Dangote Doubles Wealth To $27.8bn, Only African In Top 100

Aliko Dangote, the president of Dangote Industries Limited (DIL), has doubled his wealth to a record $27.8 billion making him the only African in the top 100 list.

This development is coming on the heels of the operationalisation of his multibillion-dollar, 650,000 barrel-per-day refinery.

According to the Bloomberg Billionaires Index (BBI) released on Thursday, October 17, 2024, Dangote’s net worth increased by $15.1 billion to $27.8 billion as at October 18.

The billionaire businessman moved up to 65th position, making him the only African in the top 100 spot.

For the first time, the index considered the value of the refinery, which took 11 years and $20 billion to build, in calculating Dangote’s wealth. This change propelled him from 170th place on September 25, when his fortune was $13.3 billion, to 65th place on October 17 among the world’s richest people.

The elevation places Dangote more than 100 spots ahead of Johann Rupert, the South African billionaire, who is ranked 174th.

Dangote’s increased net worth pushed him up the index more than 40 places from his 111th position on June 30, 2023.

Analysts believe Dangote’s wealth could reach even greater heights in the coming months. As his oil refinery ramps up production and diversifies its refined products, he is expected to dominate the fuel market in Nigeria and export some of his output to other countries on the continent.