Thursday, 28 February 2019

Dangote marks world 64 richest person

The President, Dangote Group, Aliko
Dangote, gained $5. 8 bn within 24 hours as
his total net worth rose to $16. 6bn on
Tuesday .
Bloomberg Billionaires Index, a ranking of
the world ’ s 500 richest people , showed that
his wealth fell from $10. 5bn at the end of
last year to a low of $ 9. 63 bn on January 1,
2019. But it grew to $10. 8bn on Monday ,
February 25.
The index also revealed that his net worth
increased by 23 per cent from $13. 5bn on
February 26 , 2018, to $16. 6bn , emerging
64th richest person in the world .
Dangote, who has seen his wealth rise by
58 per cent so far this year , emerged the
second biggest mover after Andrew Forrest ,
founder and largest shareholder of
Fortescue Metals Group, the world ’ s fourth -
largest iron ore producer . Forrest ’ s wealth
has grown by 59 per cent this year .
He was the only Nigerian on the list of 500
billionaires and retained his position as
Africa’ s richest person.
Other Africans on the list were Nicky
Oppenheimer of South Africa, who was
ranked 216 th with a net worth of $ 7. 05 bn;
Johann Rupert of South Africa ( ranked
225th with $6. 92bn wealth); Nassef Sawiris
of Egypt occupied the 228 th position with
$6. 83 bn; Natie Kirsh of South Africa
( ranked 263rd with a net worth of $6. 10bn )
and Naguib Sawiris of Egypt emerged 331 st
with a fortune of $ 5. 12 bn.
“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 N 805. 6bn ( $ 2. 4bn ) in 2017 .
It also has interests in sugar , salt , flour ,
fertiliser and packaged food , ” said
Bloomberg.
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 .
“Stakes in publicly traded companies are
valued using the share ’ s most recent
closing price . Valuations are converted to
US dollars at current exchange rates , ” it
said .
The Founder of Amazon , Jeff Bezos,
remains the richest person in the world
with a total net worth of $136 bn while Bill
Gates and Warren Buffett occupied the
second and third positions respectively with
$98. 4bn and $83 bn fortunes.
Dangote was also recently named the sixth
most charitable man in the World by
Richtopia, a digital periodical that covers
business, economics , and financial news ,
based in the United Kingdom. The
recognition came after he endowed his
foundation , the Aliko Dangote Foundation
to the tune of $ 1. 25 bn.
He started the foundation in 1981, with a
mission to enhance opportunities for social
change through strategic investments that
improve health and well-being , promote
quality education , and broaden economic
empowerment opportunities , according to
the group.
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