Dangote rises up rich list to become number 64 after earning $5.bn within the last 24 hours

AFRICA'S richest man Alhaji Aliko Dangote  has seen his net worth rise to $16.6bn after he gained $5.8bn within the last 24 hours according to the latest report from the Bloomberg Billionaires Index.

Alhaji Dangote, 61, the president of the Dangote Group, which specialises in cement and sugar, has seen his wealth rise by 58% so far this year. Bloomberg Billionaires Index, a ranking of the world’s 500 richest people, showed that his wealth fell to a low of $9.63bn on January 1, 2019 from $10.5bn at the end of last year but it grew to $10.8bn on Monday, February 25.

In the latest review, Alhaji Dangote, emerged as the second biggest mover after Andrew Forrest, the founder and largest shareholder of Fortescue Metals Group, the world’s fourth-largest iron ore producer, whose wealth has grown by 59% this year. Alhaji Dangote was the only Nigerian on the list of 500 billionaires and retained his position as Africa’s richest person.

Other Africans on the list include 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, Nassef Sawiris of Egypt in 228th position with $6.83bn, Natie Kirsh of South Africa ranked 263rd with a net worth of $6.10bn and Naguib Sawiris of Egypt who was 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.

A Bloomberg spokesman said: “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 $2.4bn in 2017.

"It also has interests in sugar, salt, flour, fertiliser and packaged food. Stakes in publicly traded companies are valued using the share’s most recent closing price and valuations are converted to US dollars at current exchange rates.”

Also, the index revealed that Alhaji Dangote's net worth increased by 23% from $13.5bn on February 26, 2018, to $16.6bn, making him the 64th richest person in the world. Meanwhile, 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 fortunes of $98.4bn and $83bn each.