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Aliko Dangote, President of Dangote Group, has risen to become the 65th richest person in the world, with a fortune now standing at $28 billion, according to the latest Bloomberg Billionaires Index.
Despite Nigeria's currency volatility, Dangote maintains his status as Africa's wealthiest individual, a position he has held for years.
The significant boost in Dangote's wealth can be attributed to the commencement of operations at his newly built petrochemical refinery in Ibeju-Lekki, Lagos, which is valued at over $20 billion.
The refinery now produces petrol, diesel, and jet fuel, positioning Nigeria toward energy independence. This monumental industrial project is recognised as the largest single-train refinery globally and is set to reduce Nigeria's dependence on imported fuel drastically.
As calculated by Bloomberg, his net worth surged to $28 billion from $14 billion in 2022, elevating him from the 83rd spot to his current 65th position globally.
The Bloomberg Billionaires Index ranks the world's wealthiest daily, using the latest market data and valuations to track changes in their fortunes.
While Dangote remains untouchable on the African continent, other Africans on the list include South Africans Johann Rupert, who is 174th with $13.6 billion, and Nicky Oppenheimer, who is 224th with $11.6 billion.
Egypt's Nassef and Naguib Sawiris also featured, with the former ranked 302nd with $9.16 billion and the latter at 407th with $7.37 billion.
Elon Musk retains top spot globally
Globally, the top spots remain dominated by U.S. tech titans. Elon Musk leads the pack with a staggering $242 billion, followed by Amazon founder Jeff Bezos at $210 billion and Facebook's Mark Zuckerberg at $204 billion.
In addition to his business achievements, Dangote's philanthropic efforts have been equally impressive. The UK-based digital periodical Richtopia recently named him among the top charitable individuals globally.
This recognition is due to his significant endowment to the Aliko Dangote Foundation, which has now grown to $1.25 billion.
Since its inception in 1981, Dangote's Foundation has focused on health, education, and economic empowerment across sub-Saharan Africa.
Incorporated in 1994, it has become the largest private foundation on the continent, with an unwavering commitment to health and nutrition, alongside education and humanitarian support.
Aliko Dangote continues to solidify his position as a transformative figure in business and social development across Africa.