Nigerian Aliko Dangote Becomes First Black Billionaire to Hit $30B Net Worth

Africa’s richest man, Aliko Dangote, has officially reached a $30 billion net worth, according to Bloomberg’s Billionaires Index.

This milestone indicates a $2.16 billion increase in Dangote’s fortune so far this year, driven in part by a recent $430 million valuation gain. As of late October 2025, his net worth was reported at around $30.3 billion, making him not only the richest Black man in the world but also the first African-born billionaire to cross the $30 billion threshold.

Dangote’s Net Worth Driven by Industrial Expansion

The surge reflects the growth of his industrial empire, notably the completion of a $160 million cement plant in Attingué, 30 km north of Abidjan, Côte d’Ivoire. The 50-hectare facility has the capacity to produce three million metric tonnes per year, making it one of Dangote Group’s largest sites outside Nigeria

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The Attingué facility boosts the group’s installed capacity on the continent to around 55 million tonnes annually, bringing the total number of Dangote Cement plants in African nations to 11. 

Recent reports indicate that within the next year, the refinery plans to sell 5% to 10% of its shares on the Nigerian Exchange (NGX) Limited. Additionally, Dangote recently announced plans to more than double his oil refining operations, increasing production capacity to 1.4 million barrels per day. 

This will make the Dangote group the largest oil refining operation, surpassing the output of the world’s largest refining giants, including the 1.36 million barrels per day refinery in Jamnagar, India. The Dangote Oil Refinery, launched in May 2023, began operations in October 2023, producing approximately 370,000 barrels per day (b/d) of diesel and jet fuel.

Shortly after the launch, Bloomberg listed Dangote as the 81st-richest person in the world, with a net worth of $20.4 billion in October 2023. However, his net worth declined sharply before surging again. 

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In January 2024, Johann Rupert led as Africa’s richest man with $10.3 billion, compared to Dangote’s $9.5 billion. But the Nigerian billionaire quickly regained his position, in an amazing effort that saw him outperform Jeff Bezos and Bill Gates by the end of the first month of the year. Late January of the same year, Dangote Group‘s CEO surpassed the $20 billion mark, with a recent valuation gain of $282 million and a staggering year-to-date (YTD) change of +$6.91 billion.

By July 2024, Bloomberg’s billionaire index had Dangote’s net worth drop to $13.8 billion, after reports indicated that he had lost a billion dollars. His net worth in October 2024 jumped from around $13 billion to $27.8 billion.

On Bloomberg’s Index, he was worth around $28.1 billion as of the beginning of 2025. Dangote’s net worth was $27.7 billion mid-year. The year-to-date change was -$400 million. 

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However, an April snapshot showed a year-to-date change of +$153 million, highlighting the unpredictability of these figures due to market, currency, and company performance fluctuations. By August 2025, the Index estimated Dangote’s net worth to be $29.3 billion, only $0.7 billion shy of $30 billion.

Main Image: Aliko Dangote. Image Credit: Creator: B.LOEBELL, Copyright: World Economic Forum (via Flickr)