Nigerian billionaire Aliko Dangote has officially become the first African to reach a $30 billion net worth, according to the latest Bloomberg Billionaires Index.
This new milestone came after a $430 million surge in his portfolio, capping a year of impressive growth that added over $2 billion to his fortune.
The rise further cements his place as Africa’s richest man and highlights the power of his empire across cement, sugar, flour, and oil refining.
Dangote’s net worth surge is in line with the inauguration of a $160 million cement plant in Attingué, roughly 30 km north of Abidjan, Côte d’Ivoire.
The 50-hectare facility has the capacity to produce three million metric tonnes per year, making it one of the company’s largest sites outside Nigeria.
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The Attingué facility brings the group’s installed capacity on the continent to around 55 million tonnes annually, bringing the total number of Dangote Cement plants in African nations to 11.
Recent reports also indicate that within the next year, the refinery intends to sell 5% to 10% of its shares on the Nigerian Exchange (NGX) Limited.
Additionally, Dangote recently made an announcement that he plans to more than double his oil refining operations, bringing production capacity to 1.4 million barrels per day.
This denotes that the Dangote group will control the largest oil refining operation, surpassing the output of the world’s largest refining giants, including the 1.36 mbpd refinery in Jamnagar, India.
“This isn’t just a personal win for Dangote, it’s a defining moment for African industry,” said Ngozi Okonjo, an analyst at Afrinvest.
“He’s proving that manufacturing can create true wealth for Africa.”
A key factor behind the rise is the $160 million Dangote Cement plant in Côte d’Ivoire, which adds three million tonnes of production capacity and expands the company’s reach to 11 countries.
Shortly after the launch, in the same month, Bloomberg listed Dangote as the 81st richest person in the world with a net worth of $20.4 billion.
However, Dangote’s net worth would decline sharply before surging once more.
The year 2024 began with Johann Rupert as Africa’s richest man, with a net worth of $10.3 billion compared to Dangote’s $9.5 billion.
This would not last as Dangote quickly regained the throne, in an amazing effort that saw him outperform Jeff Bezos and Bill Gates by the end of the first month of the year.
Late in January 2024, the CEO of the profound Dangote group crossed the $20 billion mark, with his most recent valuation change of +$282 million, and his year-to-date (YTD) change of a staggering +$6.91 billion.
By July 2024, Bloomberg’s billionaire index had Dangote’s net worth at $13.8 billion, after reports indicated that he had lost a billion dollars.
Dangote’s net worth in October 2024 jumped from around $13 billion to $27.8 billion.
On Bloomberg’s index, Dangote was worth around $28.1 billion as of the beginning of 2025.
Dangote’s net worth was $27.7 billion in the middle of the year, with a year-to-date change of -$400 million, yet an April snapshot showed Dangote’s year-to-date change of only +$153 million, demonstrating how unpredictable these headline figures can be when markets, currencies, and company performance fluctuate.
By August 2025, the Index estimated Dangote’s net worth to be $29.3 billion, only $0.7 billion shy of $30 billion.