Aliko Dangote's New Net Worth Breaks Africa's Wealth Record
- Aliko Dangote's net worth has reached a new high and is now one step closer to a historic $30 billion net worth
- Africa's richest man's net worth has been on the rise following his listed company's performance on the stock market
- He has also announced plans to list his refinery on the NGX, a move that will further increase his net worth
- Elon Musk continue to lead the world’s richest person, followed by Larry Ellison and Meta owner Mark Zuckerberg in the global billionaire rankings
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Nigerian industrialist Aliko Dangote's net worth has hit $30 billion, according to the latest Bloomberg Billionaires Index.
The index revealed that Dangote’s fortune now stands at $29.8 billion, up $5.71 million from the previous day and $1.73 billion year-to-date.
Source: Getty Images
Why has Dangote's wealth increased?
The increase comes amid strong performances from his listed companies on the Nigerian Exchange (NGX), including Dangote Cement, Dangote Sugar, and NASCON Allied Industries.
Dangote Cement, which accounts for the largest portion of his wealth, saw its share price rise from N600 to N630, a 5% increase on Wednesday, October 22.
There were also gains from NASCON and Dangote Sugar on the Nigerian Exchange.
With this achievement, Dangote remains number one in Africa and has climbed the global ranking from 86th to 76th..
No African has ever reached this level of net worth.
Source: Getty Images
Dangote to list refinery on NGX
Nigerian billionaire Aliko Dangote plans to sell a stake in his multi-billion-dollar refinery as part of an effort to double its capacity and make it the world’s largest.
Speaking to S&P Global, Dangote said 5 to10% of the refinery will be listed on the Nigerian Exchange (NGX) within the next year, following the model used for Dangote Cement and Dangote Sugar.
Global billionaires ranking
At the top of the world list, Elon Musk remains the richest person globally with a net worth of $458 billion, despite a $3.45 billion decline in recent days.
He is followed by Oracle’s Larry Ellison at $334 billion and Meta’s Mark Zuckerberg at $258 billion.
Other leading global figures include Jeff Bezos ($245 billion), Larry Page ($220 billion), Sergey Brin ($205 billion), Bernard Arnault ($197 billion), Steve Ballmer ($178 billion), and Jensen Huang ($157 billion).
Another billionaire becomes 2nd second-richest man in Nigeria
Earlier, Legit.ng reported that Abdulsamad Rabiu has overtaken Mike Adenuga to become Nigeria’s second-richest man, according to the latest Forbes Billionaires List update.
The shake-up in rankings comes as Rabiu’s net worth surged by $365 million in a single day, pushing his net worth to $6.3 billion.
According to Forbes' latest ranking, Rabiu is the 572nd place globally, ahead of Adenuga, despite having the same net worth of $6.3 billion.
Adenuga, who now ranks lower at 578th, recorded a $4 million increase in his wealth.
Source: Legit.ng
