Saudi-Ethiopian billionaire Mohammed Al-Amoudi is no longer the richest black person in the world. He has been ousted by Nigerian cement tycoon Aliko Dangote, who is worth an estimated $16.1 billion. That’s $2.6 billion richer than Al-Amoudi.
Aliko Dangote, $16.1 billion
Nigerian. Sugar, Cement, Flour
The fortune of Africa’s richest man is up $4.9 billion this year, cementing his position as the world’s richest black person. Last October, Dangote sold off his controlling stake in his flour milling company to Tiger Brands, one of South Africa’s largest consumer goods companies. He pocketed $190 million from the sale. Dangote began building his fortune more than three decades ago when he started trading in commodities like cement, flour and sugar with a loan he received from his maternal uncle. He became a billionaire by venturing into the production of these items in the early 2000s. His eponymous Dangote Group owns sugar refineries, salt processing facilities and Dangote Cement, the continent’s largest cement producer.
Mohammed Al-Amoudi, $13.5 billion
Saudi Arabian. Oil Refineries, Mining
Mohammed Al-Amoudi, the son of a Saudi father and Ethiopian mother, made his initial fortune by cornering lucrative construction contracts in Saudi Arabia. He now sits atop Midroc Group, a sprawling conglomerate that owns oil refineries in Morocco and Sweden and oil fields off West Africa. In Ethiopia, his holdings include a 70% stake in the National Oil Company as well as hotels and gold mines.
Mike Adenuga, $4.7 billion
Nigerian. Oil, Telecoms
Adenuga made his initial fortune distributing lace and handling large construction contracts for Nigeria’s military government in the 80s. Under the benefaction of former military President Ibrahim Babangida, he was awarded an oil production license and went on to become the first Nigerian to strike oil in commercial quantities. His Conoil Producing Limited is one of Nigeria’s largest indigenous oil explorers. He also owns Globacom, Nigeria’s second largest mobile phone network. His daughter, Bella Disu, is generally believed to be his heir apparent.
Patrice Motsepe, $2.9 billion
South African. Mining
Motsepe made global headlines in February when he signed up to join Bill Gates’ and Warren Buffett’s Giving Pledge, announcing that he will give away half the income generated from assets owned by his family to the Motsepe Family Foundation. South Africa’s first and only black billionaire holds the bulk of his fortune through African Rainbow Minerals (ARM), His publicly traded mining conglomerate, which has interests in platinum, nickel, chrome, iron, manganese, coal, copper and gold. He also holds a stake in Sanlam, a publicly traded financial services company outside Cape Town.
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