According to Forbes magazine's new list of the continent's richest, South Africa boasts the highest number of billionaires.

South Africa has 12 billionaires on the list of 40, followed by Nigeria (11), Egypt (8) and Morocco (5).

Nigerian Aliko Dangote, 54, sits at the top of the list for a second consecutive year, with a cool R108-billion net worth.

Mining magnate Patrice Motsepe, who has a 41.05% stake in African Rainbow Minerals and 5.92% in Sanlam, is eighth on the list.

Forbes' top 10 of Africa's top 40 are:

1. Aliko Dangote (Nigeria) - R108-billion;

2. Nicky Oppenheimer and family (South Africa) - R57.5-billion;

3. Johann Rupert and family (South Africa) - R51.2-billion;

4. Nassef Sawiris (Egypt) - R49.4-billion;

5. Mike Adenuga (Nigeria) - R41.3-billion;

6. Christo Wiese (South Africa) - R33.2-billion;

7. Othman Benjelloun (Morocco) - R24.7-billion;

8. Patrice Motsepe (South Africa) - R23.8-billion;

9. Naguib Sawiris (Egypt) - R22.4-billion; and

10. Mohamed Mansour (Egypt) - R19.8-billion.