Africa’s richest man drops off top 100 billionaires list as wealth dips below $17 billion

Omokolade Ajayi -

Africa’s richest man Aliko Dangote has experienced a significant drop in his net worth, causing him to exit the exclusive group of the world’s top 100 billionaires, according to data tracked by the Bloomberg Billionaires Index.

Dangote, presently the richest man in Africa and the world’s wealthiest Black individual, has seen his fortune decline by a staggering $1.1 billion in just one month.

As of Sept. 1, 2023, Dangote’s net worth stood at $17.8 billion, but it has now plummeted to $16.7 billion. This latest decline has increased his year-to-date wealth losses to $1.99 billion.

The recent decrease in Dangote’s net worth is linked to the decline in the market value of his stakes in Dangote Cement and Dangote Sugar Refinery. His sugar business, Dangote Sugar, is on the verge of a landmark merger with NASCON Allied Industries and Dangote Rice Limited, which is expected to be completed by the end of 2023.

This merger is set to create a powerful food conglomerate by uniting Dangote Sugar, NASCON (a salt-processing company), and Dangote Rice. The conglomerate will boast an extensive product portfolio, encompassing sugar, rice, salt, vegetable oil, tomato paste, seasonings, and savory products.

This merger is poised to boost Dangote’s net worth substantially. His stakes in Dangote Cement, Dangote Sugar, and NASCON are valued at $6.95 billion, $615 million, and $111 million, respectively, contributing to his present fortune of $16.7 billion, as reported by Bloomberg.

While Aliko Dangote may have temporarily dropped out of the world’s top 100 billionaires, the merger and the potential growth of the unified food conglomerate could pave the way for a resurgence in his wealth and a return to the elite ranks of the world’s wealthiest individuals.

This development underscores the dynamic nature of global wealth rankings and the influence of market forces on the fortunes of even the most prominent billionaires. Aliko Dangote’s story continues to be closely watched by business analysts and investors worldwide.