Dangote Falls On World Richest List, Loses 32% Of His Wealth In 2016 – Report

By Ikenga Chronicles December 29, 2016
A Bloomberg Billionaires’ Index report has revealed that the richest man in Africa, Aliko Dangote has lost about 32 percent of his wealth due to the falling oil prices and the devaluation of naira. According to the report, Dangote now stand at No. 112 on the billionaires’s list with $10.4bn having lost about $4.9bn in the year 2016.
As at June, Dangote was the world’s 46th-richest person but has fallen down on the log while Saudi Arabia’s Prince Alwaleed Bin Talal Al Saud fell by $4.9bn, a 20 per cent drop, the report added.
Alwaleed had said in November that all of his stakes in public companies, including Citigroup Incorporated, were potentially for sale, reversing a longstanding policy that some of his most-prized shareholdings were “forever.”
China was also not left out as it recorded negative growth for wealth creation for the first time since the inception of the Bloomberg index five years ago, with the country’s richest losing $11bn in 2016 amid a slump in the Shanghai Shenzhen CSI 300 index and a seven per cent decline for the yuan against the dollar.
However, the Bloomberg Billionaire index revealed that the world’s richests made $237bn this year.
The gains were led by Warren Buffett, who added $11.8bn during the year as his investment firm, Berkshire Hathaway Incorporated, saw its airline and banking holdings soar after Donald Trump’s surprise victory on November 8.
Buffett, who’s pledged to give away most of his fortune to charity, donated Berkshire Hathaway stock valued at $2.6bn in July.
The US investor reclaimed his spot as the world’s second-richest person two days after Trump’s victory ignited a year-end rally that pushed his wealth up by 19 per cent for the year to $74.1bn.
“The year 2016 has been event-driven with global news driving prices rather than fundamentals,” said Michael Cole, president of Ascent Private Capital Management, which has about $10bn of assets under administration.
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