Dangote becomes first African to hit $30 billion net worth

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.

“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.

The real game changer, however, is the Dangote Petroleum Refinery. Since beginning operations in late 2023, producing about 370,000 barrels per day, it has reshaped Africa’s energy market and lifted his valuation to new heights.

After market turbulence in 2024 that saw his net worth fluctuate, stability in refinery output pushed Dangote back among the global billionaire elite. He now plans to expand production to 1.4 million barrels per day and list 10 percent of the refinery’s shares on the Nigerian Exchange.

Dangote’s journey from trading commodities to building a multi-sector empire shows that African ambition can achieve global greatness.