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Dangote Regains Top Spot As Africa’s Richest Man

- August 17, 2023

Nigerian Billionaire, Aliko Dangote, the founder of Dangote Group, is once again the wealthiest individual on the continent.

This resurgence in his status as Africa’s richest man comes just shy of two months after temporarily ceding the title to South African magnate Johann Rupert.

Dangote’s triumphant return to the pinnacle of Africa’s wealth hierarchy is the result of a remarkable surge in his financial holdings. According to Forbes, his net worth experienced a rapid upswing, surging by $100 million within a mere 24-hour period, propelling his total fortune to an impressive $10.9 billion.

This significant boost in wealth allowed him to surpass Johann Rupert, who faced a substantial $200 million erosion in net worth due to declining shares in his luxury goods conglomerate, Richemont.

As of Monday, August 14, data from Billionaires.Africa indicated that both Dangote and Rupert, who had been engaged in a spirited rivalry for the top spot following a revision of Forbes’ richest list prompted by volatile currency fluctuations in June, had seen their fortunes dip below the $11 billion mark.

However, Dangote swiftly rebounded from this setback, amassing a remarkable $100 million increase in his fortune. This impressive financial surge elevated his net worth from $10.8 billion on August 14 to an enviable $10.9 billion, thereby reestablishing his dominance as the wealthiest individual on the African continent.

In contrast, Johann Rupert’s net worth stood at $10.7 billion as of the time of compiling this report.

The bedrock of Dangote’s considerable $10.9 billion wealth remains rooted in Dangote Cement, where he commands an overwhelming 86-percent ownership stake. Notably, recent gains in the stock prices of his sugar enterprise, Dangote Sugar Refinery, as well as his involvement in the salt and savory sector through NASCON Allied Plc, have been instrumental in augmenting his financial standing.

These commendable gains can be attributed in part to the heightened anticipation surrounding the proposed amalgamation of these businesses with Dangote Rice Ltd., his rice-focused enterprise. This strategic consolidation is anticipated to reshape the landscape of the food and consumer goods industries, ushering in fresh avenues for growth and innovation.

As the conglomerate takes shape through this strategic alignment, it will boast an expansive array of products encompassing sugar, rice, salt, vegetable oil, tomato paste, seasonings, and a variety of other savory offerings.

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