Two New Names Join Dangote, Others on Africa’s List of Billionaires

Africa’s community of billionaires has welcomed two fresh faces, as Egyptian property magnate Hisham Talaat Moustafa and Malawian banking powerhouse Thom Mpinganjira both crossed the $1 billion milestone in August. 

Their entry marks another high point in what is turning out to be a record-breaking year for wealth creation across the continent, driven largely by surging stock markets.

Mpinganjira rides FDH bank’s explosive growth

Thom Mpinganjira, a name long associated with Malawi’s financial sector, has seen his fortune skyrocket thanks to the remarkable performance of FDH Bank Plc. 

The Blantyre-based bank, in which he holds a significant indirect stake through his investment vehicle, M Development, has emerged as the most valuable publicly traded company in Malawi.

Through M Development, Mpinganjira owns 74.05% of FDH Bank and 55% of its parent firm, FDH Financial Holdings. This translates into control of about 2.81 billion shares roughly 40.73% of the bank’s total stock. The value of his holdings has soared from MWK416.6 billion ($240.5 million) in January to an impressive MWK1.94 trillion ($1.12 billion) in August.

The catalyst for this wealth surge has been an extraordinary rally in FDH Bank’s share price, which has leapt 365% since the start of the year climbing from MWK148.23 ($0.085) to MWK689.99 ($0.398). 

As a result, FDH Bank now boasts a market capitalisation of MWK4.76 trillion ($2 billion), cementing its dominance in Malawi’s capital market and catapulting Mpinganjira into the billionaire ranks.

Moustafa’s realeEstate empire powers ahead

On the other side of the continent, Egyptian billionaire Hisham Talaat Moustafa has seen his fortune swell on the back of a resurgence in Talaat Moustafa Group (TMG), Egypt’s largest real estate developer. 

The company’s stock has staged a strong comeback on the Egyptian Exchange, buoyed by rising investor confidence, a growing project portfolio, and robust buyer demand in the property sector.

Moustafa, who serves as chairman and is the group’s largest shareholder, owns 43.5% of the company. Between July 30 and August 11, the value of his stake jumped by EGP 3.49 billion ($72.04 million), lifting his total holdings to EGP 50.27 billion ($1.04 billion). This milestone officially placed him among Africa’s elite billionaires.

A landmark year for Africa’s rich list

The addition of Mpinganjira and Moustafa is part of a broader trend in 2025, where Africa’s equity markets have become a hotbed for wealth creation. 

Earlier in the year, South African tech innovator Zak Calisto and Moroccan property giant Anas Sefrioui also re-entered the billionaire club, riding similar market rallies.

With five newcomers so far this year, Africa’s billionaire count has risen to 25 up from 20 in 2024. Collectively, their net worth has jumped from $82.4 billion last year to $105 billion in March, according to Billionaires.Africa. 

This surge not only reflects a thriving investment climate but also signals a shift in the continent’s economic power base, where domestic entrepreneurs and corporate leaders are increasingly shaping the financial landscape.

Nigeria’s Ogunlesi also sees a big boost

The wealth surge has not been limited to newcomers. Nigerian investor Adebayo Ogunlesi has also enjoyed a significant boost in 2025, thanks to his stake in US asset management giant BlackRock. 

His net worth has climbed from $1.7 billion in January to $2.5 billion in August, an $800 million increase placing him alongside heavyweights like Aliko Dangote and Johann Rupert.

Equity markets as the new wealth engine

The rise of Mpinganjira and Moustafa reinforces a growing truth: Africa’s stock markets are no longer just local trading floors, they are powerful engines of wealth creation. 

For many of the continent’s richest individuals, these markets are proving to be the springboard into the global billionaire class, rewriting Africa’s financial story in the process.