Elon Musk’s Wealth Explodes by $202bn in One Month as Dangote, Otedola Make World Billionaires List
- Former trillionaire Elon Musk has seen his wealth explode by a staggering $202 billion in just one month
- The Tesla and SpaceX AI CEO lost his trillionaire status two months ago after the shares of the electric car and space firms plummeted
- However, Musk is on track to regain his trillionaire title as Nigeria’s Aliko Dangote and Femi Otedola rank among Africa’s wealthiest
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Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Elon Musk’s fortune has staged a stunning comeback, surging by $202 billion in August as rising Tesla and SpaceX valuations propelled him closer to becoming the world’s first trillionaire again.
According to Forbes ranking, Musk’s net worth climbed to an estimated $892 billion as of September 1, 2026, following a 33% jump in SpaceX shares and an 18% increase in Tesla’s stock over the month.
Source: UGC
The latest gain comes after a dramatic $363 billion plunge in Musk’s wealth in July, highlighting the extraordinary volatility surrounding the world’s richest man.
Musk pulls further ahead of rivals
Despite still being below his record fortune of $1.33 trillion reached in June, Musk remains in a league of his own.
Google co-founder Larry Page ranked second with an estimated $277 billion, meaning Musk is worth more than three times as much as the world’s second-richest person.
Page’s fortune fell by about $15 billion during August, making him the month’s biggest wealth loser among the world’s richest people.
Amazon founder Jeff Bezos and Google co-founder Sergey Brin also saw their fortunes decline, losing approximately $10 billion and $13 billion respectively. However, both retained their third and fourth positions.
The top six billionaires maintained their rankings during the month, while the lower half of the top 10 experienced significant changes.
Ellison, Huang battle for top 10
Oracle chairman Larry Ellison climbed back to seventh place after Oracle shares gained 15%, adding approximately $25 billion to his fortune and taking it to $193 billion.
Nvidia CEO Jensen Huang moved down to eighth despite gaining $17 billion, while former Microsoft CEO Steve Ballmer rose to ninth after adding $10 billion to his fortune.
Amancio Ortega, founder of fashion giant Zara’s parent company Inditex, entered the top 10 after adding $5 billion.
Bernard Arnault and Warren Buffett, two longtime fixtures among the world’s wealthiest people, dropped out of the top 10 as LVMH and Berkshire Hathaway shares weakened.
Forbes estimates that the 10 richest people in the world were collectively worth about $2.8 trillion at the start of September, up from $2.6 trillion a month earlier.
Dangote remains Africa’s richest
While Musk dominates the global wealth rankings, Nigerian billionaire Aliko Dangote continues to lead Africa’s wealthiest individuals.
Dangote’s estimated fortune rose by $4.6 billion to $28.5 billion, supported largely by a sharp rise in the value of Dangote Cement, whose shares have gained nearly 69% since March 2025.
Dangote Cement also doubled its profit in 2025 to a record N1 trillion, strengthening the billionaire’s position as Africa’s richest person.
The Nigerian industrialist is also preparing to take his oil refinery public and has announced a $400 million deal with a Chinese machinery company to accelerate plans to double the refinery’s capacity by 2029.
Rabiu records biggest African gain
Abdulsamad Rabiu emerged as one of Africa’s biggest wealth winners, with his fortune jumping by 120%, or $6.1 billion, to $11.2 billion.
The BUA Group founder is now Africa’s third-richest person, behind South African luxury goods billionaire Johann Rupert, whose fortune is estimated at $16.1 billion.
Rabiu’s wealth has been boosted by BUA Cement shares, which surged 135% amid a broader rally in Nigerian equities.
Otedola among Africa’s billionaires
Nigeria’s billionaire Femi Otedola remains on the African billionaires list despite recording a decline in his fortune.
Otedola lost about $200 million after selling most of his stake in Geregu Power at a discount to the company’s market price. Forbes estimates his current fortune at $1.3 billion.
Source: Getty Images
He is tied with Moroccan property billionaire Anas Sefrioui as the least wealthy member of Africa’s billionaire club.
Africa’s 23 billionaires are now worth a combined $126.7 billion, representing a 21% increase from 2025.
Nigeria has four billionaires on the list, behind South Africa with seven and Egypt with five, while Morocco has three.
The figures underline the growing influence of African equities, industrial businesses and financial markets in shaping the continent’s billionaire fortunes.
Tony Elumelu becomes a dollar billionaire
Legit.ng earlier reported that Tony Elumelu’s investment in Seplat Energy has delivered a remarkable paper gain, with his 20.07 per cent stake now worth more than $1 billion.
The stake, held through Heirs Holdings, was acquired for approximately $500 million in December 2025, following the investment company's purchase of Maurel & Prom’s holding in Seplat.
Source: Legit.ng
