Aliko Dangote is the only African in the top 10 manufacturing billionaires worldwide. This serves as an inspiration to African entrepreneurs, showcasing Africa’s potential for world-class manufacturing enterprises.
With a net worth of $10.5 billion, he is ranked 9th among industrial billionaires in 2023. He is the only African billionaire on the list, dominated by Asian and European billionaires.
At the age of 66, Dangote’s wealth comes mostly from his 85.2% share in Dangote Cement, the largest cement producer in Sub-Saharan Africa.
He attributes his success to his maternal grandpa, who instilled in him a strong business ethic from a young age.
Here is a list of the world’s top 10 manufacturing billionaires in 2023, according to CEOWorld magazine
Reinhold Wuerth & family – $25.7 billion
Wuerth is a German billionaire who founded the Würth Group, a leading supplier of assembly and fastening materials.
Michael Hartono – $22.3 billion
Hartono is an Indonesian billionaire who co-founded Djarum, the world’s largest cigarette maker.
He Xiangjian & family – $21.2 billion
He is a Chinese billionaire who founded Midea Group, a leading manufacturer of home appliances.
Takemitsu Takizaki – $18.7 billion
Takizaki is a Japanese billionaire who founded Keyence, a leading manufacturer of factory automation sensors.
James Ratcliffe – $18.2 billion
Ratcliffe is a British billionaire who founded Ineos Group, a leading manufacturer of chemicals and plastics.
Goh Cheng Liang – $11.3 billion
Goh is a Singaporean billionaire who founded Wuthelam Holdings, a leading manufacturer of paint and coatings.
Li Shuirong – $10.9 billion
Li is a Chinese billionaire who founded Zhejiang Rongsheng Holding Group, a leading manufacturer of petrochemicals.
Viktor Rashnikov – $10.5 billion
Rashnikov is a Russian billionaire who is the chairman of Magnitogorsk Iron and Steel Works, one of the world’s largest steelmakers.
Aliko Dangote – $10.5 billion
Dangote is a Nigerian billionaire and chairman of Dangote Group, the largest industrial conglomerate in West Africa.
Anthony Pratt – $9.8 billion
Pratt is an Australian billionaire who is the chairman of Pratt Industries, a leading paper and packaging company.
Aliko Dangote, president Dangote Group, said this while delivering a paper titled “Agenda Setting for Industrialising Nigeria in the Next Decade” at the 2nd Adeola Odutola’s lecture to commemorate the Manufacturers Association of Nigeria’s (MAN) 50th Annual General Meeting (AGM).
He said, “It is evident that manufacturing is pivotal to industrialisation. No country in the world has ever industrialised or attained ‘developed nation status’ without having a thriving manufacturing sector,” Dangote said. “Without a doubt, manufacturing is the heartbeat of industrialisation and the bedrock for inclusive economic growth and development.”
Speaking further, Dangote noted that the manufacturing sector’s contribution to Nigeria’s GDP in recent years hovered around 9%, which he described as low. The sector’s suboptimal performance was as a result of constraints such as a lack of foreign exchange, a scarcity of long-term capital, poor infrastructure, regulatory inconsistencies, insecurity and others.
However, to accelerate the sector’s growth, he emphasized the need to reform several factors, including security and rule of law, industry-oriented government policies, enough infrastructure, and a well-developed Small and Medium Enterprises (SME) sector.