Despite naira volatility, Dangote doubles wealth to $27.8bn, only African in top 100 billionaires list

Aliko Dangote, the president of the Dangote Industries Limited (DIL), has doubled his wealth to a record $27.8 billion.

This follows the operationalisation of his multibillion-dollar, 650,000 barrel-per-day refinery.

According to the Bloomberg Billionaires Index (BBI) released on Thursday, October 17, 2024 Dangote’s net worth increased by $15.1 billion to $27.8 billion as at October 18.

The billionaire businessman moved up to 65th position, making him the only African in the top 100 spot.

This latest ranking is coming despite the volatility of the Nigerian currency against the dollar.

For the first time, the index considered the value of the refinery, which took 11 years and $20 billion to build, in calculating Dangote’s wealth. This change propelled him from 170th place on September 25, when his fortune was $13.3 billion, to 65th place on October 17 among the world’s richest people.

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The elevation places Dangote more than 100 spots ahead of Johann Rupert, the South African billionaire, who is ranked 174th.

Dangote’s increased net worth pushed him up the index more than 40 places from his 111th position on June 30, 2023.

No African is close to Dangote’s latest ranking as Rupert, is ranked with a wealth of $13.6bn and Nicky Oppenheimer also of South Africa is number 224 on the world list with a wealth of $11.6bn. Other Africans on the list are: South African’s Natie Karsh, number 297 in the world with a wealth of $9.25bn, Egypt’s Nassef Sawiris on number 302 in the world with a wealth of $9.16bn, and Naguib Sawiris also of Egypt with a wealth of $7.37bn on number 407 in the world.

The Bloomberg Billionaires Index is a daily ranking of the world’s richest people. It is a dynamic measure of personal wealth based on changes in markets, the economy and Bloomberg reporting. Each net worth figure is updated every business day after the close of trading in New York. Stakes in publicly traded companies are valued using the share’s most recent closing price. Valuations are converted to U.S. dollars at current exchange rates.

Elon Musk and Jeff Bezos are the richest in the world with $242billion and $210 billion respectively in their kitties, while Mark Zuckerberg and Larry Ellison followed respectively with $204 billion and $185 billion on the world’s billionaires’ chart.

By: Babajide Okeowo

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