In May 2023, a report released by Bloomberg Billionaires Index showed that Africa's richest man, Aliko Dangote's net worth increased by $1.81 billion.

The bump in Dangote’s net worth was attributed to the surge in the market value of his 86% stake in Dangote Cement, which was worth $9.19 billion.

Read the full story originally published on May 22, 2023 by billionaires.africa.

Africa’s richest man, Aliko Dangote has witnessed a substantial increase in his net worth thanks to the soaring market value of his industrial assets, notably his stake in Dangote Cement.

According to the Bloomberg Billionaires Index, which monitors the fortunes of 500 billionaires worldwide, Dangote’s net worth has surged by an impressive $1.81 billion since the start of the year, solidifying his position as the continent’s wealthiest businessman.

The data tracked by Billionaires.Africa reveals that Dangote’s net worth has risen by $1.81 billion since the year began, from $18.7 billion to an estimated $20.5 billion.

According to Bloomberg, this remarkable $1.81-billion year-to-date bump has propelled him to become the 81st richest person globally, trailing behind Eyal Ofer, the 72-year-old billionaire and chairman of the Monaco-based shipping business Zodiac Group.

The recent bump in Dangote’s net worth can be attributed to the surge in the market value of his 86-percent stake in Dangote Cement, which is now worth $9.19 billion.

Dangote Cement, Africa’s leading cement manufacturer with an annual production and bagging capacity of 51.55 million metric tonnes, has played a pivotal role in his billion-dollar fortune, which makes him the world’s richest Black billionaire.

Although the company sold only 6.27 million metric tons of cement in the first quarter of 2023, compared to 7.09 million metric tons in the same period last year, it managed to boost its profit.

Despite facing challenges in its operating environment, Dangote Cement’s profit increased by 3.45 percent from N105.85 billion ($230 million) in Q1 2022 to N109.5 billion ($237.8 million) in Q1 2023, according to recently published financial results.

As a result of its strong financial performance, the group’s total assets increased from N2.61 trillion ($5.66 billion) to N2.7 trillion ($5.86 billion), while retained earnings increased from N969.48 billion ($2.15 billion) to N1.07 trillion ($2.32 billion), cementing the group’s position as one of the most profitable businesses in the world.