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Muna Tengi
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Top 12 Richest African Entrepreneurs Under 40 According To Forbes
Africa’s entrepreneurial landscape is brimming with young, dynamic individuals who are building wealth and creating impact. From tech innovation to financial services, e-commerce, and social enterprises, these young visionaries have transformed their industries, establishing themselves as some of the wealthiest and most influential entrepreneurs on the continent before the age of 40. According to Forbes and other reputable sources, here are some of the top young African entrepreneurs under 40 making headlines for their wealth and achievements.
1. Mohammed Dewji (Tanzania)
Net Worth: Approximately $1.5 billion
Industry: Manufacturing and Trading
Age: 38
Mohammed Dewji is a Tanzanian businessman and the CEO of MeTL Group, a diversified conglomerate with interests in textiles, beverages, agriculture, and energy. Under Dewji’s leadership, MeTL Group expanded from a local trading company to a global enterprise with operations in over 10 African countries and thousands of employees. Dewji’s rise to wealth has not only earned him recognition as the youngest billionaire in Africa but also as one of the most charitable figures, having pledged to donate at least half of his fortune to philanthropic causes.
2. Iyinoluwa Aboyeji (Nigeria)
Net Worth: Estimated at $100 million
Industry: Technology and Fintech
Age: 32
Iyinoluwa Aboyeji, often known as “E,” is a Nigerian entrepreneur famous for his role in launching two of Africa’s leading tech unicorns, Flutterwave and Andela. Both companies have transformed Africa’s tech ecosystem, with Andela creating job opportunities for developers and Flutterwave facilitating payments across borders in Africa. Aboyeji’s success in co-founding these companies has positioned him as a leading figure in Africa’s startup scene, and he now focuses on investing in and mentoring up-and-coming tech entrepreneurs in Nigeria.
3. Mike Macharia (Kenya)
Net Worth: Estimated at $150 million
Industry: Technology Solutions
Age: 39
Mike Macharia is the founder and CEO of Seven Seas Technologies, a Kenyan company that provides integrated health care solutions across Africa. His innovative approach to technology in healthcare has made a significant impact in hospitals and health systems on the continent, addressing long-standing gaps in healthcare infrastructure. Starting his company at the age of 25, Macharia has since transformed Seven Seas Technologies into a pioneering force in digital healthcare, collaborating with governments to improve healthcare access in Africa.
4. Ladi Delano (Nigeria)
Net Worth: Estimated at $120 million
Industry: Real Estate and Alcohol Production
Age: 36
Ladi Delano is a Nigerian entrepreneur who achieved success at a young age in China with a venture called Solidarnosc Asia, which produced and distributed vodka. After selling his shares, Delano co-founded Bakrie Delano Africa in Nigeria, a company involved in various sectors, including real estate and mining. His journey from China to Nigeria and his success across different industries underscore Delano’s adaptability and strategic thinking, making him one of Africa's richest young entrepreneurs.
5. Ally Edha Awadh (Tanzania)
Net Worth: Estimated at $80 million
Industry: Oil and Gas
Age: 36
Ally Edha Awadh is the founder and CEO of Lake Oil Group, one of the largest oil marketing companies in East Africa. Established in 2006, Lake Oil has expanded its operations beyond Tanzania to other African countries, including Zambia and Rwanda. Awadh’s business acumen and Lake Oil’s expansion make him a prominent young figure in Africa’s oil and gas industry. In addition to his entrepreneurial success, Awadh is known for his philanthropic efforts to improve education and healthcare in Tanzania.
6. Ashish Thakkar (Uganda)
Net Worth: Approximately $500 million
Industry: Diversified Investments
Age: 38
Ashish Thakkar, originally from Uganda, is the founder of the Mara Group and the Mara Foundation. Known as one of Africa’s most influential young entrepreneurs, Thakkar has a diversified portfolio that includes interests in technology, real estate, and agriculture. The Mara Group has operations across Africa and partners with international corporations to bring technology and infrastructure solutions to the continent. Thakkar is also heavily invested in supporting young African entrepreneurs through mentorship and funding opportunities, enhancing his influence and wealth.
7. Adii Pienaar (South Africa)
Net Worth: Estimated at $50 million
Industry: Technology and E-commerce
Age: 35
Adii Pienaar is a South African tech entrepreneur and the co-founder of WooThemes, a popular WordPress themes company that later evolved into WooCommerce. Acquired by Automattic, the company behind WordPress.com, WooCommerce is now one of the world’s most widely used e-commerce platforms. Pienaar’s success with WooThemes/WooCommerce not only made him a multi-millionaire but also an influential figure in e-commerce. He continues to develop startups, focusing on SaaS (Software as a Service) businesses and sharing his insights on entrepreneurship.
8. Magatte Wade (Senegal)
Net Worth: Estimated at $25 million
Industry: Consumer Goods
Age: 39
Magatte Wade is a Senegalese entrepreneur passionate about changing global perceptions of Africa. She is the founder of Tiossan, a luxury skin care brand that draws on Senegalese ingredients and traditions. Wade’s focus on African beauty and wellness has attracted a strong following internationally. Beyond her entrepreneurial success, Wade is an advocate for economic freedom in Africa and a champion for African products on the global stage. Her dedication to empowering African producers and artisans continues to enhance her reputation and wealth.
9. Elizabeth Rossiello (South Africa)
Net Worth: Estimated at $20 million
Industry: Fintech
Age: 39
Elizabeth Rossiello, the founder of BitPesa (now known as AZA Finance), is a leading figure in Africa’s fintech space. Her company leverages blockchain technology to facilitate low-cost currency exchanges and international transfers for businesses across Africa. Rossiello’s background in finance and her commitment to enhancing financial inclusivity in Africa have garnered her international recognition. Today, AZA Finance serves thousands of businesses and is actively expanding its reach across the continent, placing Rossiello among Africa’s top female fintech entrepreneurs.
10. Thulisile Phongolo (South Africa)
Net Worth: Estimated at $10 million
Industry: Media and Entertainment
Age: 28
Thulisile Phongolo is a South African actress, DJ, and media personality who has successfully leveraged her entertainment career to build significant wealth. She rose to fame in the popular TV series Generations: The Legacy and subsequently expanded her influence in the media and entertainment industry. With a significant social media following and endorsement deals with major brands, Phongolo has established herself as one of the wealthiest young African media personalities under 40. Her success reflects the growing opportunities for young entrepreneurs in Africa’s entertainment industry.
11. Abasi Ene-Obong (Nigeria)
Net Worth: Estimated at $30 million
Industry: Health and Biotechnology
Age: 35
Abasi Ene-Obong is the founder and CEO of 54gene, a Nigerian biotech company dedicated to advancing genomics research in Africa. 54gene’s research focuses on unlocking the genetic potential of Africa’s diverse populations, which are underrepresented in global health studies. The company has raised millions in funding and expanded its lab facilities, positioning Ene-Obong as a leading figure in Africa’s biotech sector. His work not only has the potential to transform healthcare but also to contribute to a more inclusive global understanding of genetics.
12. Basil Moftah (Egypt)
Net Worth: Estimated at $40 million
Industry: Media and Publishing
Age: 39
Basil Moftah, originally from Egypt, is an investor and co-founder of Partech Africa, a venture capital fund focused on supporting African tech startups. Moftah has played a significant role in Africa’s startup ecosystem, supporting businesses that drive digital innovation. As a successful entrepreneur and investor, he contributes not only financially but also through mentorship and advisory roles. Moftah’s efforts have helped African tech companies gain visibility on the global stage, further advancing the continent’s digital economy.
Final Thoughts
These young African entrepreneurs under 40 demonstrate the continent’s vast potential for wealth creation and innovation. Their contributions go beyond personal financial gains; they are reshaping Africa’s industries and inspiring future generations of entrepreneurs. As they continue to expand their ventures, these young moguls will undoubtedly play a crucial role in Africa’s economic growth and global influence in the years to come. Their stories stand as a testament to Africa's rich entrepreneurial spirit and resilience.
