Despite economic headwinds that harmed the fortunes of half of the world’s reported billionaires, Aliko Dangote, president of the pan-African conglomerate the Dangote Group, has emerged as Africa’s richest man for the 12th year in a row.

On Tuesday, it was announced that for the twelfth year in a row, Dangote topped the Forbes 2023 Africa Rich List.

With an estimated net worth of $14.2bn, up from $12.1bn last year, Dangote is the only Nigerian in the list of the leading 200 richest men in the world. His business flagship, Dangote Cement Plc, is the largest manufacturer of cement in Africa.

In June, South African Johann Rupert was named the richest man in Africa by Forbes Magazine, who estimated his fortune at $12 billion.

According to Forbes’ annual ranking of the world’s billionaires, the fortunes of the world’s richest people declined in 2023 due to declining stock prices, injured unicorns, and rising interest rates.

Dangote, now ranked 124th among the world’s richest billionaires, is the sole Nigerian and one of the two Africans within that bracket; the other is South African luxury goods dealer Johann Rupert, ranked 157th with a net worth of $11.1bn.

Dangote Cement, the largest cement maker in Africa, was created and is chaired by Africa’s richest man, Aliko Dangote. With integrated factories in seven countries, a clinker grinding plant in Cameroon, and import and distribution facilities in Ghana and Sierra Leone, Dangote Cement is able to produce 51.6 million tons of cement annually across ten countries in Sub-Saharan Africa.

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