Aliko Dangote solidifies No.1 spot in Africa as his net worth hits $11.2 billion

The most affluent man on the African continent, Aliko Dangote has strengthened his grip as his net worth surges to a whopping $11.2 billion giving him a comfortable lead over his competitors.

According to a billionaires.africa report, the increase in Dangote’s fortune was influenced by the robust performance of his publicly traded enterprises on the Nigerian Stock Exchange which has helped to widen the gap with his closest competitor, Johann Rupert who is a South African billionaire.

The portal further said the Nigerian business mogul’s net worth has soared from $200 million within the span of eight days to bolster his wealth.

The impressive wealth increment has seen his net worth jump from $11 billion on August 18 to the current $ 11.2 billion as of August 26, 2023.

With his wealth now set at $11.2 billion, Dangote has gained a remarkable $1 billion lead over his arch-rival, Rupert, whose current net worth stands at $10.2 billion as of the drafting of the report.

Some two weeks ago, Billionaires.Africa stated that tumultuous currency fluctuations in June this year have led to a decline in fortune below $11 billion for the two billionaires competing for the richest man in the African continent.

Following the sharp decline, Aliko Dangote, whose wealth rests on cement production with a majority 86 percent stake, has seen his net worth soar massively, solidifying his position as the richest man in the African continent.

Meanwhile, Johann Rupert, the South African billionaire suffered a significant reduction in his net worth from $10.9 billion on August 14 to $10.2 billion at the time of writing the report by BilllionairesAfrica.

Dangote is set to expand its product line comprising sugar, rice, vegetable oil, tomato paste, seasonings, and other savory products.

BS/MA

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