Table of Contents
Key Points
- Aliko Dangote plans to set up a family office in Dubai, following a trend of billionaires seeking secure asset protection in the UAE.
- Dangote’s family office aims to diversify holdings globally, expanding beyond his African industrial empire into international investments.
- UAE’s tax advantages and safety have made it a top destination for billionaires like Dangote, seeking stable, wealth-preserving environments.
Africa’s richest man, Aliko Dangote, has unveiled plans to establish a family office in Dubai, aligning himself with a growing trend among global billionaires seeking secure asset protection in the United Arab Emirates (UAE).
Dubai — the UAE’s most populous city — has become a magnet for ultra-wealthy individuals seeking to safeguard their fortunes in an increasingly volatile global landscape.
The move comes as Dangote, 67, continues to expand his vast industrial empire, which includes cement, sugar, fertilizer, and a newly operational $20-billion oil refinery in Lagos.
With a fortune valued at $13.2 billion, according to the Bloomberg Billionaires Index, the Nigerian tycoon’s decision to set up a Dubai-based family office signals his intent to diversify his holdings beyond Africa, expanding into global investments.
Dangote expands with Dubai family office
Dangote’s family office will initially focus on co-investments with other families, firms, or institutions that bring specialized expertise in diverse sectors.
The Dubai office will mark a new chapter in the Dangote Group's strategic ambitions, expanding its portfolio beyond industrial sectors and into global financial markets.
His daughter, Halima Dangote, has recently relocated to Dubai to oversee the office, which operates from a site the billionaire has owned for 17 years.
This latest move adds to Dangote’s growing investment footprint, including his backing of Alterra Capital Partners, an Africa-focused private equity fund spun out of Carlyle Group Inc., and Gateway Partners, an emerging-markets manager founded in 2014.
Both initiatives reflect Dangote’s broader strategy of tapping into global opportunities to preserve and grow his wealth.
UAE: The new billionaire haven
UAE’s allure for billionaires like Dangote is tied to its advantageous tax regime, low crime rates, and strategic position at the crossroads of Europe, Asia, and Africa.
These factors have transformed the city into a rising global haven for high-net-worth individuals (HNWIs) looking to relocate their fortunes.
Dangote’s move follows Egypt’s richest man, Nassef Sawiris, who announced in 2023 that he would relocate his family office to Abu Dhabi, underscoring the UAE’s growing attraction for the global elite.
Both Dangote and Sawiris are part of a broader trend of wealthy individuals seeking secure, tax-friendly jurisdictions to protect their assets as global economic uncertainty mounts.
UAE expected to top wealth migration
The UAE is expected to top the list of destinations for migrating millionaires in 2023, according to migration advisory firm Henley & Partners.
The country’s favorable policies and concentrated efforts to attract family offices have made it a prime destination for HNWIs from regions like India, Russia, the UK, and Africa. The UAE anticipates a record influx of millionaires this year, far surpassing pre-pandemic levels.
For Dangote, the establishment of a Dubai-based family office not only offers a secure platform for wealth preservation but also reflects his broader ambition to engage in global investments while maintaining strong ties to his African business empire.
His move signals a growing shift among African billionaires seeking diversification in stable, globally-connected hubs like Dubai.
