President of Dangote Group, Alhaji Aliko Dangote

Dangote Remains Africa’ Richest Man In 11th Year Row

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…As His Net Worth Increased By 14.9 Per cent In One Year

President of Dangote Group, Alhaji Aliko Dangote has according to the Forbes 2022 list of Africa’s Billionaires, retained his position as the continent’s richest man for the 11th year in a row.

According to the American Magazine rating list of Top 10 Africa’s Billionaires, 2022 edition, Dangote has a net worth of an estimated $13.9 billion up from $12.1 billion in 2021. This represents an increase of 14.9 percent of his net value within the past twelve months.

Forbes revealed this through a publication on its website on Monday January 24.

According to the report, the result is courtesy of a 30 per cent increase in the stock price of Dangote Cement, his most valuable asset. It said analysts found that there was a surge in housing developments in Nigeria and growth in government infrastructure spending which drove higher demand in the first nine months of 2021.

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The 2022 report listed the 18 billionaires in Africa who collectively were worth $84.9 billion, -” 15 per cent increase more than twelve months ago, and the largest combined tally since 2014 when there were 28 African billionaires were worth a combined $96.5 billion. On average, they were worth  $4.7 billion now against $3.4 billion in 2014.

Forbes indicated that the average net worth value is higher this year due to the current smaller number of list members.

The report also revealed that despite the global coronavirus pandemic, “Africa’s wealthiest are richer than they have been in eight years.”

Apart from Dangote, the second richest in the list is Johaan Rupert & family from South Africa with a net worth of $11 billion up from $7.2 billion and was said to have jumped into No. 2, up from No.4 in the list last year.

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Others in the list are: Nicky Oppenheimer & family ($8.7 billion), Nassef Sawiris ($8.6 billion), Abdulsamad Rabiu ($7 billion), Mike Adenuga ($6.7 billion), Issad Rebrab & family ($5.1 billion), Naguib Sawiris ($3.4 billion), Patrice Motsepe ($3.1 billion), Koos Bekker ($2.7 billion), Strive Masiyiwa ($2.7 billion), Mohamed Mansour ($2.5 billion), Aziz Akhannouch & family ($2.2 billion), Michiel Le Roux ($1.7 billion), Othman Benjelloun & family ($1.5 billion), Mohammed Dewji ($1.5 billion), Youssef Mansour ($1.5 billion), Yasseen Mansour ($1.1 billion).

Forbes said, “soaring stock prices from Nigeria to Zimbabwe lifted the fortunes of these tycoons, as demand for products from cement to luxury goods ticked up.”

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It indicated that it used stock prices and currency exchange rates from Wednesday, January 19, 2022, to measure the net worths.

Nigeria had three in the billionaires’ list, South and Egypt have five each.

READ ALSO: Nigerian Billionaire Plots To Unseat Dangote As Richest Man


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