Africa’s richest man Aliko Dangote has risen in the ranks of the world’s richest man after a year-over-year increase in his net worth of $3 billion (N1.23 trillion).
According to the Bloomberg Billionaire Index, the Nigerian businessman’s wealth has risen to $17.8 billion from $14.8 billion last year.
Dangote, who was the richest man in Africa eight times in a row, is currently 115th richest man in the world, making him the only African in the top 120.
The 64-year-old serial entrepreneur has made $52.6 million (N21.56 billion) from January to date as his companies have risen in valuation this year. Most of his fortune comes from his 86 percent stake in publicly traded Dangote Cement Plc. He holds shares in the company directly and through his conglomerate, Dangote Industries.
Dangote’s other publicly traded assets include interests in Dangote Sugar, Nascon Allied Industries and United Bank for Africa. His interests in the publicly traded companies are held directly and through Dangote Industries, which also owns close companies active in food production, fertilizer, oil and other industries. Dangote’s most valuable asset is a fertilizer plant with the capacity to produce up to 2.8 million tons of urea annually.
However, his A $12 billion oil refinery currently under development is not included in the valuation because it is not yet operational and construction costs are calculated to outweigh its present value.
The billionaire is also said to own six residential and commercial properties in Lagos.
Other Africans on the list of the top 500 billionaires in the world are three South Africans; the executives of Swiss-based luxury goods company Richemont and South Africa-based company Remgro, Johann Rupert, and family had their place on the $10.1 billion billionaire index.
A member of the Oppenheimer family from South Africa, also the world’s diamond producer, Mr. Nickholas Oppenheimer, was placed at rank 353 with a value of $7.80 billion.
Also Krish Group CEO Mr Natie Kirsh also from South Africa had a place in the billionaire index which was known to be worth $7.15 billion and Nassef Sawiris from Egypt is also one of the African billionaires with worth $6.93 billion.