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Key Points
- Aliko Dangote, long the wealthiest Black billionaire, is now third behind tech moguls David Steward and Robert F. Smith, according to Forbes.
- Dangote's wealth is undervalued by Forbes, omitting his $18.6 billion Dangote Oil Refinery stake, which is key to his fortune.
- Bloomberg estimates Dangote’s net worth at $27.2 billion, positioning him as Africa’s richest person and the wealthiest Black individual globally.
For over a decade, Nigerian billionaire Aliko Dangote has held the top spot among the world's wealthiest Black individuals. However, recent shift in the tech industry have seen two U.S. billionaires climb ahead of him in the rankings, according to U.S. business magazine, Forbes.
David Steward and Robert F. Smith, both heavily involved in the global technology sector, have surpassed Dangote according to the latest figures from Forbes, signaling a notable change in the race for the wealthiest Black billionaire title.
Steward, Smith lead Black billionaires list according to Forbes
Steward, the founder and chairman of IT services provider World Wide Technology, has seen his wealth grow to $11.4 billion, making him the richest Black person in the world, according to Forbes. He currently ranks 209th on Forbes' real-time billionaires rankings.
Close behind him is Smith, the founder of private equity firm Vista Equity Partners, with a net worth of $10.8 billion, putting him second among Black billionaires and 227th globally. This shift has pushed Aliko Dangote, the founder of Dangote Group, into third.
Dangote’s wealth, largely tied to his expansive industrial empire, is currently valued at $10.6 billion, which ranks him 236th on Forbes' real-time billionaires rankings. A significant portion of his fortune comes from his 86 percent stake in Dangote Cement, valued at nearly $4.5 billion.
Dangote’s assets underestimated by Forbes
Forbes’ assessment does not account for Dangote’s controlling 92.3 percent stake in the Dangote Oil Refinery, a game-changing project in Africa’s energy sector. While the refinery’s $18.6 billion valuation isn't reflected in Forbes’ numbers, it remains a crucial element of Dangote’s wealth.
Bloomberg, however, offers a broader perspective on Dangote's fortune, estimating his net worth at $27.2 billion when including his refinery stake.
This puts him 73rd on Bloomberg's Billionaires Index, ahead of both Steward and Smith, who are valued at $10.9 billion and $11.1 billion, respectively, according to Bloomberg’s real-time billionaire data. With this, Dangote is not only recognized as the wealthiest Black person globally, but also as Africa’s richest individual.
Dangote's wealth: Discrepancies in estimates
The differing estimates of wealth highlight the ongoing debate over how to assess large-scale infrastructure projects like Dangote’s refinery. While Forbes provides a more cautious estimate, Bloomberg’s higher valuation captures the broader potential of Dangote’s investments.
Despite fluctuations in his global standing, Dangote remains a dominant figure in African business. His wealth is tied to Dangote Group, which spans industries such as cement, sugar, salt, and oil, granting him significant influence across the continent.
While tech moguls like Steward and Smith see their fortunes rise with the growth of the U.S. tech sector, Dangote continues to solidify his presence in Africa. With a net worth of $27.2 billion, he remains a key player in global finance.
Although the precise rankings may shift, one thing is clear: the landscape of Black billionaires is evolving. Technology is transforming the wealth of individuals like Steward and Smith, but Dangote’s role in shaping Africa’s economic future remains crucial, even as his global standing adjusts with the changing tides of fortune.
