According to data from the Bloomberg Billionaires Index, Dangote’s wealth has risen by about 22 per cent this year, driven largely by the growing value of his industrial assets, particularly the sprawling Dangote Petroleum Refinery as well as strong performance from his cement business.
The latest ranking placed the Nigerian billionaire at number 61 among the world’s richest people, with Bloomberg estimating his fortune at $36.5 billion as of June 10, 2026, up by about $6.53 billion year-to-date.
The remarkable increase comes as the billionaire industrialist continues to reap the benefits of years of investment in manufacturing, cement production, fertiliser and refining.
Bloomberg identified the Dangote Refinery, Africa’s largest petroleum refinery, as the single biggest contributor to his wealth. The 650,000 barrels-per-day facility, which commenced operations in early 2024 after more than a decade of planning and construction, is currently valued by Bloomberg at roughly $20 billion based on its construction cost.
Dangote owns a 92.3 per cent stake in the refinery, making it the largest component of his net worth, the report said.Bloomberg’s assessment suggested that the refinery’s valuation remains conservative because it is based on investment cost rather than potential market value.
The refinery has rapidly emerged as one of the most strategic industrial assets on the continent, helping to reduce Nigeria’s dependence on imported petroleum products while expanding exports of refined products to international markets.
According to the report, in addition to the refinery, Dangote’s fortune is supported by his controlling interests in several listed companies, including Dangote Cement, Dangote Sugar Refinery and NASCON Allied Industries.
Bloomberg estimates that Dangote owns approximately 86 per cent of Dangote Cement, Nigeria’s largest cement producer and one of Africa’s biggest manufacturing companies. The group also maintains interests in fertiliser production, food manufacturing, agriculture and packaging.
The billionaire’s fertiliser business, which has the capacity to produce up to 2.8 million tonnes of urea annually, also contributes significantly to his wealth. Bloomberg noted that the asset is valued using a net present value methodology based on assumed utilisation rates.
“Africa’s richest person controls Dangote Industries, a closely held conglomerate. The Lagos, Nigeria-based company owns sub-Saharan Africa’s biggest cement producer, Dangote Cement, and the continent’s largest oil refinery. It also has interests in sugar, salt, oil, fertiliser and packaged food,” the Bloomberg index added.
The latest surge in Dangote’s wealth underscores the growing influence of industrial manufacturing and value addition in Africa’s largest economy. Analysts have pointed to the refinery’s commencement of operations as a major turning point in the valuation of Dangote’s business empire.
Born in Kano in 1957, Dangote built his fortune from a modest trading business established with a loan from his uncle after graduating from Egypt’s Al-Azhar University. Over the decades, he transformed the enterprise into the Dangote Group, one of Africa’s largest industrial conglomerates.
Today, the group’s publicly traded companies account for a substantial share of the market capitalisation of the Nigerian stock market, while its privately held businesses span cement, sugar, salt, fertiliser, petrochemicals and food processing.
The sharp rise in Dangote’s net worth this year has widened the gap between him and other African billionaires, cementing his dominance atop the continent’s wealth rankings.
With his fortune now approaching the $40 billion mark, further appreciation in the value of the refinery and continued growth in his listed companies, could propel him even higher in the global billionaire rankings in the coming months.
Elsewhere, Elon Musk remained at the top of the billionaires chart with $707 billion, followed by Larry Page, who has a net worth of $310 billion, Sergey Brin, who has $288 billion and Jeff Bezos, with a net worth of $265 billion.
Meanwhile, thousands of residents in host communities of Dangote Cement Plc in Ogun State have received bags of rice from the Aliko Dangote Foundation (ADF) as part of efforts to cushion the effects of economic hardship and rising food prices on vulnerable households.
The distribution, which is taking place in communities around the company’s cement plants in Ibese, Itori and Ijebu-Igbo, forms part of the Foundation’s National Food Intervention Programme designed to support low-income families, the elderly and other vulnerable groups across the country.
The initiative, now an annual event, will see thousands of 10kg bags of rice distributed to beneficiaries from 17 host communities in Ibese and 36 communities in Itori and Ijebu-Igbo.
Speaking during the exercise, Chief Executive Officer of the Aliko Dangote Foundation, Zouera Youssoufou, represented by the Foundation’s Head of Operations, Victor Ejiro, said the intervention reflects the organisation’s commitment to food security and poverty alleviation.
He said: “This intervention is designed to provide immediate relief to households grappling with high food prices. As a socially responsible organisation, we recognise the importance of supporting our host communities beyond business operations.”
Youssoufou added that the Foundation was mindful of the economic realities facing many Nigerians and would continue to support communities through targeted interventions.
“At the Aliko Dangote Foundation, we recognise the current economic realities facing many Nigerian households. This intervention is aimed at providing immediate relief while reinforcing our long-standing commitment to the wellbeing of our host communities,” he stated.
According to him, sustainable development extends beyond business operations and requires deliberate efforts to strengthen community resilience.
“We understand the difficulties families are facing at this time. This support is our way of standing with our communities and ensuring that no household is left behind during these challenging times. Sustainable development goes beyond business operations.
“Through this programme, we are strengthening community resilience and contributing to national efforts to improve food access and social stability,” he said.
At the Ibese distribution centre, the Aboro of Ibeseland, Oba Rotimi Oluseyi Mulero, lauded the gesture, describing it as an “Operation Feed the Families” initiative.
“On behalf of our people, I extend our profound gratitude to the Aliko Dangote Foundation for this timely and commendable gesture. At a time when many families are facing economic challenges, this distribution of food items will go a long way in alleviating hardship within our communities,” the monarch said.
He added: “We appreciate Dangote Group not only as a business partner but as a responsible corporate citizen that continues to demonstrate genuine concern for the wellbeing of its host communities. We pray that this partnership continues to flourish for the benefit of all.”
Similarly, the Olu of Itori, Oba Abdulfatai Akorede Akamo, expressed appreciation to Aliko Dangote and the Foundation for supporting residents during a difficult period.
“This support has come at a very critical time for our people. Many households are under pressure, and this intervention will bring relief and hope to families,” he said.
The monarch added: “We thank Alhaji Aliko Dangote and his Foundation for remembering the grassroots and standing by us in times of need. We are deeply grateful for this act of kindness. May the Almighty bless the Dangote Group and increase its capacity to continue doing good for humanity.”
Several community leaders and beneficiaries also commended the initiative, noting that it came at a time when many households were struggling with inflation and rising living costs.
To ensure transparency and fairness, local coordinators worked with community representatives to supervise the distribution process and guarantee that the food items reached intended beneficiaries.