The most recent Billionaires Index now includes five additional Africans. Despite the volatility of the Nigerian naira against the dollar, Aliko Dangote, the president of the Dangote Group, is still the richest man in Africa and currently the 65th richest man in the world.
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The start of operations of his newly constructed petrochemical refinery, which is estimated to be worth over $20 billion, greatly raised Dangote’s wealth, which was $28 billion, according to Bloomberg’s most recent top 500 billionaires index, which was announced on Thursday. The well-known businessman has never been ranked higher than this new one.
In 2022, he was previously rated 83rd. The largest and most sophisticated single-train oil refinery in the world, the Dangote Refinery is situated at Ibeju-Lekki, on the outskirts of Lagos, and it can process the majority of the world’s crude varieties. By enabling fuel independence, it has the potential to revolutionize Nigeria’s economy.
According to the Bloomberg Billionaires Index, the refinery more than doubled his net worth to $27.8 billion since it began manufacturing premium motor spirit (petrol) in September along with other goods including diesel and Jet-A1. Since Nicky Oppenheimer of South Africa is ranked 224th on the world list with a wealth of $11.6 billion and Johann Rupert of South Africa is ranked 174th with a wealth of $13.6 billion, no African comes close to Dangote’s most recent rating.
Other Africans on the list include Natie Karsh of South Africa, who is ranked 297th in the world with a $9.25 billion fortune, Nassef Sawiris of Egypt, who is ranked 302th with a $9.16 billion fortune, and Naguib Sawiris of Egypt, who is ranked 407th with a $7.37 billion fortune. The richest persons in the world are ranked every day by the Bloomberg Billionaires Index.
Bloomberg News aims to present the clearest possible net worth calculations, and each billionaire profile includes a thorough explanation of how their wealth is determined. The index is a dynamic indicator of individual wealth that is influenced by shifts in the economy, markets, and Bloomberg reporting. Every business day following the New York stock exchange’s closing, the net worth figures are updated. The most recent closing price of the share is used to determine the worth of stakes in publicly traded corporations.
Current exchange rates are used to convert valuations to US dollars. With $242 billion and $210 billion in their respective fortunes, Ellon Musk and Jeff Bezos are the richest people in the world. Mark Zuckerberg and Larry Ellison came in second and third, respectively, with $204 billion and $185 billion on the list of billionaires worldwide. As you may remember, Richtopia, a digital magazine that covers business, economics, and financial news from the United Kingdom, recently named Aliko Dangote one of the world’s most philanthropic individuals.
He received this honor after donating more than $1.25 billion to his organization, the Aliko Dangote organization (ADF). In 1981, Aliko Dangote established his Foundation with the goal of expanding social change prospects by making wise investments that advance high-quality education, boost health and welfare, and provide opportunities for economic empowerment.
Nonetheless, the Aliko Dangote Foundation was established as a nonprofit organization in Lagos, Nigeria, in 1994. With the highest endowment by a single African donor, the Foundation has grown to become the biggest private foundation in sub-Saharan Africa after 20 years. With the use of wrap-around interventions in education, empowerment, and humanitarian relief, the Aliko Dangote Foundation’s main focus is on nutrition and health.
