Aliko Dangote, the chairman and CEO of Dangote Group, an industrial conglomerate remains the richest man in Africa for the 11th year in a row as his net worth moved up by $2.5 billion to $14 billion in the latest Forbes’ 2022 World Billionaires List.
The increase also moved the ranking of the Nigerian businessman net worth by 61 places to 130th from 191.
According to Forbes, Dangote Cement is the most valuable asset as analysts found a surge in housing development in Nigeria and the growth in government infrastructure spending which drove higher demand for cement in the first nine months of 2021.
“Dangote Cement has the capacity to produce 48.6 million metric tons annually and has operations in 10 countries across Africa,” Forbes states.
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The Forbes World’s Billionaires is an annual ranking list that provides a snapshot of wealth using stock prices and exchange rates from March 11, 2022. It is compiled and published by the American business magazine Forbes
“Some people become richer or poorer within days of publication. We list individuals rather than multigenerational families who share fortunes, though we include wealth belonging to a billionaire’s spouse and children if that person is the founder of the fortune,” the business magazine said.
On a global scene, Elon Musk, the founder and chief executive of Tesla tops the list as the richest man in the world with $219 billion followed by Jeff Bezos ($171bilion), Bernard Arnault ($158billion), Bill Gates ($129billion) and Warren Buffett($118billion).
