Mama Ngina Kenyatta
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Meet The Richest Women In Africa

Who runs the world?

BY Mercy Kipchilat

Apr 14, 2023, 10:13 AM

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Although African women have been subdued both socially and economically for a long time, they continue to thrive, rise and take their rightful places in male-dominated spaces of both power and wealth. 

Here is a list of the richest women in Africa, their net worths, country of birth, as well as how they are making their fortunes. These women prove that indeed the future is female.

1. Isabel Dos Santos.

Photo by African Arguments
Net Worth: $2 Billion.
Country: Angola.
Isabel Dos Santos is the daughter of the former president of Angola, José Eduardo dos Santos, and she is also currently the richest woman in Africa.

Isabel, whose first business venture was the Miami Beach Club in Luanda Island which she founded in 1997, currently serves on the boards of several companies in both Angola and Portugal, including a news organization and major Portuguese banks with oil and gemstone holdings.

She owns a 28% stake in a Portuguese media giant known as Zon Multimedia through two of her shareholding companies, Jadium and Kento. She also has significant shares in the Portuguese energy company, Energias de Portugal as well as the Portuguese banks, Banco Português de Investimento and Banco Espirito Santo.

Isabel Dos Santos became the first African woman to cross the billionaire mark in 2013 and although she continued to rise in the years that followed since her father left power in 2017, she has been a target of several allegations including corruption and embezzlement of public funds which have resulted in the seizure of some of her assets in Angola and a drop in her net worth.

2. Folorunsho Alakija.

Net Worth: $1.5 Billion.
Country: Nigeria.
Folorunsho Alakija is the richest woman in Nigeria and one of the richest women in Africa. She is a renowned businesswoman with investments in the oil, real estate, printing and fashion industries.

After studying fashion and design, Folorunsho founded Supreme Stitches, a fashion brand in Nigeria which later became Rose of Sharon House of Sharon, a subsidiary of the Rose of Sharon Group.

Through Rose of Sharon Group, Folorunsho Alakija owns several companies including Rose of Sharon Prints and Promotion and Dayspring Property  Development Company.
Additionally, Folorunsho Alakija is also the executive director of her family company, Famfa Oil, which is reportedly worth over $600 million.

3. Ngina Kenyatta.

Photo by Citizen Digital
Net Worth: $1 Billion
Country: Kenya.
Mama Ngina Kenyatta is the former first lady of Kenya. She is one of the most powerful women in the country, being the widow of the first president of Kenya- Jomo Kenyatta, and the mother of the fourth president of the country- Uhuru Kenyatta.

The matriarch of the Kenyatta family is not only the richest woman in Kenya but also one of the richest on the continent.

She has accumulated her wealth from her family’s investments in farming, banking, education, manufacturing, insurance, hospitality, and real estate.

Mama Ngina is a major shareholder in one of Kenya's largest privately held banks, the NCBA, where she holds 24.91% shares. Her family also owns the Heritage hotel chain, Voyager Resorts, Media Max; which is the parent company of K24 TV and The People Daily newspaper, Brookside Dairies; which controls about half of the Kenyan dairy market, and Northlands City, among other vast properties.

4. Hajia Bola Shagaya.

Photo by Africa Prime
Net Worth: $630 Million.
Country: Nigeria.
Hajia Bola Shagaya is a prominent Nigerian entrepreneur and one of the richest women in Africa.

She is the founder, and Chairman of Bolus Group International which has interests in the oil, real estate, finance, and communications sectors.

She is a co-chair of Unity Bank PLC and sits on the board of the National Economic Partnership for Africa’s Development, NEPAD.

Additionally, Hajia Bola Shagaya also has real estate properties across Nigeria, the US and Europe, all of which have contributed to her wealth.

5. Bridget Radebe.

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Net Worth: $58.7 Million.
Country: South Africa.
Bridgette Radebe is the richest black woman in South Africa and one of the richest women in Africa. She comes from one of the wealthiest families in South Africa and her brother, Patrice Motsepe is the richest black man in South Africa, while her sister, Tshepo Motsepe is the current first lady of South Africa.

Bridgette Radebe's fortune stems from her mining investments. She is one of the first black South African women to own and operate mines in the country, having been in the business since the 1980s. 

She is the founder and CEO of Mmakau Mining Ltd, a black-owned mining company with interests in gold, platinum, uranium, and coal. She is also the current president of the South African Mining Development Association, the founder and board member of the New Africa Mining Fund, and the former Vice Chairman of the Minerals and Mining Development Board.