The President, Dangote Group, Aliko Dangote, had his net worth jumped to $16.6bn on Tuesday as he gained $5.8bn within 24 hours.
Bloomberg Billionaires Index, which lists world’s 500 richest people, had earlier shown Dangote’s wealth fell from $10.5bn at the end of last year to a low of $9.63bn on January 1, 2019. But it grew to $10.8bn on Monday, February 25.
It thereafter revealed a 23 per cent increase from $13.5bn on February 26, 2018, to $16.6bn, becoming the 64th richest person in the world.
With a wealth growth of 58% so far this year, Dangote is the second biggest mover 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.
He was the only Nigerian on the list of 500 billionaires and retained his position as Africa’s richest person.
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.
“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,” said Bloomberg.
Bloomberg’s 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 said.
The Founder of Amazon, Jeff Bezos, 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.