Dangote's Net Worth Soars by $20 Million
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Billionaires - June 30, 2023

Dangote’s Net Worth Soars by $20 Million

Aliko Dangote, the President of the Dangote Group, continues to hold the title of Africa’s wealthiest individual, even in the face of the Nigerian currency’s fluctuations against the dollar.

According to Bloomberg’s daily top billionaire lists, published on Tuesday, Dangote reigns supreme among his African counterparts, boasting a fortune of $15.6 billion.

For the twelfth consecutive year, Dangote retains his position as the wealthiest individual in Africa. Notably, he was the sole Nigerian included among the top 500 billionaires listed by Bloomberg.

Bloomberg’s African billionaire list

The latest top 500 world billionaires list for 2023 features several notable African individuals. Among them, Johann Rupert and his family from South Africa hold a fortune of $13.3 billion. Additionally, Nicky Oppenheimer of South Africa, Nassef Sawiris of Egypt, Natie Kirsh of South Africa, and Naguib Sawiris possess respective wealths of $9.0 billion, $7.47 billion, $7.37 billion, and $5.93 billion. These five individuals represent the exclusive group of African billionaires included in the list.

Bloomberg billionaires index 

The Bloomberg Billionaires Index serves as a daily compilation of the wealthiest individuals globally. In the pursuit of utmost transparency, Bloomberg News employs meticulous calculations to determine net worth. Each billionaire’s profile within the index offers a comprehensive analysis, elucidating the methodology employed to assess their fortune.

The Bloomberg Billionaires Index is a constantly evolving indicator of individuals’ wealth, which takes into account market fluctuations, economic factors, and Bloomberg’s reporting. The net worth figures associated with each billionaire are updated daily, following the conclusion of trading in New York. For publicly traded companies, the value of stakes is determined based on the most recent closing price of the shares. Valuations are then converted to U.S. dollars using the prevailing exchange rates.

World’s richest men

At the top of the global wealth rankings, Elon Musk and Bernard Arnault hold the positions of the richest individuals, amassing fortunes of $219 billion and $194 billion, respectively. They are closely followed by Jeff Bezos with $151 billion and Bill Gates with $130 billion. Notably, Larry Ellison secures the fifth spot on the world’s billionaires chart with a wealth of $130 billion.

What you should know about Bloomberg L.P

Bloomberg L.P. is a renowned global information and technology company that facilitates connections between decision-makers through a dynamic network encompassing data, individuals, and ideas. With a commitment to precise dissemination of business and financial information, news, and insights, Bloomberg serves customers worldwide. 

The company offers an array of financial software tools, including an analytics and equity trading platform, data services, and news, catering to the needs of financial companies and organisations through the Bloomberg Terminal.

What you should know about Dangote

Aliko Dangote, the wealthiest individual in Africa, controls Dangote Industries, a privately-held conglomerate, with a net worth of $15.6 billion. Headquartered in Lagos, Nigeria, the company is the proprietor of Dangote Cement, the largest cement producer in sub-Saharan Africa. Dangote Industries also boasts investments in various sectors, including sugar, salt, fertiliser, and packaged foods. Notably, Dangote has recently inaugurated Africa’s largest refinery, a petroleum facility worth $19 billion.

Aliko Dangote, in a notable achievement, was recently honored as one of the most philanthropic individuals worldwide by Richtopia, a UK-based digital periodical focused on business, economics, and financial news. This recognition followed his remarkable contribution of $1.25 billion to his foundation, the Aliko Dangote Foundation (ADF). This substantial endowment further solidifies his commitment to charitable endeavors.

In 1981, Aliko Dangote established his foundation with a clear vision: to drive social change by making strategic investments that enhance health and well-being, foster quality education, and expand economic empowerment opportunities. Since its inception, the foundation has remained steadfast in pursuing its mission, aiming to create a positive and lasting impact in these crucial areas of societal development.

The Aliko Dangote Foundation, initially established as a charity in Lagos, Nigeria in 1994, has made significant strides over the past two decades. It has evolved into the largest private foundation in sub-Saharan Africa, boasting the most substantial endowment by a single African donor. With a core emphasis on health and nutrition, the foundation actively complements its efforts with interventions in education, empowerment, and humanitarian relief. 

Through these comprehensive initiatives, the Aliko Dangote Foundation continues to play a pivotal role in driving positive social change across the region.

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