As the world’s richest billionaires’ ranking continues to shift, with the most recent offset being the emergence of Indian billionaire Gautam Adani as the world’s second-richest man ahead of Amazon Founder Jeff Bezos, some billionaires like Aliko Dangote have seen their wealth ranking improve in recent weeks after losing out several weeks ago.
Dangote, whose net worth has declined by $275 million since the start of the year, dropped out of the top 80 richest billionaires list more than a week ago, as his wealth fell below the $19-billion mark for the first time since Sept. 29, 2021.
After falling out about a week ago, the billionaire, who derives the majority of his fortune from his 86-percent stake in Dangote Cement Plc, Africa’s largest cement maker, is now ranked 74th on the Bloomberg Billionaires Index, a list that tracks the fortunes of the world’s 500 richest people.
Dangote is now not only the richest man in Africa, but also the richest Black man in the world.
His re-entry into the top 80 billionaires list was aided by the decline in the net worth of Indonesian billionaire Michael Hartono, Russian billionaire Alisher Usmanov, and Thomas Frist, a U.S. physician and businessman who is the wealthiest person in Tennessee, a landlocked state in the southeastern United States.
Dangote’s net worth has fallen from $19.1 billion at the beginning of the year to $18.8 billion at the time of writing this report. This equates to a $257-million loss in wealth for the billionaire businessman since the year began.
The drop in his net worth, which began on May 13 when he became the world’s 61st richest man after his net worth surpassed $21 billion for the first time since 2014, can be attributed to a drop in the shares of his publicly traded cement company, Dangote Cement.
Since May 13, shares in the leading cement maker have dropped 18.3 percent, from an all-time high of N300 ($0.697) to N245 ($0.5694) at the time of writing.
The drop in the company’s stock can be attributed to investors’ reaction to its half-year earnings figures, which revealed a double-digit drop in profit in the first half of 2022 due to higher energy costs and unrealized foreign exchange losses.
Latest Stories
-
Zebra on loose after escape in US mountain country
12 mins -
Apple iPhone sales fall in nearly all countries
19 mins -
Bawumia takes campaign tour to Western Region
36 mins -
Ghana and India discuss trade at the fourth JTC meeting
57 mins -
Nkwanta South: MCE kneels to beg chiefs to give peace a chance
1 hour -
NDC hopes to win a majority of votes in Ho Central
1 hour -
Ghana moves up to 50th on World Press Freedom Index
1 hour -
I will make you millionaires – Bawumia assures small-scale miners
2 hours -
Majority caucus requests reconvening of Parliament
2 hours -
Ghana ranks as 4th most stressful country for workers in Sub-Saharan Africa
2 hours -
Today’s front pages: Friday, May 3, 2024
3 hours -
CAFCC: USM Alger file appeal at CAS to contest CAF’s decisions on RS Berkane jersey
3 hours -
Africa’s Outstanding Professional, Engr. Ebenezer Kwadjo Dankyi
4 hours -
‘Only 300 businesses in Ghana meet criteria to participate in AfCFTA’
4 hours -
2024 polls: Release names, images of returning officers for scrutiny – ‘CARE Ghana’ to EC
4 hours