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The 10 Richest Women in Africa



Richest Women in Africa

In today’s post, we will be listing the richest women in Africa. We will explain the kind of businesses they did that made them rich and most importantly their net worth. Many women think it’s impossible to be successful in the world of business especially because it’s the world of men.

In as much as this sounds true to some extent, some businesswomen have been able to stand out despite all odds. These women have been able to successfully start businesses from nothing and be able to scale them up. So if you are interested in all this, read this article to the end so that you do not miss anything.

Who are the richest women in Africa? Below is the list of the richest women in Africa.

RankName CountryNet Worth
1.Folorunsho AlakijaNigeria $1.6 Billion
2.Ngina KenyattaKenya$1.4 Billion
3.Hajia Bola ShagayaNigeria$950 Million
4. Wendy AppelbaumSouth Africa$850 Million
5. Dr. Stella OkoliNigeria$800 Million
6. Isabelle Coutant-PeyreAlgeria$300 Million
7. Magaret MunghereraUganda$200 Million
8. Wendy AckermanSouth Africa$180 Million
9. Irene CharnleySouth Africa$150 Million
10. Bridgette RadebeSouth Africa$100 Million
List of the Richest Women in Africa

Top 10 Richest Women in Africa

Below are the top 10 richest women in Africa.

1. Folorunsho Alakija

Folorunsho Alakija is currently the richest woman in Africa as of today with a net worth of $1.6 billion. She is from Nigeria. Alakija is a Nigerian philanthropist and most importantly a businesswoman. She is the founder of Famfa Oil – an oil exploration company in Nigeria that has significant interests in the Nigerian oil and gas industry.

She also owns other businesses in the fashion industry, media ventures, and real estate. Folorunsho Alakija is widely known for creating wealth from businesses that are widely dominated by men. She does not see herself as having lesser opportunities because she is a woman. 

She is also known for her leadership skills which have helped her manage her staff and her innate ability to overcome challenges. Despite facing different obstacles in her career Alakija is an advocate of women’s rights. She empowers women so that they can start their own businesses.

Folorunsho Alakija is not just the richest woman in Nigeria and Africa, she is also the most influential woman in Nigeria and Africa.

2. Ngina Kenyatta

Ngina Kenyatta is the second richest woman in Africa with a net worth of $1.4 billion. She is from Kenya. She is better known by her stage name “Mama Ngina”. She served as Kenya’s former first lady under Jomo Kenyatta who was the first President of Kenya. From 1964 until his passing in 1978, Ngina Kenyatta was his wife.

She is also the biological mother of Kenya’s past president, Uhuru Kenyatta. She manages the family business which ranges from manufacturing, real estate, education, insurance, and banking. Ngina Kenyatta is the most influential woman in Kenya.

3. Hajia Bola Shagaya

Hajia Bola Shagaya is the third richest woman in Africa with a net worth of $950 million. She is the second richest woman in Nigeria. She once worked as an auditor for the central bank of Nigeria. Shagaya owns a company that imports photographic supplies ranging from Konica cameras and lenses.

This kind of business demands millions of naira so you can be sure that profits are high. Hajia Bola Shagaya also runs other businesses like real estate which makes her own different properties in Nigeria. She likes flashy and expensive automobiles which is why she has two Rolls-Royces, a Ghost, a Phantom, and other range of cars.

4. Wendy Appelbaum 

Wendy Appelbaum is the fourth richest woman in Africa with a net worth of $850 million. She is from South Africa. She is a businesswoman and a philanthropist. Appelbaum is the founder of De Morgenzi Group. This is a private equity firm that has invested in various companies across different sectors. 

Wendy Appelbaum has used her wealth to support charitable causes surrounding education and healthcare in South Africa. Due to her success in business, Appelbaum has become a mentor and a role model to many young entrepreneurs and business people in South Africa. 

Appelbaum is popularly known for her strong leadership skills and ability to overcome challenges, especially in male-dominated sectors. Wendy Appelbaum is an advocate for the rights of women. She also empowers them in business. Her steadfastness and determination have made her to be on this list asides from her net worth. 

5. Dr. Stella Okoli

Stella Okoli is the fifth richest woman in Africa with a net worth of $800 million. She became wealthy through the sales of over-the-counter medicines. She started Emzor Pharmaceutical Industries LTD – the most popular and the biggest local pharmaceutical company in Nigeria and now runs it as the CEO.

She started this company in 1977 and back then it was known as Emzor Chemists Limited – a small pharmacy retail shop in Shomolu, Lagos State. As of today, Emzor Pharmaceuticals is the largest pharmaceutical firm in Nigeria as it sells over 50 different medications through its several divisions.

6. Isabelle Coutant – Peyre

With a net worth of $300 million Isabelle Coutant – Peyre is the sixth richest woman in Africa. She is a French-Algerian businesswoman and philanthropist. Isabelle Coutant – Peyre is the founder of Investments Coutant-Peyre. This company is a private equity firm, and also invested in various other companies.

Coutant is from Algeria. She has used her wealth to support different charitable causes in her home country. She is popularly known as a socialist.

7. Margaret Mungherera

Margaret Mungherera is a renowned Psychiatrist. She is the seventh richest woman in Africa with a net worth of $200 Million. She is a businesswoman and philanthropist from Uganda. She is the founder of Mungherera Group – a business conglomerate that operates in different sectors, ranging from construction, real estate, and agriculture.

Mungherera has used her wealth to support different charitable causes in her country.

8. Wendy Ackerman

With an estimated net worth of $180 million, Wendy Ackerman is the eighth wealthiest woman in Nigeria. She is a director in numerous South African companies and has invested in various other companies too. Ackerman is originally from South Africa, and she has used the wealth she amassed to help numerous charitable causes in her hometown.

9. Irene Charnley

Irene Charnley is the ninth wealthiest woman in Africa with a net worth of $150 million. She is a citizen of South Africa.  She was formerly the executive director of the MTN Group, and she has also invested in numerous other companies. Charnley is a businesswoman and philanthropist.

She has used her wealth to support different charitable causes. Irene Charnley is currently the CEO and founder of Smile Telecoms Holdings. 

10. Bridgette Radebe

The least on the list of the richest women in Africa is Bridgette Radebe with a net worth of $100,000. She is a businesswoman who is into various businesses ranging from finance to mining, and agriculture. She is a campaigner for women’s rights and gender equality.


Despite the poverty and backwardness Africa is well known for, most of the richest people in the world are either from Africa or have their origin traced back to Africa. This shows that there is potential in Africa despite what it seems.

One thing that makes Africans stand out no matter where they are is the consistency and persistence in what they do and we are sure this article has convinced you about that.


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Ralph Bamigboye is an Accountant. He is the owner of, and Finance Naija YouTube Channel. He has helped many individuals to start their businesses and make money online. How can he help you?

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