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Dangote Emerged As the Only Nigerian On Bloomberg’s Top Billionaires’ List

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Dangote

Africa’s richest man, Aliko Dangote, has significantly moved up in the World billionaires’ list as his fortune increased to $17.8 billion as against last year’s $14.8 billion to emerge as the only Nigerian in Bloomberg’s yearly top billionaire lists.

Other Africans on the list are three South Africans. They are Johann Rupert and his family, worth $10.1 billion; Nicky Oppenheimer with a worth of $7.80 billion and Natie Kirsh who is reputed to be worth $7.15 billion. Nassef Sawiris from Egypt is also among African billionaires with a worth of $6.93 billion.

The Bloomberg Billionaires Index is a daily ranking of the world’s richest people. In calculating net worth, Bloomberg News strives to provide the most transparent calculations available, and each individual billionaire profile contains a detailed analysis of how that person’s fortune is tallied.

The index is a dynamic measure of personal wealth based on changes in markets, the economy and Bloomberg reporting. Each net worth figure is updated every business day after the close of trading in New York. Stakes in publicly traded companies are valued using the share’s most recent closing price. Valuations are converted to U.S. dollars at current exchange rates.

Dangote, who remains the richest man in Africa for the 8th year running, was the only Nigerian on the list of the top 120 billionaires, as released on Monday by Bloomberg in its yearly billionaires’ list.

Ellon Musk and Jeff Bezos are the richest in the world with $194 billion in their respective kitty while Bernard Arnault and Bill Gates followed respectively with $174 billion and $148 billion. Mark Zuckerberg was the fifth richest with $135 billion on the world’s billionaires’ chart.

Bloomberg is a global information and technology company, that connect decision makers to a dynamic network of data, people and ideas – “accurately delivering business and financial information, news and insights to customers around the world” Bloomberg L.P. provides financial software tools such as an analytics and equity trading platform, data services, and news to financial companies and organisations.

Dangote with his improved worth of $17.8 billion, controls Dangote Industries, a closely-held conglomerate. The Lagos, Nigeria-based company owns sub-Saharan Africa’s biggest cement producer, Dangote Cement. It also has interests in sugar, salt, fertilizer and packaged foods.

Aliko Dangote was also recently named as 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. This recognition came after he endowed his foundation, the Aliko Dangote Foundation (ADF) to the tune of $1.25 billion.

Aliko Dangote started his Foundation in 1981, with a mission to enhance opportunities for social change through strategic investments that improve health and wellbeing, promote quality education, and broaden economic empowerment opportunities.

Aliko Dangote Foundation was, however, incorporated in 1994 as a charity in Lagos, Nigeria. Twenty years later, the Foundation has become the largest private Foundation in sub-Saharan Africa, with the largest endowment by a single African donor. The primary focus of the Aliko Dangote Foundation is health and nutrition, supported by wrap-around interventions in education, empowerment, and humanitarian relief.

Other Nigerian billionaires, including Mike Adenuga and Abdulsamad Rabiu, were missing on the list as their net worth fell short of American billionaire Buba Cathy, who placed 500th with a net worth of $5.83bn as estimated by Bloomberg.

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Trump’s Net Worth Surges to Record $6.5 Billion Despite Legal Woes

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Truth Donald Trump

Despite facing significant legal challenges and financial setbacks, former President Donald Trump’s net worth has surged to a record $6.5 billion.

This increase comes on the heels of a successful merger between Trump’s social media company, Trump Media & Technology Group, and Digital World Acquisition Corp. (DWAC).

The merger, which was approved on Friday, catapulted Trump’s net worth by more than $4 billion in just a few days, according to Bloomberg.

Trump owns nearly 80 million shares, approximately 58% of Trump Media, the company behind the Truth Social platform.

With DWAC’s closing price reaching $49.95 per share on Monday, Trump’s stake in the newly merged entity was valued at $4 billion.

This surge in wealth marks Trump’s inclusion in the Bloomberg Billionaires Index for the first time in his life, underscoring a dramatic turn of fortune amid ongoing legal woes.

A New York appeals court recently reduced the amount required for Trump to secure a bond against a civil fraud penalty from $550 million to $175 million, providing temporary relief from immediate financial strain.

Despite Trump’s newfound billionaire status, uncertainties linger about the sustainability of his wealth. Trump is restricted from selling his DWAC shares for six months, and the stock’s volatile history adds to the uncertainty.

Also, Trump Media’s financial performance has been modest, reporting less than $3.5 million in revenue and a $49 million net loss in the first nine months of 2023.

Nonetheless, Trump’s resurgence in wealth amid legal challenges underscores the unpredictable nature of his financial fortunes and his enduring influence in the business world.

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Jeff Bezos Surpasses Elon Musk to Reclaim Title of World’s Richest Man

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Jeff Bezos

Jeff Bezos has once again ascended to the summit of wealth, surpassing Elon Musk to reclaim his title as the world’s richest man.

According to the latest data from the Bloomberg Billionaires Index, Bezos’ net worth stands at $200 billion, edging out Elon Musk’s $198 billion fortune.

Bezos’ resurgence in wealth comes amidst a $23 billion gain in 2024, juxtaposed against Elon Musk’s substantial loss of approximately $31 billion as per the index.

These fluctuations closely mirror the stock market performances of Amazon and Tesla, where both magnates hold significant shares.

Despite recently selling $8.5 billion worth of Amazon shares, Bezos retains his position as the largest shareholder in the e-commerce behemoth, boasting a 9.56 percent stake.

Meanwhile, Musk, with an equity stake of about 20 percent in Tesla, faced setbacks earlier this year when a judge invalidated a pay package valued at up to $55.8 billion.

This shift in the billionaire hierarchy marks a familiar saga of wealth battles among industry titans. Bezos, Musk, and other contenders have engaged in a relentless pursuit of financial supremacy, epitomizing the ever-evolving landscape of global wealth distribution.

As the tides of fortune continue to sway, Bezos’ resurgence signals yet another chapter in the saga of the world’s wealthiest individuals.

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Jeff Bezos Trails Elon Musk in Top 10 Richest People Ranking with $195 Billion

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Jeff Bezos

As of the latest data, the 10 richest people in the world wield extraordinary financial influence, their net worth reflecting the dynamic nature of wealth accumulation and distribution.

Topping the list is Elon Musk, the enigmatic CEO of Tesla and SpaceX, with a total net worth of $200 billion. Despite recent fluctuations, Musk remains a formidable force in technology and innovation, driving advancements in electric vehicles and space exploration.

Following closely behind is Jeff Bezos, the visionary founder of Amazon, whose total net worth stands at $195 billion. Bezos continues to redefine e-commerce and venture into ambitious projects like Blue Origin, aiming to revolutionize space travel.

Bernard Arnault, the French magnate behind LVMH Moët Hennessy Louis Vuitton, occupies the third spot with a net worth of $185 billion. As a titan in the luxury goods industry, Arnault’s empire encompasses iconic brands synonymous with style and opulence.

Mark Zuckerberg, the pioneering mind behind Facebook (now Meta Platforms, Inc.), ranks fourth with a net worth of $165 billion. Despite recent controversies, Zuckerberg remains a central figure in social media and technology, shaping the digital landscape.

Rounding out the top five is Bill Gates, the co-founder of Microsoft, with a net worth of $145 billion. Gates’ philanthropic endeavors through the Bill & Melinda Gates Foundation have made a profound impact on global health and education.

Steve Ballmer, Larry Ellison, Larry Page, Warren Buffett, and Sergey Brin complete the list of the world’s wealthiest individuals, each contributing to diverse industries and sectors with their immense financial resources.

As the global economy continues to evolve, the fortunes of these individuals serve as a testament to the power of innovation, entrepreneurship, and strategic investment in shaping the modern world.

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