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Dangote loses 32% of wealth in 2016

29 December 2016, 21:02

Abuja - Africa’s richest man and President of the Dangote Group, Aliko Dangote, has lost 32 per cent of his wealth, according to the Bloomberg Billionaires’ Index.

Bloomberg reported on Wednesday that Dangote lost $4.9bn or one-third of his wealth as the combined effect of falling oil prices and the June devaluation of the naira pushed him to No. 112 on the billionaires’ list with $10.4bn. Dangote was the world’s 46th-richest person in June.

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.”

Wealth creation in China turned negative 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.

Alibaba Group Holding Limited’s founder, Jack Ma, closed the year with $33.3bn, adding $3.6bn in 2016. He dropped in and out of his place as Asia’s richest person for the first four months of the year before claiming it for good in May, after Alibaba’s finance affiliate, which is laying the groundwork for an initial public offering expected as soon as next year, completed a record $4.5bn equity fundraising round.

News24 previously reported Aliko Dangote, President of Dangote group and Africa’s richest man, has dropped off the list of the 100 richest people in the world.

Dangote was the 51st richest man in the world as at March 2016, but he had dropped to 101.

- News 24

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