Top 10 Richest Women in Africa


Africa is a continent where women are generally not allowed freedom to exercise their experience and ideas when compared to their western counterparts. Though with the influx of higher standards of education, African women are beginning to experience freedom and the opportunity to become more enterprising. There are ten women who have proven their worth, standing out to become the top 10 richest women in Africa and employers of thousands of people through companies and ventures that they manage. Answers Africa profiles the top 10 wealthiest women in Africa.

See Also: Richest Men in Africa

1. Isabel Dos Santos – The Richest Woman in Africa

Net worth: $3.7 billion

Isabel-Dos-santos - Africa's richest women

Isabel Dos Santos is a 40-year-old woman and the oldest daughter of the super-rich Angolan President José Eduardo dos Santos. She is in the board of directors of several companies in Angola and Portugal including media company and major banks in Portugal with interests in oil and diamonds. She also has shares in Angolan cement company Ciminvest and the Banco Africano de Investimentos. Before these series of investments that brought her to this level, she studied engineering at the King’s College, London and started her first business when she was 24 years old.

She holds more than 14 per cent stake in Portuguese media conglomerate Zon Multimedia. She also owns major stakes in Portuguese banks Banco Espírito Santo and Banco Português de Investimento, and in energy firm Energias de Portugal. Her investments have pushed her over the $1 billion mark making her the first African woman to become a billionaire. Tracing the source of the funds, there is no clear cut evidence of how she made her money according to Forbes judging by how business is conducted in Angola with respect to the ruling party. Isabel Dos Santos is Africa’s richest woman

See Also: 10 Richest Men in Africa

2. Folorunso Alakija

Net worth: $2.5 billion

Folorunsho Alakija - top 10 richest women in Africa

The 62 year-old Folorunso Alakija is Nigerian billionaire and the second richest woman in Africa after Dos Santos. The fashion designer and Executive Director of FAMFA Oil, the gas and oil exploration and production company is currently worth over $600 million. She was secretary of the now defunct International Merchant Bank of Nigeria in the 70s which was one of the West African nation’s earliest investment banks. She went on to study fashion design in the United Kingdom and subsequently founded her fashion house company in Nigeria: Supreme Stitches in 1985 and within a year, she became the largest designer in Nigeria.

In 1993 Nigerian President Ibrahim Babangida awarded her company, Famfa Oil, an oil prospecting license that later became one of Nigeria’s most prolific oil blocks with her company owning a 60% stake in the block. In 2000, President Olusegun Obasanjo, the then president of the Federal Republic of Nigeria illegally acquired a 50% stake in the block without due compensation to Alakija or her company but the stake was later revoked by the supreme court.

3. Ngina Kenyatta

mama-ngina Kenyatta - top 10 richest women in Africa

Popularly known as Mama Ngina, Ngina Kenyatta is the widow of Kenya’s first president, Jomo Kenyatta and she is one of the richest women in Africa. Though she has mostly undeclared wealth but would not pass without mentioned among the wealthiest Ladies in Africa. The 80-year-old charitable and welcoming Mama Ngina who now lives more of a reclusive life gained a lot of respect from Kenyan citizens for her stand in defending and promoting the family’s business interests which cuts across the banking, farming, education, insurance, hospitality, manufacturing and real estate sectors.

Mama Ngina Kenyatta currently has a series of investments, stakes and portfolios under her authority. She is a major share holder in one of the largest privately owned banks in Kenya: the Commercial Bank of Africa (CBA), and a chain of hotels (Heritage). The list is almost endless and also includes Brookside Dairies which is an East African leader in the dairy industry with market share reaching from East Africa to the Middle East. Media Max; a media company and Timsales Timber are also part of her portfolio. The latest investments is in the real estate sector and involves the development of a 500 acre Northlands City which is hoped to be the largest gated community in the region.

See Also: 10 Richest Men in South Africa

4. Hajia Bola Shagaya

Hajia Bola Shagaya - richest women in Africa

Bola Shagaya is one of the richest women in Nigeria. She is a business woman and the founder and CEO of Bolmus Group International which is a diversified Nigerian conglomerate company with interests in oil, real estate, banking where is a board member of Unity Bank PLC she is also involved in communications and photography. Her investments span across to the oil sector, banking and finance including real estate with hundreds of town houses in Nigeria’s choicest neighborhoods and she also owns properties in Europe and the United States.

She is also a board member of the National Economic Partnership for Africa Development (NEPAD), a Nigerian focused business group. Hajia Shagaya, seemed to have aligned herself with important military and political figures in Nigeria and is reputedly very close to former Nigerian military president, Ibrahim Babangida and the Nigeria’s first lady, Dame Patience Jonathan. Bola Shagaya is one of the richest women in Africa today.

5. Wendy Appelbaum

Wendy Appelbaum

Wendy is a South African millionaire who became a director of her father’s insurance and real estate company: Liberty Investors. The only daughter of Donald Gordon, Appelbaum, a South African billionaire. She sold her shares to rake in her fortune. Upon selling her shares she made her own personal fortune. She was once the Deputy Chairman of Women’s Investment Portfolio Limited (Wiphold), the first women dominated company to list on the Johannesburg Securities Exchange (JSE) with then assets in excess of R1 billion.

She invested in DeMorgenzon, a wine estate in the famous wine region of Stellenbosch. In her philantropic nature, she has donated more than US$23 million to pursuing the cause of Gordon Institute of Business Science and the Donald Gordon Medical Centre, in memory of her father. Wendy Appelbaum’s net worth as of early 2012 is estimated at $259.3 million making her one of the richest women in Africa.