After enduring a significant decline in his net worth between May and October, Africa’s richest man, Aliko Dangote experienced a significant increase in his wealth figures in the first week of November, propelling him to the position of the world’s 82nd richest man.
According to the Bloomberg Billionaires Index, which tracks and compares the fortunes of the world’s 500 richest people, Aliko Dangote is now wealthier than Chinese-Canadian business executive Changpeng Zhao, the CEO of Binance, the world’s largest cryptocurrency exchange by trading volume.
Changpeng Zhao, who ranks 83rd on the Bloomberg Billionaires Index with a net worth of $18.2 billion at the time of writing this report, derives the majority of his wealth from his 86-percent stake in Binance, the value of which is based on the firm’s March 2022 fundraising round.
Aliko Dangote, who owns an 86-percent stake in Africa’s largest cement maker, Dangote Cement Plc, has a net worth of $18.3 billion, putting him ahead of Changpeng Zhao, whose net worth has dropped by more than 80 percent, or $77 billion, since the start of the year.
While billionaires in the western world have seen their net worth plummet as a result of the recent valuation crisis faced by tech companies around the world, some African billionaires have been somewhat fortunate, losing only a fraction of their wealth since the beginning of the year 2022.
Aliko Dangote, the wealthiest man in Africa thanks to his stake in Dangote Cement, has seen his net worth fall by more than $800 million, or 4.3 percent, since the year began as investors reduced their stakes in his cement company.
Dangote Cement shares have fallen from N257 ($0.6) to N238 ($0.573) since the start of the year, bringing the group’s market capitalization on the Nigerian Exchange below N4.1 trillion ($9.3 billion).