The cement, flour and sugar mogul moved up 33 places from 76th position, which he occupied on the list of richest men and women in the world last year, to 43rd.
According to the magazine, Dangote was valued at $16.1 billion in 2013.
It is the third year running that the 55-year-old has been named Africa's richest man.
In October he sold a controlling stake in his flour milling company to Tiger Brands, netting him $190 million, and in February his Dangote Sugar Refineries acquired a 95 percent stake in Nigerian sugar producer Savannah Sugar.
Dangote gave over $100 million to charity in 2012.
According to Forbes, he also acquired a yacht, which he named after his mother, Amiya.
"The past year has been eventful for Dangote," the magazine said.
The Dangote Group is West Africa's largest publicly-listed conglomerate, which now owns sugar refineries, salt processing facilities and Dangote Cement, the continent's largest cement producer.
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