The businessman, who has amassed wealth in cement, sugar, flour and beverages, is now worth $25bn and is also the first black man to be named among the 25 richest people in the world, according to the magazine.
Another Nigerian on the list is chief Mike Adenuga the owner of indigenous telecoms company, Globacom, was the next Nigerian on the list, with a wealth of $4.6bn, maintaining the 325th position in the world, while Folorunsho Alakija, with $2.5bn, was 687th in the world, and Abdulsamad Rabiu in the 1,372th position in the world, with $1.2bn.
American billionaire, Bill Gates, reclaimed the title of world’s richest person from telecoms mogul, Carlos Slim Helu, of Mexico after four years.
Gates, according to Forbes, raked in extra $9bnin the last one year and has been at the top of the list for 15 of the past 20 years.
Spanish clothing retailer, Amancio Ortega (best known for the Zara fashion chain) retains the number three spot for the second year in a row, extending his lead over Warren Buffet, who is again number four.
Dangote has also been named the world’s 68th most powerful person.