterprises (SMEs), corporate businesses, and government sectors. Her investments in banking have allowed her to diversify her income streams and strengthen her financial standing.
Real estate is another pillar of her wealth. She owns high-end properties in Nigeria’s prime locations, including Lagos, Abuja, and Port Harcourt, as well as luxury real estate abroad. She has developed commercial buildings, luxury apartments, and shopping complexes, making her one of Nigeria’s biggest real estate investors.
Despite her success, Hajia Bola Shagaya is not just about wealth accumulation. She is deeply committed to philanthropy, funding education programs, scholarships, and women empowerment initiatives. Her strategic approach to business, investments in high-growth sectors, and commitment to social development make her one of Africa’s most inspiring female entrepreneurs.
5. Wendy Appelbaum – South Africa
Industry: Finance, Investments, Wine Production
Wendy Appelbaum is one of South Africa’s most influential businesswomen, known for her sharp investment strategies and philanthropic efforts. She is the daughter of Donald Gordon, the billionaire founder of Liberty Holdings, a leading financial services company in South Africa. Instead of simply inheriting wealth, she took control of her financial future and made strategic investments that significantly increased her fortune.
How She Built Her Wealth:
Her wealth is deeply tied to finance and investments. She held a senior position at Liberty Investors, where she played a key role in growing the company’s portfolio. She later diversified her interests into real estate, private equity, and agriculture, ensuring her wealth remained stable and profitable over the years.
One of her most notable ventures is De Morgenzon Wine Estate, a globally recognized wine business based in Stellenbosch, South Africa. Under her leadership, the estate has become one of the country’s most successful wine brands, producing award-winning wines exported to markets worldwide.
Beyond business, Appelbaum is a dedicated philanthropist, focusing on women’s empowerment, education, and healthcare. She funds several initiatives aimed at reducing gender inequality and promoting economic inclusion for women in South Africa. Her commitment to social impact, coupled with her sharp business sense, makes her a role model for African women in business.
6. Irene Charnley- South Africa
Industry: Telecommunications, Investments
Irene Charnley is a telecommunications magnate who started as a trade unionist before becoming one of Africa’s most powerful women in business. She played a crucial role in the expansion of MTN, one of Africa’s largest telecom giants, helping the company secure multibillion-dollar deals and expand into 21 countries across Africa and the Middle East.
How She Built Her Wealth:
Her time at MTN earned her millions in stock options and bonuses, making her one of the richest women in Africa Forbes has recognized. After leaving MTN, she ventured into entrepreneurship, founding Smile Communications, a company that provides 4G LTE broadband services in Nigeria, Uganda, and Tanzania.
Her success in telecommunications has been driven by her strong leadership, deep industry knowledge, and ability to identify high-growth opportunities. Beyond business, she is an advocate for digital inclusion, working to ensure more Africans gain access to affordable internet and digital resources.
Her impact on the telecommunications industry has made her one of Africa’s most influential businesswomen, proving that technology and innovation are key drivers of modern wealth.
7. Bridgette Radebe- South Africa
Industry: Mining, Energy, Investments
Bridgette Radebe is a trailblazing mining entrepreneur who built her fortune in South Africa’s highly competitive mining industry. As the first black female mining magnate in the country, she overcame numerous obstacles to establish Mmakau Mining, a company specializing in gold, platinum, and coal production.
How She Built Her Wealth:
Her journey into mining was anything but easy. She started her career in the 1980s as a mine worker, where she gained firsthand experience of the challenges within South Africa’s mining sector, especially for black entrepreneurs. At the time, white-owned corporations dominated the industry, making it difficult for black-owned businesses to break through. However, Radebe defied the odds, securing contracts and expanding her company into one of the leading black-owned mining firms in South Africa.
Mmakau Mining has interests in various mineral resources, including gold, diamonds, uranium, and coal. Her company is involved in mining exploration, processing, and extraction, ensuring that it controls multiple stages of the supply chain. This vertical integration strategy has significantly increased her profits, helping her grow her business into a multimillion-dollar enterprise.
Beyond mining, Radebe has diversified her wealth by investing in energy and infrastructure projects. She is a strong advocate for economic transformation in South Africa, pushing for policies that promote black entrepreneurship in the mining and energy sectors. She has also played a critical role in influencing government regulations on mining rights and black economic empowerment policies.
Her success has earned her numerous accolades, and she continues to be one of the most powerful women in Africa’s mining sector. Through her persistence, strategic investments, and leadership, she has paved the way for a new generation of female entrepreneurs in Africa’s resource industry.
8. Wendy Ackerman- South Africa
Industry: Retail, Investments, Sustainability
Wendy Ackerman is a retail mogul and philanthropist, best known as a co-founder of Pick n Pay, one of South Africa’s largest supermarket chains. With thousands of stores across Africa, Pick n Pay is a household name, generating billions in revenue annually. Ackerman played a crucial role in the company’s growth, expansion, and long-term success.
How She Built Her Wealth:
Her business journey began when she and her husband, Raymond Ackerman, took over four struggling grocery stores in Cape Town in 1967. Through innovative business strategies, cost-cutting measures, and exceptional customer service, they transformed Pick n Pay into one of Africa’s leading retail giants. Today, the company operates in South Africa, Namibia, Botswana, Zambia, Zimbabwe, and other African countries, employing over 80,000 people.
Ackerman is credited with spearheading sustainable business practices within the retail industry. Under her leadership, Pick n Pay introduced eco-friendly policies, including reducing plastic waste, investing in renewable energy, and supporting local farmers. Her commitment to corporate social responsibility (CSR) has set a standard for ethical and environmentally conscious retail operations.
Beyond business, she is a dedicated philanthropist, funding numerous education and women’s empowerment initiatives. She supports scholarships for underprivileged students and contributes to programs that uplift small-scale farmers and local businesses.
Her ability to balance business expansion with sustainability and social impact has made her a respected leader in Africa’s retail and business sectors. Through her vision and determination, she has shaped modern retail in Africa, making her one of the richest women in Africa Forbes has ranked.
9. Divine Ndhlukula- Zimbabwe
Industry: Security Services, Investments, Entrepreneurship
Divine Ndhlukula is a self-made entrepreneur who built her fortune in private security services, an industry traditionally dominated by men. She is the founder and CEO of Securico, Zimbabwe’s largest and most successful security company, with over 5,000 employees and operations across multiple African countries.
How She Built Her Wealth:
Ndhlukula’s rise to success is a story of perseverance, vision, and innovation. She started Securico in 1998 with limited capital, working from a small office in Harare. At the time, the security industry in Zimbabwe was controlled by foreign companies and male-led corporations. However, she identified a gap in the market. She realised that there was a need for high-quality, professional security services for businesses, banks, and government institutions.
She built Securico into a multimillion-dollar company by focusing on innovation and professionalism. Unlike many security firms that relied on low-cost, untrained guards, she introduced advanced security solutions. This includes CCTV surveillance, electronic monitoring, and armored transport services. Her company also became the first Zimbabwean security firm to be ISO-certified, setting global standards in the industry.
Beyond security services, Ndhlukula has expanded her business empire into real estate, logistics, and private equity investments. This ensures that she has multiple revenue streams. Her ability to identify opportunities in high-growth industries has made her one of Zimbabwe’s wealthiest entrepreneurs.
Ndhlukula is also a champion of women empowerment. She has created numerous programs that train and employ women in the security sector. Today, Securico has one of the highest percentages of female security personnel in Africa.
Her story proves that success is not determined by industry stereotypes. With hard work, resilience, and strategic thinking, she has transformed a small startup into a leading security powerhouse in Africa.
10. Dr. Stella – Okoli Nigeria
Industry: Pharmaceuticals, Healthcare, Manufacturing
Dr. Stella Okoli is one of Africa’s most influential women in pharmaceuticals and healthcare. She is the founder and CEO of Emzor Pharmaceuticals, one of Nigeria’s largest pharmaceutical companies, known for producing affordable, high-quality medications that serve millions of people across Africa.
How She Built Her Wealth:
Her journey into the pharmaceutical industry was driven by a personal mission to improve healthcare accessibility in Africa. After earning her degree in pharmacy from the University of London, she worked in several multinational pharmaceutical companies before deciding to start her own business.
She founded Emzor Pharmaceuticals in 1977 as a small retail pharmacy in Lagos. Over the years, she transformed it into a leading pharmaceutical manufacturing company, producing over 140 different medical products, including pain relievers, antibiotics, and vitamins. Today, Emzor operates multiple production plants across Nigeria, exporting drugs to several African countries.
Okoli’s success is not just about business; she is a driving force for healthcare development in Africa. She has worked closely with health organizations, policymakers, and medical institutions to ensure that affordable medicine is available to low-income communities. She has also invested heavily in medical research and innovation, ensuring that Emzor remains at the forefront of pharmaceutical advancements.
Beyond healthcare, she is passionate about entrepreneurship and women empowerment. She funds business training programs for young entrepreneurs and supports initiatives that help women succeed in the corporate world.
Her visionary leadership, dedication to improving healthcare, and ability to build a pharmaceutical empire from scratch have made her one of the richest women in Africa Forbes has ranked. Her success highlights the importance of entrepreneurship in solving Africa’s most pressing challenges.
Key Takeaways from Africa Richest Women According to Forbes
- Diversification is Key – The richest women in Africa have built wealth across multiple industries, including oil, banking, real estate, retail, mining, and pharmaceuticals. Spreading investments across various sectors helps mitigate risks and maximise profits.
- Resilience and Determination Matter – Many of these women faced gender barriers, industry monopolies, and economic challenges but persevered. Their success proves that consistent effort and smart decision-making can lead to financial freedom and industry dominance.
- Strategic Investments Drive Wealth – Whether starting from scratch or expanding inherited wealth, these women focused on high-growth industries, making calculated investment decisions that paid off in the long run.
- Innovation Creates Opportunities – From Dr. Stella Okoli revolutionising the pharmaceutical industry to Divine Ndhlukula modernising private security, these women used innovation to set themselves apart and scale their businesses.
- Women Can Dominate Any Industry – These top 10 richest women in Africa have thrived in male-dominated sectors such as mining, telecommunications, and oil exploration. Their success proves that women can excel in any industry with the right mindset, skills, and opportunities.
- Philanthropy and Social Impact – Many of these women are committed to giving back to society through education, healthcare, and women empowerment programs. Their wealth is not just about personal gain but also about uplifting others and creating opportunities for future generations.
Conclusion
The rise of Africa richest women is proof that vision, strategic investments, and determination can lead to extraordinary success. These women are not just wealth builders but industry pioneers and changemakers who have shaped Africa’s economy.
Their journeys offer valuable lessons for aspiring entrepreneurs. Whether you want to start a business, break barriers in a male-dominated industry, or build generational wealth, their stories show that success is possible with the right strategy, perseverance, and innovation.
For those looking to follow in their footsteps, the key is to identify opportunities, invest wisely, and stay committed to long-term growth. The success of these Forbes richest women in Africa is an inspiration, proving that women can lead industries, create jobs, and build lasting legacies.
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FAQs from Africa Richest Women According to Forbes
Are there self-made female billionaires in Africa?
Yes. Women like Folorunsho Alakija, Divine Ndhlukula, and Bridgette Radebe built their wealth from scratch through hard work, strategic investments, and innovation.
What industries do Africa’s richest women dominate?
The top 10 richest women in Africa have made their wealth in oil and gas, mining, banking, real estate, pharmaceuticals, retail, telecommunications, and security services.
Can African women succeed in male-dominated industries?
Absolutely! Women like Bridgette Radebe (mining), Irene Charnley (telecommunications), and Divine Ndhlukula (security services) have proven that women can lead and succeed in any industry.
What lessons can entrepreneurs learn from Africa’s richest women?
The biggest lessons include investing in high-growth sectors, staying resilient despite challenges, diversifying income streams, and making smart financial decisions.
Are these women involved in philanthropy?
Yes! Many of Africa’s wealthiest women are active philanthropists, funding education, healthcare, women empowerment programs, and poverty alleviation projects.
How can African women achieve financial success?
Women can achieve financial success by starting businesses, investing wisely, learning financial management, and taking advantage of industry opportunities.
