How Dangote Gained $5.8bn In One Day

FUNSHO AROGUNDADE

Africa’s richest man Alhaji Aliko Dangote has gained $5.8 billion within 24-hours becoming the only billionaire from one of the 60 underdeveloped countries after his total net worth rose to $16.6 billion.

Bloomberg Billionaires Index reported that the President of Dangote Group whose wealth had dropped to $9.63 billion on January 1, 2019, from $10.5 billion at the end of last year, 2018, reportedly gained $10.8 billion on Monday, February 25.

According to the report, Dangote’s net worth increased by 23 per cent from $13.5bn on February 26, 2018, to $16.6bn, emerging 64th richest person in the world.

He was the only Nigerian on the list of 500 billionaires and retained his position as Africa’s richest person. “Dangote controls Dangote Industries, a closely held conglomerate. The Lagos-based company owns Sub-saharan Africa’s biggest cement producer, Dangote Cement, which had revenue of N805.6bn ($2.4bn) in 2017. It also has interests in sugar, salt, flour, fertiliser and packaged food,” Bloomberg stated.

Dangote emerged the second biggest mover with 58 per cent so far this year, after Andrew Forrest, founder and largest shareholder of Fortescue Metals Group, the world’s fourth-largest iron ore producer.

Forrest’s wealth has grown by 59 per cent this year.

Other Africans on the list were Nicky Oppenheimer of South Africa, who was ranked 216th with a net worth of $7.05bn; Johann Rupert of South Africa (ranked 225th with $6.92bn wealth); Nassef Sawiris of Egypt occupied the 228th position with $6.83bn; Natie Kirsh of South Africa (ranked 263rd with a net worth of $6.10bn) and Naguib Sawiris of Egypt emerged 331st with a fortune of $5.12bn.

According to Bloomberg, net worth figures are updated every business day at the close of every trading day in New York, with assets categorised as publicly traded companies, private assets (including closely held businesses, art and real estate), cash and other liquid investments and liabilities.

“Stakes in publicly traded companies are valued using the share’s most recent closing price. Valuations are converted to us dollars at current exchange rates,” it stated.

American Jeff Bezos, founder of Amazon, remains the richest person in the world with a total net worth of $136bn while Bill Gates and Warren Buffett occupied the second and third positions respectively with $98.4bn and $83bn fortunes.