Aliko Dangote Becomes First African to Reach $30 Billion Net Worth

Africa’s richest man, Aliko Dangote, has achieved a new milestone, becoming the first African billionaire to hit a $30 billion net worth, according to the Bloomberg Billionaires Index as of October 23, 2025.

The Nigerian industrialist’s fortune surged by $2.16 billion this year alone, with a recent $430 million gain pushing him past the symbolic $30 billion mark. Just days earlier, he was valued at $29.8 billion.

Cement Empire Expands Across Africa

Dangote’s soaring wealth aligns with the rapid expansion of his industrial empire. His latest project — a $160 million cement plant in Attingué, about 30 km north of Abidjan, Côte d’Ivoire — has significantly boosted the output of Dangote Cement, Africa’s largest cement producer.

The 50-hectare plant, one of the company’s largest outside Nigeria, has an annual capacity of three million metric tonnes, bringing Dangote Cement’s total installed capacity to 55 million tonnes across 11 African countries.

Beyond cement, Dangote is intensifying his push into the oil and gas sector, announcing plans to double his refining operations to 1.4 million barrels per day. If achieved, this would surpass the world’s largest refinery in Jamnagar, India, which currently produces 1.36 million barrels daily.

Reports also suggest that the Dangote Refinery — valued at $20 billion — plans to list between 5% and 10% of its shares on the Nigerian Exchange (NGX) within the next year.

Since its launch in May 2023, the refinery has been a game-changer, producing around 370,000 barrels of diesel and jet fuel per day and positioning Nigeria closer to energy independence.

Dangote’s wealth journey has been marked by dramatic swings. In October 2023, Bloomberg ranked him 81st richest person globally, with a net worth of $20.4 billion. However, his fortune dipped mid-2024 before rebounding to $27.8 billion by the year’s end.

Early 2024 saw South African billionaire Johann Rupert briefly overtake him with $10.3 billion, but Dangote swiftly reclaimed the crown after a $282 million valuation jump, regaining his title as Africa’s wealthiest man.

By August 2025, Dangote’s net worth had climbed to $29.3 billion — and now, as of October, he has officially entered the $30 billion club, a feat no other African billionaire has achieved.

From cement to oil refining, Dangote’s business empire continues to redefine Africa’s industrial potential. His rise to a $30 billion net worth not only cements his place as the continent’s richest man but also underscores his enduring influence as one of Africa’s most transformative business leaders.