Dangote Moves 2 Places Up in Billionaire Ranking, Now 71st Richest Man in the World

Dangote Moves 2 Places Up in Billionaire Ranking, Now 71st Richest Man in the World

  • Aliko Dangote has gained two spots in Bloomberg's Billionaires' Index as released on Friday, November 4, 2022
  • The index shows Dangote occupying the 71st position from his previous position of 73 the day before
  • The strong showing of his cement company helped to propel him to his current position

The strong showing of Dangote Cement has pushed Africa's richest man, Aliko Dangote, up two places in Bloomberg's global billionaires' ranking.

Dangote Cement gained about N332 billion on Wednesday, November 3, 2022. The Cement company's gains helped push the All Share index of the NGX to close on a positive note.

Dangote, Dangote Cement
President of Dangote Industries, Aliko Dangote Credit: Bloomberg/Contributor
Source: UGC

Dangote Cement to the rescue

Reports say the bullish move of Dangote Cement propelled the President of Dangote Industries from 73 positions to 71 on the global Bloomberg ranking as monitored by Legit.ng.

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Despite the gains by Dangote Cement, Africa's richest man has lost about $788 million from year to date.

Dangote, who is shopping for N300 billion from Nigerians to complete the Dangote Refinery, remains Africa's wealthiest, with a net worth of $18.3 billion.

Elon Musk remains tops, Jeff Bezos dethroned

According to the Bloomberg Billionaire Index, Elon musk, who recently acquired Twitter for $44 billion, remains the wealthiest man in the world, followed by Bernard Arnault, a luxury merchant, and the position occupied by India's Gautam Adani, who upstaged Amazon founder, Jeff Bezos to clinch the third position.

The list also shows that Musk has lost $217 million in one month and $75.6 billion year-to-date.

Dangote now richer than over 30 African countries as price of Dangote Cement rises

Legit.ng reported that Africa’s richest man, Aliko Dangote’s worth has risen by N8.4 trillion due to recent demands for his cement unit, Dangote Cement and the recently completed fertilizer plant.

According to a Bloomberg's report, his wealth surged to $20.1 billion (N8.4 trillion) last Friday.

Bloomberg’s Billionaire ranking puts his net worth at $26.27 billion (N11 trillion) which he achieved in 2014. Dangote came back because of the increasing price of his Cement company. Higher oil and fertilizer prices also helped to shore up his wealth by as much as N8.2 trillion this year to N8.4 trillion ($21.2billion). This is the richest he has been since 2014, Bloomberg reports.

Source: Legit.ng

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