Dangote ranks 9th on list of top 10 richest manufacturing billionaires in the world

Dangote is the only African on the list, which is dominated by billionaires from Asia and Europe.
The Dangote Group is one of the largest private conglomerates in Africa, with operations in over 10 countries.
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Africa’s richest man, Aliko Dangote, has ranked 9th on the list of the richest manufacturing billionaires in the world in 2023.

According to CEOWorld magazine, Dangote, with a net worth of $10.5 billion, is the only African on the list, dominated by billionaires from Asia and Europe.

The 66-year-old billionaire, who derived most of his wealth from his 85.2 per cent majority stake in Dangote Cement, the largest cement producer in sub-Saharan Africa, credits much of his success to his maternal grandfather, who instilled a business mindset in him from a very young age.

Dangote Cement factory Google

Here is a list of the top 10 richest manufacturing billionaires in the world in 2023, according to CEOWorld magazine:

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

Dangote started his business in the early 1980s with a small loan from his uncle, and he has since built a vast conglomerate with interests in cement, sugar, flour, salt, and other industries. Today, Dangote Group has operations in 10 countries across Africa across a range of industries, including Dangote Cement, Dangote Flour and Dangote Sugar.

In an interview online, Dangote described manufacturing as one of the potent ways of lifting people out of poverty through the creation of gainful employment. According to the Nigerian billionaire, countries smaller than Nigeria, such as Singapore and South Korea, had an average per capita GDP of 65,233 dollars and 31,846 dollars, respectively, due to their level of industrialisation.

“It is evident that manufacturing is pivotal to industrialisation. No country in the world has ever industrialised or attained ‘developed nation status’ without having a thriving manufacturing sector,” Dangote said. “Without a doubt, manufacturing is the heartbeat of industrialisation and the bedrock for inclusive economic growth and development,” BusinessDay reported in 2022.