Aliko Dangote Retains Title as Africa’s Richest Man, Ranks 65th Globally

Aliko Dangote, the prominent Nigerian business magnate, has once again secured his position as the richest man in Africa. According to Bloomberg’s latest Top 500 Billionaires Index released on Thursday, Dangote’s wealth has now reached an impressive $28 billion, placing him as the 65th richest individual globally. This marks a significant rise from his previous ranking of 83rd in 2022.

Dangote’s recent ascent in wealth is attributed primarily to the successful launch of his new Petrochemical Refinery, which is valued at over $20 billion. This facility, which is one of the largest of its kind in Africa, has been a major boost to his wealth, contributing to his upward movement on the global billionaires’ chart. The refinery is expected to transform Nigeria’s oil industry by reducing the country’s dependence on imported petroleum products and generating substantial revenue.

No other African billionaire comes close to Dangote’s ranking. The next African on the global list is Johann Rupert of South Africa, who holds the 174th position with a net worth of $13.6 billion. Following him is Nicky Oppenheimer, also from South Africa, who ranks 224th globally with a wealth of $11.6 billion. Other Africans who made the list include Natie Kirsh of South Africa at 297th, with a net worth of $9.25 billion; and two Egyptians: Nassef Sawiris at 302nd with $9.16 billion and Naguib Sawiris at 407th, possessing $7.37 billion.

In contrast, the global billionaires’ chart is led by tech titans Elon Musk and Jeff Bezos, who maintain their positions as the richest individuals in the world with fortunes of $242 billion and $210 billion, respectively. Following them are Mark Zuckerberg, who has amassed $204 billion, and Larry Ellison with $185 billion.

Dangote’s achievement underscores his status as a formidable business figure, not only in Africa but also globally. His conglomerate, the Dangote Group, which spans industries such as cement, sugar, and now petrochemicals, continues to play a pivotal role in Nigeria’s economy. His influence extends beyond business; Dangote is also known for his philanthropic efforts, particularly in health and education through the Aliko Dangote Foundation.

As Dangote’s ventures grow and diversify, he remains a key figure in showcasing the potential of African entrepreneurship on the global stage. His rising wealth and expanding business empire highlight the significant opportunities present within the continent.