A net worth of $20 billion places Aliko Dangote among the 25 richest people in the world

Aliko Dangote, President, Founder and Chief Executive of Nigeria’s Dangote Group speaks during the final session of the World Economic Forum on Africa. PHOTO/Mike Hutchings/Reuters

Nigerian billionaire, and the world’s richest black man Aliko Dangote has become the first entrepreneur of African descent to lay claim to a US$20 billion fortune as the stock value of his largest holding, Dangote Cement, leaped just about three-fourths since March when Forbes released its annual ranking of the world’s richest people.

Dangote, is now among the top 25 richest people in the world, richer than Russia’s richest man, Alisher Usmanov, richer than India’s Lakshmi Mittal and running neck and neck with India’s Mukesh Ambani. He is catching up to such Americans as Google’s billionaire founders Larry Page and Sergey Brin.

Aliko Dangote’s 93 percent stake in the Dangote cement company is now worth US$19.5 billion. The cement company currently accounts for more than a quarter of the total market capitalization of the Nigerian Stock Exchange.

Read more: Forbes