Africa’s richest: Dangote’s grip strengthens as net worth hits $11.2 billion

Nigerian billionaire Aliko Dangote has solidified his status as the wealthiest individual on the African continent as his net worth soared to an impressive $11.2 billion.

This remarkable upswing, driven by the robust performance of his publicly traded enterprises on the Nigerian Exchange, has further widened the wealth gap between him and his closest competitor, South African billionaire Johann Rupert.

Dangote’s status as the richest man in Africa has been further fortified by a noteworthy increase of $200 million within a mere span of eight days. This remarkable feat has propelled his net worth from $11 billion on August 18 to the current $11.2 billion as of August 26.

This recent surge in fortune not only bolsters his exceptional wealth accumulation in recent periods but also firmly secures his position as the richest man on the continent, further widening the wealth gap between him and South African billionaire Johann Rupert.

With his wealth figures now firmly set at $11.2 billion, Dangote has now garnered an impressive $1 billion lead over Rupert, whose current net worth stands at $10.2 billion as of the drafting of this report.

Nearly two weeks ago, Billionaires.Africa reported that the two billionaires, who had been competing for the top spot since Forbes revised its richest list due to turbulent currency fluctuations in June, had both seen their fortunes drop below $11 billion.

Since then, Dangote has seen his net worth surge significantly, repositioning him as the richest man on the continent, while South African billionaire Johann Rupert’s net worth has declined significantly, falling from $10.9 billion on Aug. 14 to $10.2 billion at the time of writing.

While the cornerstone of Dangote’s $11.2-billion wealth rests within Dangote Cement, where he holds a majority 86-percent stake, recent gains in the shares of his sugar enterprise, Dangote Sugar Refinery, and his salt and savory venture, NASCON Allied Plc, have been particularly noteworthy.

These gains can be attributed to the excitement surrounding a proposed merger of these entities with Dangote Rice Ltd., his rice business. This consolidation of businesses is projected to reshape the food and consumer goods sectors, creating new avenues for growth.

The conglomerate, set to emerge from this consolidation, will feature an expansive product line including sugar, rice, salt, vegetable oil, tomato paste, seasonings, and other savory products.