Despite Surging Wealth, Dangote Drops Out of 6o Richest People in The World

Despite Surging Wealth, Dangote Drops Out of 6o Richest People in The World

  • Africa's richest man, Aliko Dangote has dropped the 60th position of richest people in the world to the 72nd position
  • This is despite the surging wealth of Nigerian billionaire whose wealth increased by $1.7 billion to stand at $20.2 billion
  • The Dangote Cement owner is shopping for additional $1.1 billion to complete his refinery after launching a fertilizer company this year

Despite his surge in wealth caused by the high demand for his Cement, Africa’s richest man, Aliko Dangote has slipped from the 6oth position of the richest people in the world.

His wealth has swelled by over $1.7 billion this year to stand at $20.2 billion as of June 2022, due to the increase in value of his cement firm.

Aliko Dangote, Dangote Cement
Africa's richest man, Aliko Dangote
Source: UGC

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Business Insider reports that the billionaire was ranked the 67th richest person in May, 2022 on the list while South Africa’s Johann Rupert surpassed Nicky Oppenheimer to take his position as South Africa’s richest man.

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Reports say that Dangote may likely reclaim his position among the 60 richest people soon, following the launch of his fertilizer company and soon-to-be-commissioned Dangote refinery which will commence operations in the third quarter of 2022.

Refinery to be finished soon, but hunt for funds continues

According to Business Insider, a report published by Fitch, the global rating agency, stated that Dangote was looking to raise another $1.1 billion to complete the refinery.

Despite the report, the Dangote refinery is on course to be finished by 2023 and needs an additional $1.1 billion Capex in 2022 to be partially funded by the new bond.

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The report states that Dangote Industries is planning to found a local bond programme to the tune of $750 million to partly finance the completion of the refinery and petrochemical plant.

Dangote jumps 29 places in world rich list, now 2x richer, 150 places above closest rival in Africa

Recall that Legit.ng has reported that Africa's richest man and president of Dangote Group, Aliko Dangote, as of Wednesday, 9th March 2022 is now the 71st richest person in the world as against his previous ranking of 100th he opened the year 2022.

His wealth is at $20.1 billion, having amassed $914 million(N380bn), according to Bloomberg's billionaires' index.

South African billionaire Johann Rupert sits at 221 positions in the billionaire list with a net wealth of $9 billion two times lesser than Dangote's.

Source: Legit.ng

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