Aliko Dangote‘s net worth has risen to an astonishing $11.2 billion, cementing his position as the wealthiest person on the African continent.
This astounding gain, fueled by the strong performance of his publicly traded firms on the Nigerian Exchange, has increased the wealth disparity between him and his nearest challenger, South African billionaire Johann Rupert.
Dangote’s position as Africa’s richest man has been strengthened further by a $200 million rise in just eight days. This incredible achievement has increased his net worth from $11 billion on August 18 to $11.2 billion as of August 26.
This current spike in fortune not only adds to his unprecedented wealth acquisition in recent years, but also solidifies his place as the continent’s richest man, expanding the wealth gap between him and South African billionaire Johann Rupert.
Dangote currently has a $1 billion lead over Rupert, whose net worth was $10.2 billion at the time this piece was written.
HowNG revealed about two weeks ago that the two billionaires, who had been vying for the top spot since Forbes amended its richest list owing to volatile currency swings in June, had both had their fortunes fall below $11 billion.
Dangote’s net worth has increased dramatically since then, placing him as the continent’s richest man, while South African billionaire Johann Rupert’s net worth has decreased significantly, falling from $10.9 billion on Aug. 14 to $10.2 billion at the time of writing.
While Dangote’s $11.2 billion fortune is centered on Dangote Cement, in which he owns an 86-percent ownership, recent increases in his sugar company, Dangote Sugar Refinery, and his salt and savory operation, NASCON Allied Plc, have been particularly notable.
The enthusiasm around a possible combination of these firms with Dangote Rice Ltd., his rice business, can be attributable to these profits. This company consolidation is expected to change the food and consumer products sectors, opening up new growth opportunities.
The resulting conglomerate will have a diverse product line that includes sugar, rice, salt, vegetable oil, tomato paste, seasonings, and other savory items.
