De Beers heir Nicky Oppenheimer drops to fourth place on Africa’s rich list with $10.6 billion fortune

For decades, the Oppenheimer name represented one of the most powerful fortunes in African business.

• South African diamond heir Nicky Oppenheimer is now Africa’s fourth-richest person, with a net worth of $10.6 billion.
• He trails Nigerian industrialist Abdulsamad Rabiu, whose fortune has climbed to $11.2 billion.
• Rabiu moved from sixth to third after adding $6.1 billion to his wealth, opening a $600 million gap over Oppenheimer.
• The shift shows how Africa’s billionaire wealth is moving from old mining dynasties to industrial, food and manufacturing empires.

The family controlled De Beers for 85 years, shaped the global diamond trade, and stood at the centre of South Africa’s mining economy. But Africa’s billionaire order is changing.

South African businessman Nicky Oppenheimer is now ranked fourth among Africa’s richest people, with a net worth of $10.6 billion, according to Forbes Africa’s latest billionaire profile.

He now sits behind Nigerian industrialist Abdulsamad Rabiu, whose fortune has climbed to $11.2 billion. That gives Rabiu a $600 million lead over Oppenheimer and marks one of the clearest signs yet that Africa’s wealth hierarchy is being reshaped.

Forbes Africa says the BUA Group founder was the biggest gainer among Africa’s billionaires in 2026, adding $6.1 billion to his fortune. His wealth rose by nearly 120%, moving him from sixth place a year earlier to third place on the continent’s rich list.

Oppenheimer’s fortune also increased, but only slightly. Forbes Africa puts his latest gain at $200 million, or 1.9%, leaving him at $10.6 billion.

While Oppenheimer’s wealth is largely tied to a historic diamond fortune, Rabiu’s wealth has been lifted by the market value of his listed businesses, especially BUA Cement and BUA Foods.

Rabiu owns 98.2% of BUA Cement and 95% of BUA Foods. Both companies sit in sectors that remain central to Africa’s growth story: cement, sugar, flour, pasta, food processing and infrastructure.

This is important because Africa’s largest fortunes are no longer being shaped only by minerals buried under the ground. They are increasingly being driven by factories, consumer markets, construction demand, food supply chains and listed companies.

Oppenheimer is still among Africa’s wealthiest, but the continent’s richest fortunes are no longer built on diamonds alone.

Born in Johannesburg in 1945, Oppenheimer is the third generation of the family that built its name around De Beers. His grandfather, Ernest Oppenheimer, rose from diamond trading to become one of the most influential figures in South African mining. His father, Harry Oppenheimer, later chaired both Anglo American and De Beers.

Nicky Oppenheimer eventually became chairman of De Beers and helped take the company private in 2001.

His defining financial move came in 2012, when he sold the family’s 40% stake in De Beers to Anglo American for $5.1 billion in cash. The deal ended more than eight decades of Oppenheimer family control over the diamond company.

Since then, Oppenheimer has moved away from the front line of mining.

He founded Fireblade Aviation in Johannesburg in 2014 and owns more than 720 square miles of conservation land across South Africa, Botswana, Zimbabwe and Mozambique.

He has also remained active in philanthropy. During the COVID-19 pandemic, he committed more than $110 million to support small businesses in South Africa.

Still, his current ranking tells a bigger story about the direction of African wealth.

Africa’s richest people are getting richer, but the source of that wealth is shifting. Forbes says the continent’s 23 billionaires are now worth $126.7 billion, up 21% from 2025.

At the top, Aliko Dangote remains Africa’s richest person, while Johann Rupert holds second place. Rabiu is now third, ahead of Oppenheimer in fourth.

Nigeria now boasts two of Africa’s three richest people, underscoring the growing power of its industrial sector.

Oppenheimer remains one of South Africa’s most influential business figures, but industrial fortunes are now outpacing diamond wealth.