By Ayomide Otitoju
Aliko Dangote, President of the Dangote Group, remains the richest person in Africa and has climbed to 65th on the global billionaire ranking, despite the fluctuating value of the Nigerian currency. According to Bloomberg’s latest Billionaires Index, released on Thursday, Dangote’s fortune surged to $28 billion following the operational launch of his newly built petrochemical refinery, valued at over $20 billion.
This marks a significant leap for the renowned entrepreneur, who previously held the 83rd spot in 2022. The Dangote Refinery, located in Ibeju-Lekki on the outskirts of Lagos, is the world’s largest single-train oil refinery, equipped to process various crude types from across the globe. The refinery, which began producing premium motor spirit (petrol) in September, alongside other products like diesel and Jet-A1, has more than doubled Dangote’s net worth, propelling him to his highest ranking yet.
The refinery’s potential to make Nigeria self-sufficient in fuel production is seen as a transformative step for the country’s economy, boosting both Dangote’s fortune and the nation’s prospects.
In Africa, Dangote’s closest competitors in the billionaire rankings are far behind. Johann Rupert of South Africa is ranked 174th globally, with a net worth of $13.6 billion, while Nicky Oppenheimer, also from South Africa, holds the 224th spot with $11.6 billion.
Other Africans on the list include South Africa’s Natie Kirsh, ranked 297th with a fortune of $9.25 billion, and Egypt’s Nassef Sawiris and Naguib Sawiris, who rank 302nd and 407th with $9.16 billion and $7.37 billion, respectively.
The Bloomberg Billionaires Index is a dynamic, daily ranking of the world’s richest individuals, with net worth figures updated after each trading day in New York. The index provides a transparent view of personal wealth, calculating fortunes based on share prices, market shifts, and Bloomberg reporting.
Globally, Elon Musk and Jeff Bezos top the list with fortunes of $242 billion and $210 billion, respectively. They are followed by Mark Zuckerberg at $204 billion and Larry Ellison at $185 billion.
In addition to his financial success, Aliko Dangote was recently named one of the world’s leading philanthropists by Richtopia, a UK-based digital publication. This recognition follows his endowment of $1.25 billion to the Aliko Dangote Foundation (ADF), which he founded in 1981. The foundation, now the largest private charity in sub-Saharan Africa, focuses on health, nutrition, education, and economic empowerment initiatives.
Dangote’s commitment to social change continues to complement his business success, making him not only Africa’s richest man but also one of the continent’s most impactful philanthropists.
