Aliko Dangote, the President of the Dangote Group, has once again retained his position as Africa’s wealthiest individual.
This marks the 12th consecutive year that Dangote has emerged as the richest man in Africa, a testament to his business prowess and resilience.
Dangote’s flagship company, Dangote Cement Plc, stands as the largest cement producer on the African continent. Despite economic headwinds, Dangote’s net worth has experienced a significant increase, climbing from $12.1 billion last year to an estimated $14.2 billion this year.
As the only Nigerian listed among the top 200 richest individuals globally, Dangote currently holds the 124th spot, highlighting his remarkable success and influence.
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Forbes, renowned for its annual ranking of billionaires, recently released its list for 2023, shedding light on the challenges faced by the world’s wealthiest individuals.
Falling stocks, troubled unicorns, and rising interest rates contributed to a decline in overall wealth among billionaires. Nevertheless, Dangote remains a standout figure, both in Africa and globally.
Among the world’s top 200 billionaires, Dangote is not only the sole Nigerian representative but also one of only two Africans in that prestigious bracket.
Joining him is South Africa’s Johann Rupert, a luxury goods entrepreneur, who secured the 157th position with a net worth of $11.1 billion.
Dangote Cement, the continent’s largest cement producer, was founded and is chaired by Aliko Dangote.
With an annual production capacity of 51.6 million tonnes spread across ten Sub-Saharan African countries, the company operates integrated factories in seven nations, a clinker grinding plant in Cameroon, and import and distribution facilities in Ghana and Sierra Leone.
Apart from Dangote Cement, Aliko Dangote also holds stakes in publicly traded companies such as Dangote Salt (NASCON) and Dangote Sugar.
Moreover, his Dangote Petroleum Refinery, touted as the world’s largest single-train refinery, has recently been commissioned.
With an expected daily processing capacity of 650,000 barrels of petroleum for domestic consumption and export, this refinery is poised to revolutionize the oil and gas sector.
Dangote’s influence extends beyond the realm of business. As a prominent philanthropist, he has made substantial contributions through the Aliko Dangote Foundation.
In recognition of his business achievements and impactful philanthropy, Fortune Magazine ranked Dangote as the 11th among the 50 Greatest Men and Women of All Time.
The publication emphasized the transformative influence of these exceptional individuals in various fields, including business, government, philanthropy, and the arts.
Fortune Magazine stated, “These thinkers, speakers, and doers make bold choices and take big risks – and move others to do the same.”
Aliko Dangote’s nomination for this prestigious ranking stems from his ability to accumulate wealth through his business ventures and subsequently utilize that wealth to make a positive impact on society.
The recently unveiled top ten greatest men and women, according to Fortune Magazine, include Bill and Melinda Gates, Jacinda Ardem, Robert Mueller, Pony Ma, Satya Nadella, Greta Thunberg, Margrethe Vestager, Anna Nimiriano, Jose Andres, and Dough Mcmillon and Lisa Woods.
Dangote’s inclusion in this esteemed list has garnered praise from notable personalities worldwide, who recognize his business acumen and philanthropic endeavors.
Forbes’ billionaire ranking for 2023 revealed a downward trend for the wealth of many of the world’s richest individuals.
Elon Musk, who had held the top spot in the previous year, slipped to second place after his acquisition of Twitter impacted Tesla, his multinational automotive and clean energy company. Musk’s net worth currently stands at $180 billion.
Claiming the number one position on Forbes’ billionaire list is Bernard Arnault, a 74-year-old French businessman and the head of luxury goods giant LVMH.
Arnault’s net worth reached an impressive $211 billion, making him the first French national to top the list.
Forbes reported a decline in both the number of billionaires worldwide, dropping from 2,668 in 2022 to 2,640 in 2023, and the total wealth of billionaires, which decreased by $500 billion to $12.2 trillion.
These turbulent times have impacted both public and private markets, leading to a decrease in wealth for almost half of the world’s billionaires.
However, some individuals still experienced gains while others lost their billionaire status altogether.
The United States retains its position as the country with the highest number of billionaires, boasting 735 individuals with a collective net worth of $4.5 trillion.
China, including Hong Kong and Macau, follows closely in second place, with 562 billionaires worth $2 trillion.
India ranks third, with 169 billionaires amounting to a total wealth of $675 billion.
Forbes calculated the net worths based on stock prices and exchange rates as of March 10, 2023.