12 January 2018
Thanks to rising stocks and commodity prices, Africa’s richest man and President of the Dangote Group, Alhaji Aliko Dangote, saw his net worth rise to $12.2 billion, according to the list of Africa’s billionaires compiled by Forbes magazine which was released on Thursday.
The latest list indicated that Dangote’s net worth increased by $100 million, compared to $12.1 billion a year ago.
Based on his net worth, the cement and commodities tycoon has maintained the position of Africa’s richest man for the seventh year in a row.
According to Forbes, Dangote is looking beyond cement – his most valuable asset – and has been investing in a fertiliser production company and a large oil refinery.
The Dangote Fertiliser plant is expected to start operations in the second quarter of this year.
Also, Forbes, in the ranking, stated that Africa’s billionaires were collectively wealthier than a year ago as a result of the rebound in commodity prices and rising stock prices on the continent.
The 23 billionaires on the continent – up from 21 billionaires last year — were worth a combined $75.4 billion, compared to $70 billion in January 2017.
Number two on the list was diamond mining heir Nicky Oppenheimer of South Africa, with a net worth of $7.7 billion, up $700 million from last year. Oppenheimer is one of eight South Africans on the list, making it the African country with the most billionaires.
Last year, South Africa and Egypt tied with six billionaires a piece.