Aliko Dangote, Africa’s wealthiest individual, is preparing to open a family office in Dubai, joining a growing number of high-net-worth individuals leveraging the city’s status as a global financial centre.
This move highlights Dubai’s increasing allure as a hub for wealth management and investment diversification, driven by its business-friendly environment and favourable tax policies.
Dangote, whose net worth stands at $13.2 billion according to the Bloomberg Billionaires Index, ranks as the 168th richest person gl
The Nigerian billionaire has built his fortune through a diversified portfolio in commodities such as cement, sugar, and flour. Most recently, his business ventures expanded into energy, with the launch of his $20 billion oil refinery in Lagos, the largest in Africa.
This strategic relocation reflects a broader trend among ultra-high-net-worth individuals (UHNWIs) seeking stable, low-tax jurisdictions to manage their wealth. Dubai, known for its regulatory flexibility and geographic advantage as a gateway between East and West, has become a prime destination for family offices and financial operations in recent years.
Regional Trend Among Africa’s Billionaires
Dangote’s move mirrors a recent trend among Africa’s wealthiest figures, such as Egyptian billionaire Nassef Sawiris, who also moved his family office to Abu Dhabi. Sawiris, with a net worth of $7.6 billion, has re-domiciled his NNS Group in the Abu Dhabi Global Market, the emirate’s financial hub. This shift aligns with the growing appeal of the Gulf region for major investors seeking international diversification.
The growing influx of global billionaires into Dubai is largely driven by the city’s attractive tax regime and investor-friendly policies. The emirate has emerged as a preferred location for businesses and UHNWIs to safeguard and grow their wealth, capitalising on the Middle East’s evolving financial landscape
Dangote’s decision is also seen as a response to the increasingly challenging economic environment in Nigeria. His refinery project, a massive $20 billion investment, has faced multiple setbacks due to delays and regulatory hurdles. The Nigerian economy, plagued by uncertainty, has pushed many of its wealthiest individuals to seek more stable environments for business and investment.
As Dangote transitions his wealth management operations to Dubai, the move underscores the increasing shift of capital from Africa’s largest economy to the Middle East. With Dubai’s family office sector rapidly growing, the city is poised to further solidify its reputation as a leading global financial hub for UHNWIs.
