With a net worth of $16.1bn as of March 2013, the President, Dangote Group, Alhaji Aliko Dangote, has moved up in the latest world richest ranking to number 43 from 76 in 2012.
According to the list which was released on Monday by Forbes, Dangote and the Chairman of Globalom, Dr. Mike Adenuga were the only Nigerians on the list.
Dangote, 55, however, retained his position as the richest man in Africa and the richest among manufacturers in the world with a net worth of $16.1bn.
Adenuga, 59, on the other hand, ranked 269 on the list with a net worth of $4.7bn.
The world billionaires, list presented Carlos Slim Helu, a Mexican as the world richest man with a net worth of $73bn, while Bill Gates of United States came second with a net worth of the $67bn.
Others are Armancio Ortega of Spain ($57bn); Warren Buffet, United States ($53.5bn); and Larry Ellison of US with $43bn net worth, coming third, fourth and fifth, respectively.
Forbes said, ?To compile net worths, we value individuals? assets, including stakes in public and private companies, real estate, yachts, art and cash ? and account for debt.
?We attempt to vet these numbers with all billionaires. Some cooperate; others don?t. We also consult an array of outside experts in various fields.?
The past year has been eventful for Dangote. In October, he sold off a controlling stake in his flour milling company to Tiger Brands of South Africa and pocketed $190m in cash.
In February, his Dangote Sugar Refineries acquired a 95 per cent stake in Savannah Sugar in a bid to maintain its dominant position in the Nigerian sugar industry.
Dangote started building his fortune more than three decades ago when he began trading in commodities like cement, flour and sugar with a loan he received from his maternal uncle.
He delved into full production of these items in the early 2000s and went on to build the Dangote Group, West Africa?s largest publicly-listed conglomerate, which now owns sugar refineries, salt processing facilities and Dangote Cement.