Dangote Moves 39 Spots To Become World’s 64th Richest Man, Maintains Top Position In Africa

LAGOS – Bloomberg, in its yearly billionaires list, has named the chairman, Aliko Dangote, the Nigerian born chairman of the Dangote Group, as the world’s 64th billionaire, jumping 39 spots on the scale from his previous 103rd position among the elite club of the world’s richest people.

Bloomberg Billionaires Index is a yearly ranking of the world’s 500 richest people. The index showed that Dangote’s wealth moved from $10,5 billion at the end of last year to a low of $9,63 billion on January 1, 2019.

Dangote, 61, on Monday, gained $5,8bn within 24 hours as his total net worth rose to $16,6 billion on Tuesday.

According to Bloomberg, the index also revealed that his net worth increased by 23 per cent from $13,5 billion on February 26, 2018, to $16,6 billion, raising his wealth by 58 per cent this year.

Dangote has emerged the second biggest mover after Andrew Forrest, founder and largest shareholder of Fortescue Metals Group, the world’s fourth-largest iron ore producer whose wealth has grown by 59 percent this year.

He is the only Nigerian and the only member of the Bloomberg Billionaires Index from one of the 60 poorest countries.

Other Africans with a representative on the Bloomberg wealth ranking are all from South Africa. Nicky Oppenheimer ranked 216th with a net worth of $7,05 billion, luxury tycoon Johann Rupert ranked 225th with $6,92 billion wealth, and property and wholesaling mogul Natie Kirsh ranked 263rd, with a net worth of $6,10 billion.

All three have extensive holdings outside Africa.

“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 N805,6 billion ($2,4bn) in 2017. It also has interests in sugar, salt, flour, fertilizer, and packaged food,” said Bloomberg.

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 said.

Jeff Bezos, the founder of Amazon, remains the richest in the world with $136 billion in his kitty while Bill Gates and Warren Buffett followed as second and third respectively with $98,4 billion and $83 billion on the world billionaires’ chart, dominated by North Americans.

Dangote owns nearly 88 per cent of publicly-traded Dangote Cement through a holding company and his Cement Company produces 44 million metric tons annually and plans to increase its output 33 per cent by 2020.

He also owns stakes in publicly-traded salt, sugar, and flour manufacturing companies.