Dangote, other world billionaires lose $1.4 trillion

Africa’s richest man, Aliko Dangote appears to be winning in spite of the economic headwind which has sent south, the net worth of many billionaires around the world in 2022.

According to the Bloomberg Billionaire Index, Dangote’s net worth is currently valued $20.2 billion, making him the 68th on the global billionaire list as of the time of this report. On a year-to-date basis, the Nigerian billionaire has gained $1.09 billion.

According to report the world’s richest have lost $1.4 trillion this year in contrast to last year when soaring markets boosted the world’s population of high-net-worth individuals by about 8%

It was learnt that majority  of Dangote’s fortune is derived from his 86% stake in publicly-traded Dangote Cement. He holds the shares in the company directly and through his conglomerate, Dangote Industries.

In the first three months of the 2022 financial year, Dangote Cement recorded a 24.2% increase in its revenue and an 18% increase in its profit after tax for the same period.