Aliko Dangote, the richest man in Africa, experienced a huge decrease in his net worth in 2022, but thanks to a recent rise in his wealth numbers since the year's beginning, he is swiftly recovering the losses from the previous year.

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According to the Bloomberg Billionaires Index, Aliko Dangote has increased his net worth by more than $400 million since the beginning of the year, making him Africa's richest man for the 12th straight year despite facing a $400 million wealth decline in 2022.

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The Nigerian cement magnate, who derives the majority of his wealth from an 86 percent stake in Dangote Cement, has seen his net worth rise by $411 million since the beginning of 2023, from $18.7 billion on January 1 to $19.1 billion at the time this report was written, according to data tracked by Billionaires.Africa.

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The $411 million increase in his net worth can be used to explain the recent rise in the market value of his 86 percent interest in Dangote Cement. At the beginning of the year, the company's shares were worth N261 ($0.567), but as of this writing, they are worth N270 ($0.586). At the time of writing, Aliko Dangote’s stake in his flagship cement business was worth $8.42 billion, with an additional $5.

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15 billion linked to his closely held fertilizer plant, which has the capacity to produce up to 2.8 million metric tonnes of urea per year. Dangote is on the verge of becoming the first African and Black person to amass a fortune of $30 billion. With the commissioning of his 650,000-barrel-per-day Dangote Refinery and Petrochemical Ltd set to take place this year, the billionaire is set to enjoy an $18 billion boost to his net worth.

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He is poised to hold a 90 percent stake in the refinery, which will bring his total worth to well over $30 billion, solidifying his place as a leading player in the global petroleum industry.

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