Dangote Gains New Position Among World’s Top Billionaires in Manufacturing

Dangote Gains New Position Among World’s Top Billionaires in Manufacturing

  • Nigeria and Africa’s richest man, Aliko Dangote, has beaten 19 billionaires to emerge as the sixth richest manufacturer in the world
  • The Chairman of the Dangote Group owns the Dangote Cement, Refinery, and Fertilizer Company, where he holds juicy stakes
  • The ranking came as the naira’s depreciation reportedly wiped off $2.6 billion from Dangote’s net worth in April 2024

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment, and the economy for over a decade.

Despite losing $2.6 billion in April 2024 to naira’s woes, Nigeria and Africa’s richest man, Aliko Dangote, has been ranked as the world’s sixth richest person in the manufacturing industry.

Dangote is the founder of Africa’s largest cement manufacturing company, the Dangote Cement, where he owns about 85% stakes, and the Dangote Fertilizer and Refinery, reputed as the world’s largest single-train refinery.

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Aliko Dangote's new position among top manufacturers
Chairman of the Dangote Group, Aliko Dangote, gets a new position as a top manufacturer
Credit: Bloomberg/Contributor
Source: Getty Images

Dangote is the only African on the list

Insidermonkey.com, an American firm, carried out the ranking using a hybrid evaluation system to track insider transactions and other market anomalies and educate investors about the complexities of investing.

The Nigerian billionaire is the only African manufacturer among the top 25 billion ranked by the company.

Top six billionaire manufacturers

According to reports, Reinhold Wuerth emerges as the world’s richest billionaire in the manufacturing industry, with a net worth of $35.3 billion.

He joined his father’s screw business in 1949, retiring from the company in 1994.

China’s He Xiangjian ranked second on the list with a net worth of $26.1 billion.

Xiangjian founded one of the world’s leading appliance makers, Midea Group Co. Ltd. He stepped down in 2012 from the group’s operations.

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The third biggest manufacturer on the list is Michael Hartono, with a net worth of $23.1 billion.

Reports say Hartono made fortunes from the tobacco business and is still Malaysia’s biggest cigarette manufacturer.

He also has investments in the Bank of Central Asia (BCA).

Japan’s Takemitsu Takizaki emerged as the fourth wealthiest billionaire manufacturer in the world, with a net worth of $20.7 billion.

Per the rankings, James Ratcliffe is the world’s fifth most affluent manufacturer worth $16.2 billion.

He is the founder and chairman of the Ineos Group, a chemical manufacturing company.

Dangote refinery ranks higher than 10 European refineries

The ranking comes amid reports that the Dangote refinery is ranked bigger than Europe’s ten biggest refineries.

The $20 billion Dangote refinery located in Lagos state can refine 650,000 barrels of petroleum products daily. 

Reports say that the Dangote Refinery’s capacity is larger than that of the ten largest refineries in Europe.

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It was noted that the Dangote Refinery has a capacity of over 246,00bpd, more than Shell’s Pernis refinery in the Netherlands.

Dangote, whose net worth has been plummeting due to the woes of Nigeria’s naira, recently lost $2.6 billion.

The billionaire had lamented the impact of the naira’s devaluation on his businesses, saying it was the most challenging time for business in Nigeria.

Dangote reduces diesel prices again

Legit.ng previously reported that Dangote Petroleum Refinery has again announced a further reduction in the price of diesel to N940 and N980 per litre.

However, Dangote stated that the price change applies only to customers purchasing 5 million litres or more from the refinery, while N970 applies to customers buying 1 million litres or more.

This adjustment comes just two weeks after Nigerians celebrated the reduction in price to N1,000 per litre.

Source: Legit.ng


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