Meet The Man Named Africa's Warren Buffet - Black Enterprise

Meet The Man Named Africa’s Warren Buffet

Aliko Dangote
Image: Instagram

Creating generational wealth has become a big discussion within the black community. Due to a history of slavery, segregation, and racist legislation, wealth within the African American community couldn’t grow at the rate of white counterparts. As of 2019, there were 15 billionaires of full or mixed black ancestry around the world. Out of the total 2,200 billionaires in the world, less than 0.77% of the U.S. billionaires are black but what about the ones outside of the U.S.? Meet the richest black man in the world.

Aliko Dangote is a Nigerian business tycoon who is both the richest man in Africa and the richest black man in the world with a net worth of roughly $15 billion. Born into a wealthy Muslim family in Kano, Nigeria, he is the great-grandson of Alhaji Alhassan Dantata, who was the richest West African at the time before his death in 1955. 

Aside from being a businessman, Dangote is also an ambitious investor, often referred to as Africa’s Warren Buffet. His business career started after he finished Al-Azhar University in Cairo, Egypt, with a degree in business studies and administration. He started his first business importing agricultural commodities with a $3,000 loan from his uncle. He later founded the Dangote Group, which is one of the largest private-sector employers in Nigeria today, and spread his wings to other parts of Africa.

Dangote earns most of his money from investments in cement, flour, and sugar. He currently has the third-largest sugar refinery in the world. He was recently crowned Africa’s undisputed king of cement, which he produces in 14 countries all across the continent. Dangote is currently building more refineries in Lagos, Nigeria, which will be the largest exporter of crude oil in Africa. Upon completion of the refinery, the move would make him overtake many other billionaires ahead of him on the Forbes list.