Musk Becomes First Person to Hit $500 Billion Net Worth, Dangote Overtakes 100 Billionaires
- The world richest man, Elon Musk, has seen his net worth hit a new high after an increase in the value of Tesla shares
- He is now the first public figure in history to have a net worth of over $500 billion based on Forbes record
- Aliko Dangote, Africa’s richest man, has also recorded a sharp increase in his wealth and ranking on the global rich list
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and global market trends.
Elon Musk, the world’s richest person, has become the first individual to amass a net worth of $500 billion.
Musk’s fortune hit a record level following a strong rally in Tesla shares and gains in SpaceX and xAI valuations.
Source: Getty Images
Musk’s net worth rises to unprecedented level
Data obtained from Forbes showed that as of Wednesday, October 2, 2025, Musk’s net worth stood at $499.1 billion after gaining $8.3 billion in a day.
Musk’s net worth, tied to Tesla, SpaceX, and his AI venture, xAI, cements his position as the wealthiest individual ever tracked.
Oracle’s Larry Ellison, who briefly overtook Elon Musk net worth recently is now $150 billion behind.
10 richest men in the world
- Elon Musk: $499.1bn
- Larry Ellison : $350.7bn
- Mark Zuckerberg: $245.8bn
- Jeff Bezos: $233.5bn
- Larry Page: $203.7bn
- Sergey Brin: $189.0bn
- Jensen Huang : $162.6bn
- Bernard Arnault: $160.6bn
- Steve Ballmer: $156.4bn
- Warren Buffett: $148.5bn
Source: Getty Images
Dangote remains Africa’s richest man
It was not only Elon Musk that recorded a jump in fortune.
Aliko Dangote’s net worth also rose significantly in 2025, allowing him to break into the world’s top 100 billionaires.
According to Forbes, Dangote’s wealth climbed to $24.6 billion, placing him 94th globally, up from 197th in January.
This indicates that Dangote has overtaken more than 100 billionaires in the 2025 world ranking.
According to the Bloomberg Billionaires Index, Dangote's net worth has surged by about $1 billion over the past three months, to $28 billion, as the refinery has ramped up.
On the strength of his plant, Nigeria has become a net exporter of petroleum products for the first time in three decades.
Other Nigerian billionaires in the rankings include:
- Abdulsamad Rabiu: $7.8bn (Rank 452)
- Mike Adenuga: $6.3bn (Rank 609)
- Femi Otedola: $1.5bn (Rank 2406)
South African billionaire Johann Rupert follows as Africa’s second-richest, with a net worth of $14.5 billion. He ranks 186th overall in the world.
PENGASSAN suspends strike after agreement with Dangote
Meanwhile, Legit.ng earlier reported that Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) decided to suspend its strike after the Dangote Group agreed to unionisation and the willingness to recall 800 refinery workers who were recently dismissed.
The union, however, warned that if the agreement was not fully honoured, the strike would resume without prior notice.
Proofreading by Kola Muhammed, copy editor at Legit.ng.
Source: Legit.ng
