Aliko Dangote Retains Billionaire Crown Amid Nigeria’s Economic Struggles

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Aliko Dangote Retains Billionaire Crown Amid Nigeria's Economic Struggles

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Forbes Names Aliko Dangote Africa’s Richest Man for 13th Consecutive Year Despite Nigeria’s Economic Challenges

Forbes magazine has listed Nigeria’s Aliko Dangote as the richest man in Africa for the 13th consecutive year, despite the country’s economic difficulties. The magazine’s annual list of African billionaires, totaling 20 individuals with a combined net worth of $82.4 billion (£64.8 billion), highlights the challenges of building and maintaining billion-dollar fortunes on the continent.

The list focuses on billionaires who reside in Africa or have their primary business interests there. Aliko Dangote’s fortune increased by $400 million over the past year, bringing his net worth to $13.9 billion, according to Forbes. The 66-year-old businessman amassed his wealth in the cement and sugar industries and recently launched an oil refinery in Lagos, Nigeria’s economic center.

Despite economic challenges in Nigeria, including a devalued currency and soaring prices due to the removal of fuel subsidies, Dangote Cement’s rising share price helped Aliko Dangote maintain his top ranking on the list. South African luxury goods mogul Johann Rupert retained the second spot, while former diamond miner Nicky Oppenheimer secured the third position.

South Africa boasts four more billionaires on the list, followed by Egypt with five, Nigeria with four, and Morocco with two. Additionally, Algeria, Tanzania, and Zimbabwe each have one billionaire.