Dangote Ranks 83rd Among World's Richest... Africa's Wealthiest
A Self-Made Billionaire Leading in Economic Contribution and Philanthropy
Aliko Dangote, Chairman of Dangote Group, a national enterprise of Nigeria, is currently known as the richest person in Africa.
According to Yonhap News on May 30, citing the American business magazine Forbes, Dangote's assets amount to $23.9 billion (approximately 33.2 trillion won), ranking him 83rd in the world and first in Africa. Dangote's assets are about three times those of Lee Jae-yong, Chairman of Samsung Electronics (approximately 11.4 trillion won).
Dangote is considered a self-made billionaire. After majoring in business administration at Al-Azhar University in Egypt, he returned to Nigeria and started a small trading company with money borrowed from his uncle, importing essential goods such as rice and sugar, as well as construction materials like cement. Later, in the late 1990s, he built large-scale factories and expanded into manufacturing, amassing significant wealth.
Currently, Dangote Group is the largest company in West Africa, producing cement, sugar, flour, salt, and more in 14 African countries. Last year, Dangote announced his goal to enter the steel industry soon and to make the group one of the world's top 120 companies.
Dangote Group continues to focus on business expansion while also being recognized for its significant contribution to Nigeria's economic development. In 2015, the company built a refinery on the outskirts of Lagos, Nigeria's economic hub, with a daily production capacity of 650,000 barrels, and constructed a gas pipeline in cooperation with global energy companies. This is expected to contribute to Nigeria’s energy independence, as the country, despite being Africa’s largest oil producer, has long relied on imports due to a lack of refining facilities. In addition, Dangote invested $4.6 billion over three years in rice, sugar, dairy products, and more to support food security in Africa.
Moreover, Dangote is also Africa's leading philanthropist. In 1994, he established the Aliko Dangote Foundation (ADF) to improve the lives of Nigeria's poor. The foundation's primary goals are to reduce deaths from hunger and disease and to provide educational opportunities, thereby empowering the economically disadvantaged. Initially, the foundation received donations from Dangote Group affiliates, but it is now mainly funded by Dangote's personal contributions. It is reported that he has already donated over $1 billion to charitable activities.
According to the British media outlet Richtopia, as of 2017, Dangote ranked sixth in the world for charitable donations, following Warren Buffett, Bill Gates, J.K. Rowling, Oprah Winfrey, and Elon Musk.
Meanwhile, according to Forbes, the next wealthiest individuals in Africa after Dangote are the Johann Rupert family of South Africa (approximately 19.4 trillion won) and the Nicky Oppenheimer family (approximately 14.4 trillion won). Rupert is the chairman of Richemont Group, known for luxury jewelry and watch brands such as IWC and Cartier, while Oppenheimer is the chairman of De Beers, a world-renowned diamond producer.
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