Dangote’s net worth nearly doubles in a year, according to Forbes, from $12.9 billion to $23.9 billion

Dangote’s wealth increased by $11 billion to $23.9 billion, placing him in 86th place on Forbes’ list of the world’s richest people.

According to Forbes, Aliko Dangote, the richest man in Africa, has seen a tremendous rise in wealth, reaching a net worth of $23.9 billion.

Compared to the $12.9 billion recorded in February 2023, this is an increase of $11 billion, or 85.27 percent.

According to Forbes, Dangote’s 92.3 percent ownership of Dangote Petroleum Refinery & Petrochemicals is the reason for his increasing wealth.

In January 2024, the 650,000 barrels-per-day (bpd) facility started turning crude oil into jet fuel, naphtha, and diesel. Nine months later, it started producing gasoline.

Since then, the refinery has been expanding; in October and November of 2023, it received roughly 24 million barrels of crude oil from Nigeria. Additionally, the United States is expected to supply it with up to 12 million barrels. The refinery declared on February 10 that it would be operating at full capacity in 30 days.

In the meantime, Elon Musk, the CEO of Tesla, topped Forbes’ worldwide billionaire rankings with a net worth of $393.2 billion. Mark Zuckerberg, a co-founder of Meta, came in second with $247.2 billion, and Jeff Bezos of Amazon came in third with $240.1 billion.

Dangote’s growing fortune highlights his enormous impact in Africa’s energy industry and beyond.