(Ecofin Agency) - Now sitting at 65th on the list of the world's richest people, the head of Dangote Group has reached a new peak in wealth, according to the index. This significant rise in his fortune primarily results from factoring in the value of his mega-refinery when assessing the Nigerian entrepreneur's assets.

Nigerian billionaire Aliko Dangote (pictured) has seen his fortune soar by $15.1 billion, bringing his total net worth to $27.8 billion. This jump comes after the start of operations at his massive oil refinery, according to the latest update from the Bloomberg Billionaires Index on October 17.

For the first time, this index considered the value of the refinery, which took 11 years and $20 billion to build, in calculating Dangote's wealth. This change propelled him from 170th place on September 25, when his fortune was $13.3 billion, to 65th place on October 17 among the world's richest people.

At 67 years old, Dangote has primarily built his wealth through his 86% stake in Dangote Cement, a company operating in ten African countries, valued at over $9 billion. Besides cement, the Dangote Group is involved in sectors like food production, fertilizers, and real estate.

Analysts believe Dangote's wealth could reach even greater heights in the coming months. As his oil refinery ramps up production and diversifies its refined products, he is expected to dominate the fuel market in Nigeria and export some of his output to other countries on the continent.