Africa’s richest man, Aliko Dangote, has seen his wealth skyrocket to $29.3 billion as of August 5, 2025, according to the Bloomberg Billionaires Index.

This marks a $1.23 billion gain since the beginning of the year, cementing his position as the 72nd richest person globally.

Cement, refinery, and fertiliser lead the pack

Dangote’s latest fortune boost comes largely from the long-anticipated Dangote Oil Refinery, which officially began operations in early 2024.

The 68-year-old billionaire owns a 92.3% stake in the $20 billion mega facility, making it his single largest asset.

Dangote Group’s empire is vast, but the key players driving the wealth surge are Dangote Cement, the oil refinery, and his massive fertiliser plant. Here's how his assets break down:

$18.6bn in the Dangote Petroleum Refinery
$5.54bn equity in Dangote Cement
$3.02bn in a urea-producing fertiliser plant
$357m in Dangote Sugar
$117m in NASCON Allied Industries
$484k in United Bank for Africa (UBA)

His cement empire alone dominates one-third of the market capitalisation of the Nigerian Stock Exchange.

The refinery, now Africa’s largest, took 11 years to build and is expected to revolutionise Nigeria’s fuel landscape.

Real estate, cash and hidden assets

Beyond industrial giants, Dangote holds personal and private assets worth hundreds of millions. These include:

$744m in cash holdings
$148m worth of Lagos real estate
$497m oil asset (OML 71 & 72)
$100m in Free Trade Zone land
$160m in various Dangote Industries companies

He owns six residential and commercial properties in Lagos, valued using rental income and market capitalisation rates.

The making of a billionaire: From Kano to global rich list

Born in 1957 in Kano, Dangote lost his father at age eight and was raised by his maternal grandfather, a trader.

After earning a business degree from Al-Azhar University in Egypt, he returned to Nigeria and launched a cement trading firm, financed by a loan from his uncle.

From there, he built a trading empire that expanded across sugar, flour, fish, rice, and iron, before shifting to manufacturing after a strategic trip to Brazil in 1996.

By 1999, he had begun constructing salt and sugar refineries, flour mills, and pasta factories.

In 2000, he bought the Benue Cement Company, setting the stage for what is now sub-Saharan Africa’s largest cement plant—the Obajana Cement Plant.

Bloomberg vs Forbes: A small discrepancy

While Bloomberg estimates Dangote’s net worth at $29.3 billion, Forbes puts him at $24.8 billion, ranking him 86th globally.

Regardless of the source, it’s clear: Dangote’s empire is back on a strong upward trajectory, with the refinery and cement at the heart of it.