Africa’s richest man adds billions as fortune nears $40bn

Aliko Dangote has further cemented his position as Africa’s richest person, with his net worth rising to an estimated $36.7 billion as of June 8, 2026, according to the latest Bloomberg Billionaires Index. The increase underscores the growing influence of the Nigerian industrialist’s investments in cement, energy and manufacturing, while highlighting the expanding role of his oil refinery business in shaping his wealth.

Bloomberg’s real-time ranking of the world’s richest individuals places Dangote among the wealthiest business figures globally, with his fortune largely anchored on a vast industrial empire that spans cement, fertiliser, sugar, salt and petroleum refining. According to the index,
Dangote’s wealth has increased by almost five billion since the start of the year.

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For years, Dangote Cement has been the cornerstone of his fortune. The company, which operates across several African countries, remains the continent’s largest cement producer and one of its most profitable industrial businesses. Bloomberg noted that Dangote owns a dominant stake in the company, making it one of the most significant contributors to his net worth.

However, the centre of gravity in Dangote’s wealth portfolio is increasingly shifting towards energy.

According to Bloomberg’s valuation, the single largest asset underpinning his fortune is now the Dangote Petroleum Refinery, a $20 billion project located on the outskirts of Lagos. Bloomberg estimates that Dangote owns more than 90 percent of the refinery, which began operations in 2024 after more than a decade of planning and construction.

The refinery, regarded as Africa’s largest and one of the world’s biggest single train refining facilities, is expected to transform fuel supply across the continent by reducing dependence on imported petroleum products. Its emergence as Dangote’s biggest asset marks a significant transition from manufacturing led wealth creation to large scale energy infrastructure.

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Beyond cement and refining, Bloomberg said Dangote’s holdings include substantial interests in fertiliser production, sugar refining, salt processing, agriculture and packaged foods. The diversified nature of these investments has helped strengthen his position even during periods of market volatility and currency fluctuations.

As with many billionaires whose fortunes are tied to corporate assets, Dangote’s wealth remains sensitive to changes in market valuations, exchange rates and investor expectations. Bloomberg’s index recalculates fortunes daily using share prices, economic conditions and updated company valuations.

Despite those fluctuations, the latest figures reaffirm Dangote’s dominance at the top of Africa’s wealth rankings.  Bloomberg analyst’s say the future trajectory of his fortune will depend largely on the long term performance of the refinery, continued demand for cement across African markets and the ability of his industrial businesses to sustain growth in an increasingly competitive environment.

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For now, the latest Bloomberg assessment shows that the Nigerian entrepreneur remains the continent’s undisputed wealth leader, with a business empire that continues to expand beyond its traditional manufacturing roots.