Africa’s richest person, Aliko Dangote, might soon hit a historic milestone as his wealth has soared to $29.2 billion as of August 12, 2025, with a year-to-date increase of about $1.2 billion, according to a report by Bloomberg Billionaires Index.
The business mogul is now just about $800 million away from being the first African to be worth $30 billion. Dangote controls Dangote Industries, a closely held conglomerate which owns sub-Saharan Africa’s biggest cement producer, Dangote Cement, and the continent’s largest oil refinery. It also has interests in sugar, salt, oil, fertilizer and packaged food.
Ranked as the world’s 73rd richest person, his rise in fortune is largely thanks to the strong performance of his publicly traded companies, particularly Dangote Cement. Even though a chunk of his wealth is in his refinery, where he holds a 92.3 percent stake, it is his shares in publicly listed companies like Dangote Cement, Dangote Sugar, and Nascon that are contributing to the rise in his fortune.
RELATED STORIES
Concerning public assets, Dangote Cement is valued $5.54 billion, Dangote Sugar is worth $357 million, UBA is worth $484,000, and NASCON is worth $117 million.
“Dangote owns a collection of industrial assets through his Lagos-based company, Dangote Group. His biggest asset is the Dangote Oil Refinery, Africa’s largest refiner, which began operating in early 2024. He owns 92.3 per cent stake of the project, which is valued based on the amount it cost to build it: $20bn.
“He also owns a fertiliser plant with a capacity to produce up to 2.8 million tonnes of urea annually. It’s valued based on a net present value calculation by an independent analyst that assumes a 50 per cent utilisation rate,” Bloomberg said.
“He also owns closely held businesses operating in food manufacturing, agriculture, packaging, and other industries, which are valued based on their investment cost according to Dangote Group’s 2023 audited financial statements,” the outlet added.
Bloomberg’s updated figures come as Dangote steps down as chairman of his flagship company, Dangote Cement Plc, to pay close attention to his $20 billion Dangote Petroleum Refinery and Petrochemicals. Since he announced in July that he was stepping down, his fortune has continued to rise.
