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Following a significant decline in his net worth in 2022, Africa’s richest man Aliko Dangote is quickly recouping the prior year’s wealth losses thanks to a recent increase in his wealth figures since the start of the year.
Dangote, Africa’s richest man for the 12th consecutive year despite facing a $400-million wealth drop in 2022, has seen his net worth increase by more than $400 million since the beginning of the year, according to the Bloomberg Billionaires Index.
Data tracked by Billionaires.Africa revealed that the Nigerian cement tycoon, who derives the majority of his wealth from an 86-percent stake in Dangote Cement, has seen his net worth increase by $411 million since the start of 2023, from $18.7 billion on Jan. 1 to $19.1 billion at the time of writing this report.
The recent increase in the market value of his 86-percent stake in Dangote Cement can be attributed to the $411 million increase in his net worth. The company’s share price has risen from N261 ($0.567) at the start of the year to N270 ($0.586) at the time of writing.
At the time of writing, Dangote’s stake in his flagship cement business was worth $8.42 billion, with an additional $5.15 billion linked to his closely held fertilizer plant, which has the capacity to produce up to 2.8 million metric tonnes of urea per year.
Dangote is on the verge of becoming the first African and Black person to amass a fortune of $30 billion. With the commissioning of his 650,000-barrel-per-day Dangote Refinery and Petrochemical Ltd set to take place this year, the billionaire is set to enjoy an $18 billion boost to his net worth.
He is poised to hold a 90-percent stake in the refinery, which will bring his total worth to well over $30 billion, solidifying his place as a leading player in the global petroleum industry.
