Nigeria’s Aliko Dangote has maintained his position as Africa’s richest man for the twelfth consecutive year, according to Forbes‘ Africa Billionaires list for 2023.
Aliko Dangote tops Africa’s dollar-billionaires list in 2023
His net worth was estimated at $13.5 billion (est. R56.3 billion), down by $400 million (est. R7.2 billion) from the previous year.
Dangote, who made his fortune in cement, sugar, and flour milling, is the founder and chairman of the Dangote Group, a conglomerate with interests in several sectors, including agriculture, real estate, and telecommunications.
Despite a 4% drop in the combined net worth of Africa’s 19 billionaires, the total net worth of the group was estimated at $81.5 billion (est. R1.48 trillion), with Johann Rupert of South Africa coming in second with a net worth of $10.7 billion (est. R194.6 billion).
Only seven of Africa’s 54 countries were represented on the list, with Nigeria having the highest number of billionaires (eight), followed by Egypt (six) and South Africa (five).
Here’s why Africa’s billionaires net worth dropped
The decline in the billionaires’ net worth was attributed to the dip in equity values around the world, with the S&P All Africa index dropping by more than 20% in the first nine months of 2022, before rallying and ending the year down by only 3%.
The pandemic and the resulting economic challenges in Africa also contributed to the drop.
Dangote’s wealth comes from his stake in the Dangote Group, which has operations in more than 10 African countries and employs over 35 000 people.
The group’s revenue was estimated at $4.6 billion (est. R83.6 billion) in 2022, with most of its revenue coming from its cement business. Dangote Cement, the group’s flagship company, is the largest cement producer in Africa, with a production capacity of over 45 million metric tonnes per annum.
The company is also expanding its operations in other African countries, including Cameroon, Ethiopia, and Zambia.
Dangote’s success is attributed to his business acumen and his ability to identify investment opportunities in Africa.
He has been vocal about his commitment to investing in Africa and has expressed his belief that Africa’s economic growth will continue to outpace that of other regions.
Dangote is also known for his philanthropic activities and has donated millions of dollars to support education, health, and poverty alleviation initiatives in Africa.