Dangote ranks 9th on list of top 10 richest manufacturing billionaires in the world
Abigail Grit
Africa’s richest man, Aliko Dangote, has ranked 9th on the 2023 list of the world’s richest manufacturing billionaires by CEOWorld magazine.
With a net worth of $10.5 billion, Dangote is the only African on the list, which is dominated by billionaires from Asia and Europe.
The 66-year-old derived most of his wealth from his 85.2% stake in Dangote Cement, the largest cement producer in sub-Saharan Africa.
Dangote credits his grandfather for instilling business values in him from a young age.
His Dangote Group conglomerate operates in over 10 African countries across industries like cement, sugar, and flour.
Dangote believes manufacturing is key to lifting people out of poverty in Africa through job creation, as seen in industrialized countries like Singapore and South Korea.
He has argued that no country can attain developed status without a thriving manufacturing sector.
Dangote started his business in the 1980s with a small loan and has built it into a vast multinational conglomerate.
