Aliko Dangote has become synonymous with Black wealth on a global scale. In 2025, he remains the richest Black man in the world, with a net worth of $23.9 billion, placing him 83rd on Forbes’ list of the world’s billionaires. His success is a testament to Africa’s growing role in shaping global industry.
From Nigeria To Global Industry Leader
Born in 1957 in Kano, Nigeria, Dangote was introduced to trade and enterprise at a young age. According to a Bloomberg profile, his great-grandfather was one of West Africa’s wealthiest men, and his maternal grandfather raised him after the death of his father. Dangote studied business at Egypt’s Al-Azhar University before returning to Nigeria with the ambition to build a business empire.
He began in the late 1970s as a cement trader, funded by a loan from his uncle, and by 1981, he had established the Dangote Group. Over the decades, he shifted from trading commodities like sugar and flour into large-scale manufacturing, building salt and sugar refineries, flour mills, and a pasta factory. By 2000, his group had acquired government assets such as Benue Cement Co., laying the foundation for what would become sub-Saharan Africa’s largest cement facility, Bloomberg further outlined.
Dangote’s Billion-Dollar Bet: The Refinery
Forbes reports that Dangote’s wealth has surged in recent years, largely due to the opening of Dangote Petroleum Refinery, Africa’s largest. The refinery, which began operating in early 2024, took over a decade to complete and is already transforming Nigeria’s oil sector. Forbes notes that this project alone nearly doubled his net worth from the previous year.
The refinery was more than a business venture; it was a gamble.
In a February 2024 profile with Forbes, Dangote reflected, “It was the biggest risk of my life. If this didn’t work, I was dead.”
Instead, the project has positioned him as a pivotal figure in global energy markets.
Dangote’s Diverse Industrial Empire
Beyond oil manufacturing, Dangote Industries encompasses cement, sugar, salt, fertilizer, packaged foods, and banking interests, Bloomberg further noted. He holds a 92.3% stake in the refinery, 86% of Dangote Cement, and additional stakes in Dangote Sugar, Nascon Allied Industries, and United Bank for Africa. Together, these holdings account for about a third of the market capitalization of the Nigerian Stock Exchange.
This diversification strategy has not only secured Dangote’s financial dominance but also cemented his role as a builder of Africa’s industrial future.
Placement Among Global Black Billionaires
According to a previous AFROTECH™ article, Black billionaires are rare. There are just 23 out of 3,028 billionaires worldwide. Collectively, these individuals hold $96.2 billion in wealth, less than 1% of the global billionaire class. Yet within this select group, Dangote stands out, surpassing American IT mogul David Steward ($11.4 billion) and private equity powerhouse Robert F. Smith ($10.8 billion).
Other notable names include cultural icons like Michael Jordan ($3.5 billion), Oprah Winfrey ($3 billion), and Jay-Z ($2.5 billion), but Dangote’s nearly $24 billion fortune places him far ahead of his peers.
Aliko Dangote’s position as the richest Black man in the world is more than a personal milestone. It highlights the realities of Black wealth at the highest levels of global finance, where representation remains limited. His $23.9 billion fortune sets him apart within the group of 23 Black billionaires worldwide, underscoring both the progress achieved and the persistent disparities in who has access to capital and opportunity on a global scale.
