In a remarkable achievement for both Africa and the global business landscape, Aliko Dangote, often referred to as Africa’s richest man, has secured the 9th spot on CEO World magazine’s list of the world’s richest manufacturing billionaires in 2023.
With a staggering net worth of $10.5 billion, Dangote stands as the only representative from the African continent on this prestigious list, which is predominantly dominated by business tycoons from Asia and Europe.
The Making of a Billionaire:
At 66 years old, Dangote’s wealth is deeply rooted in his 85.2% majority stake in Dangote Cement, which is the largest cement producer in sub-Saharan Africa. However, the story of his success traces back to his maternal grandfather, who instilled a business-oriented mindset in him from a very young age.
Top 10 Richest Manufacturing Billionaires in 2023:
- Reinhold Wuerth & Family: $25.7 billion
- Michael Hartono: $22.3 billion
- He Xiangjian & Family: $21.2 billion
- Takemitsu Takizaki: $18.7 billion
- James Ratcliffe: $18.2 billion
- Goh Cheng Liang: $11.3 billion
- Li Shuirong: $10.9 billion
- Viktor Rashnikov: $10.5 billion
- Aliko Dangote: $10.5 billion
- Anthony Pratt: $9.8 billion
A journey from humble beginnings:
Aliko Dangote’s entrepreneurial journey began in the early 1980s when he received a small loan from his uncle. Since then, he has tirelessly expanded his business empire to encompass various industries, including cement, sugar, flour, salt, and others. The Dangote Group now operates in 10 countries across Africa, with key subsidiaries such as Dangote Cement, Dangote Flour, and Dangote Sugar.
The power of manufacturing:
In an online interview, Aliko Dangote emphasized the pivotal role of manufacturing in lifting people out of poverty by creating gainful employment opportunities. He noted that countries smaller than Nigeria, such as Singapore and South Korea, achieved remarkable per capita GDP figures ($65,233 and $31,846, respectively) due to their level of industrialization.
Dangote stressed, “It is evident that manufacturing is pivotal to industrialization. No country in the world has ever industrialized or attained ‘developed nation status’ without having a thriving manufacturing sector. Without a doubt, manufacturing is the heartbeat of industrialization and the bedrock for inclusive economic growth and development.”
A closer look at Aliko Dangote:
- Net Worth: $10.5 billion
- CEO of Dangote Group
- Major Holdings: 85% of publicly-traded Dangote Cement through a holding company
- Dangote Cement’s Capacity: 48.6 million metric tons annually
- Operations in 10 African countries
- Fertilizer Plant: Commenced operations in March 2022
- Dangote Refinery: Under construction since 2016, set to become one of the world’s largest oil refineries upon completion
- Age: 66
- Source of Wealth: Cement, sugar, Self Made
- Residence: Lagos, Nigeria
- Citizenship: Nigeria
- Marital Status: Divorced
- Children: 3
- Education: Bachelor of Arts/Science, Al-Azhar University
Legacy of success:
Aliko Dangote’s journey from modest beginnings to the global stage is an inspiring testament to the potential for success in the world of manufacturing and entrepreneurship. His story highlights the transformative power of industry and business acumen in creating prosperity, not only for individuals but for entire nations. As Africa’s most renowned business magnate, Aliko Dangote continues to be a source of pride and inspiration for the continent and the world.
Original story from TheSpy Uganda