Two Business Leaders Join Dangote, Others on Africa's Billionaire Ranks
- In August, Egyptian real estate tycoon Hisham Talaat Moustafa and Malawian banker Thom Mpinganjira both crossed the $1 billion mark, boosting Africa's billionaire ranks
- Mpinganjira’s wealth surged due to the growth of FDH Bank, while Moustafa's wealth increased with a rise in Talaat Moustafa Group’s stock
- These additions, along with other recent billionaires like Zak Calisto and Anas Sefrioui, reflect a historic year for wealth creation in Africa, driven by the continent’s booming equity markets
Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
Egyptian real estate tycoon Hisham Talaat Moustafa and Malawian banker and entrepreneur Thom Mpinganjira both crossed the $1 billion mark in August, boosting Africa’s billionaire ranks once again.
Source: Getty Images
This milestone follows a year in which Africa's equity markets saw an unparalleled surge in wealth creation, with five individuals joining the billionaire class so far in 2025.
Billionaires gain from market rallies
Recent data from Billionaires.Africa reveals that Mpinganjira’s wealth increase is directly linked to the successful operations of FDH Bank Plc, a company based in Blantyre. He indirectly holds a substantial stake in FDH Bank through his investment company, M Development.
The company owns 74.05 percent of FDH Bank and 55 percent of FDH Financial Holdings, the bank’s parent company. Through this arrangement, Mpinganjira indirectly controls around 2.81 billion shares, or approximately 40.73 percent of FDH Bank’s total stock.
From MWK416.6 billion ($240.5 million) in January to MWK1.94 trillion ($1.12 billion) in August, the value of Mpinganjira's stake has seen a significant increase.
This remarkable 365 percent surge in FDH Bank's share price on the Malawi Stock Exchange, from MWK148.23 ($0.085) at the start of the year to MWK689.99 ($0.398) in recent weeks, reflects the $878.9 million increase. As a result, FDH Bank has become Malawi’s most valuable publicly traded firm, with a market capitalization of MWK4.76 trillion ($2 billion).
Similarly, Hisham Talaat Moustafa, the chairman and largest shareholder of Talaat Moustafa Group (TMG), has also reached the billionaire status following a significant rise in the value of his company’s shares on the Egyptian Exchange.
TMG, Egypt’s largest real estate developer, has regained investor confidence thanks to its continuous growth, well-known projects, and rising buyer demand. Moustafa’s 43.5 percent stake increased by EGP 3.49 billion ($72.04 million) between July 30 and August 11, bringing his holdings to EGP 50.27 billion ($1.04 billion).
Stock Gains Across Africa Produce Fresh Billionaires
The rise of Mpinganjira and Moustafa adds another chapter to what has already been a historic year for wealth creation in Africa through public markets. In March, South African tech entrepreneur Zak Calisto, who transformed his start-up vehicle tracking company, Karooooo Ltd., into a global mobility analytics company, and Moroccan real estate tycoon Anas Sefrioui both returned to the billionaire ranks.
With these new additions, Africa’s billionaire count now stands at 25, up from 20 a year ago, marking both individual successes and a shift in the continent’s capital markets.
Source: Getty Images
The collective net worth of Africa’s billionaires rose from $82.4 billion in 2024 to $105 billion in March, according to a report published by Billionaires.Africa.
The inclusion of Thom Mpinganjira and Hisham Talaat Moustafa demonstrates how the equity markets continue to be a significant source of wealth on the continent.
This growth is indicative of rising investor confidence and serves as a reminder that domestic company executives are increasingly shaping Africa’s economic narrative.
Ogunlesi’s net worth soars to $2.5bn
Legit.ng reported that Nigerian billionaire and investor, Adebayo Ogunlesi, has recorded a sharp increase in his net worth in 2025, as he joins African billionaires such as Aliko Dangote, Johann Rupert, and others on the list.
Ogunlesi’s investment includes a significant stake in the US asset management company, BlackRock, which has pushed his fortunes to $2.5 billion, landing him among the world’s richest people.
A Forbes report disclosed that the investor’s wealth has edged up by $800 since January, rising from $1.7 billion at the beginning of the year to $2.5 billion in August.
Source: Legit.ng
