Aliko Dangote Accumulated Additional Fortune of $500m in a Month

Aliko Dangote, Africa’s richest man and the Chairman of Dangote Group, has gained $500 million in net worth in the last one month, according to the Bloomberg Billionaires index.

The fortune of the richest black man alive expanded from $13 billion in August to N13.5 billion to further moderated his year-to-date losses to $1.31 billion.

Unlike tech billionaires that saw their net worth jumped with the global pandemic, industrialists like Dangote, Viktor Vekselberg, Stefan Quandt, etc have struggled with lockdown and other measures put in place to curb the spread of COVID-19.

According to the Bloomberg Billionaires Index, nine of the top 11 richest people in the world are from the technology sector with Jeff Bezos leading with $83 billion increase in wealth from the year to date. While Elon Musk, Mark Zuckerberg and Mukesh Ambani followed with $68.6 billion, $31.6 billion and $22.4 billion, respectively.

Warren Buffett, arguably the world’s greatest investor, saw his net worth plunged by $6.78 billion to $82.58 billion and eventually displaced by the new tech billionaires from the top 5 to number 6 on the list.

Aliko Dangote is currently ranked 135th richest person in the world behind Gennady Timchenko of Russia but expected to blast through the rank once his 600,000 barrels per day oil refinery is completed in 2021/22.

Meanwhile, tech rout erased $44 billion from the top 10 richest people on Thursday after experts fault the high flying stock price of technology companies, saying they do not reflect the economic uncertainties of the present period.

Jeff Bezos’s net worth plunged by $8.95 billion while Elon Musk suffered a $8.49 decline to $96.2 billion on Thursday.