According to Forbes’ most recent ranking of world billionaires for 2023, plummeting equities, wounded unicorns, and rising interest rates translated into a bad year for the world’s wealthiest people.
According to Forbes, Dangote, President of the Pan-African Conglomerate, is currently ranked 124th among the world’s richest billionaires, and is one of two Africans in that category; South Africa’s Johann Rupert, who deals in luxury goods, is ranked 157th with a net worth of $11.1 billion.
Dangote Cement Plc is Africa’s largest cement maker, with a production capacity of 51.6 million tonnes per year spread across 10 Sub-Saharan African countries, including integrated factories in seven countries, a clinker grinding plant in Cameroon, and import and distribution facilities in Ghana and Sierra Leone.
Dangote also owns Dangote Salt (NASCON) and Dangote Sugar, both of which are publicly traded. His Dangote Petroleum Refinery, billed as the world’s largest single-train refinery, was recently commissioned and is projected to process 650,000 bpd of petroleum for domestic consumption and export, in what experts call a game changer in the oil and gas business.
The leading philanthropist was previously ranked 11th among the 50 World’s Greatest Men and Women of All Time by Fortune Magazine, an American multinational business magazine that based its ranking of the world’s greatest primarily on the businesses run by the men and how they have used it to positively impact their society.
Dangote, in particular, received a nomination after being assessed to have used his business to gain money and is now translating that wealth into significant philanthropy through his Aliko Dangote Foundation.
The nomination of Dangote as one of the world’s greatest business leaders drew reactions from notable people all across the world, who described him as deserving of the honour based on his commercial acumen and altruistic gestures.
Forbes, the global media company, said nearly half of the world’s richest list is poorer than a year ago, including Elon Musk, who fell from No. 1 to No. 2 after his pricey acquisition of Twitter helped sink Tesla, his multinational automotive and clean energy company.
Benard Arnault, the 74-year-old Frenchman who heads luxury goods conglomerate LVMH, was named the world’s richest man with a net worth of $211 billion, the first time a Frenchman has topped the list.
Forbes reported that for the second year in a row, the global number of billionaires fell from 2,668 in 2022 to 2,640 in 2023, while total billionaire wealth fell by $500 billion, to $12.2 trillion, as volatile times struck both public and private markets.
A total of 254 persons have lost their billionaire status, while others have gained it.
Overall, the United States continues to have the most billionaires, with 735 people on the list with a total of $4.5 trillion. China (including Hong Kong and Macau) is still the second-richest country in the world, with 562 billionaires worth $2 trillion, followed by India, which has 169 billionaires worth $675 billion. Forbes used stock prices and exchange rates from March 10, 2023, to determine net worth.
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