Nigerian billionaire Aliko Dangote, who presently ranks as Africa’s richest man, has catapulted into the ranks of the world’s biggest gainers in January 2024, marking a remarkable comeback after recording significant wealth losses amounting to $3.6 billionaire in the preceding year.
According to the Bloomberg Billionaires Index, which tracks the fortune of the world’s wealthiest billionaires, Dangote, Africa’s richest man and the wealthiest Black person globally, has secured the tenth spot with an impressive year-to-date wealth gain of $6.96 billion.
Dangote, the founder and chairman of Dangote Group, Africa’s most diversified manufacturing conglomerate with operations spanning diverse sectors, outpaced U.S. billionaires Larry Ellison and Michael Dell, who now rank eleventh and twelfth among the world’s biggest gainers for January 2024.
Overcoming naira woes and macroeconomic uncertainties, Dangote’s net worth climbs to $22 billion — a $6.9-billion surge in 2024
Leading the world’s biggest gainers in January 2024 is American tech billionaire Mark Zuckerberg, co-founder of Facebook and Meta Platforms, whose net worth soared by $14.1 billion. Larry Page, co-founder of Alphabet, holds the second position with a gain of $10.1 billion.
Dangote’s resurgence is attributed to his leadership in Africa’s energy revolution, notably marked by the operational kickoff of his $20-billion Dangote Oil Refinery, which has commenced production of diesel and aviation fuel this month.
Despite challenges in the Nigerian economy, including a weakened naira and ongoing macroeconomic uncertainties, Dangote’s net worth has risen from $15.1 billion to $22 billion this year alone. This underscores his financial strength and resilience, securing him the tenth spot among the world’s biggest gainers in January 2024.
Fellow billionaire Femi Otedola’s influence: Cementing confidence in Dangote’s recent market triumph
The $6.96-billion increase in Dangote’s net worth so far this year is attributed to the bullish market sentiment on the Nigerian Exchange, particularly fueled by the outstanding performance of his listed companies.
Dangote Cement Plc, with a market capitalization exceeding N10 trillion ($11.2 billion), takes the lead in Dangote’s investment portfolio. His 86-percent stake in the company is valued at an estimated $12.1 billion, constituting over 50 percent of his current net worth.
Notably, the surge in Dangote Cement shares aligns with fellow Nigerian billionaire Femi Otedola’s strategic investment in the leading cement company. Otedola’s confidence in Dangote Cement’s ability to contribute to Nigeria’s foreign exchange and support the country’s economic resilience further solidifies the positive market sentiment around Dangote’s ventures.