Dangote becomes first African to reach $30 billion net worth

Africa’s richest person, Aliko Dangote, has officially become 1st African to reach a net worth of $30 billion as of October 23, 2025, according to Bloomberg’s Billionaire Index

The milestone reflects a $2.16 billion increase in his wealth so far this year, including a recent $430 million valuation gain. Just days earlier, Dangote’s fortune stood at $29.8 billion, only $200 million short of the landmark.

The surge coincides with the expansion of his industrial empire, particularly the completion of a $160 million cement plant in Attingué, roughly 30 km north of Abidjan, Côte d’Ivoire. Spanning 50 hectares with an annual capacity of three million metric tonnes, the facility is among Dangote Cement’s largest outside Nigeria. With this addition, the company’s total installed capacity across Africa now stands at about 55 million tonnes per year across 11 countries.

Dangote is also pursuing growth in the oil sector, aiming to more than double refining capacity to 1.4 million barrels per day, surpassing the world’s current largest refinery in Jamnagar, India, which produces 1.36 million barrels per day. Reports indicate that Dangote Refinery may sell 5–10% of its shares on the Nigerian Exchange (NGX) within the next year.

Since the launch of the $20 billion Dangote Oil Refinery in May 2023, which began operations in October 2023 with a capacity of 370,000 barrels of diesel and jet fuel per day, Dangote’s wealth has seen a dynamic trajectory. Bloomberg ranked him as the 81st richest person globally at $20.4 billion shortly after the refinery’s commissioning.

He briefly lost the title of Africa’s richest man to South African billionaire Johann Rupert at the start of 2024, with $9.5 billion versus Rupert’s $10.3 billion, but quickly regained the top spot, surpassing $20 billion by late January 2024. Although his wealth dipped mid-2024—from $13.8 billion in July to $13 billion in October—it rebounded to $27.8 billion by year-end. By August 2025, his net worth had risen to $29.3 billion, before finally hitting $30 billion in October.

Dangote’s ongoing rise highlights his growing influence across Africa’s industrial sector, from cement to oil refining, reinforcing his status not only as the continent’s wealthiest individual but also as one of its most transformative business leaders.

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