Africa’s richest man and President of the Dangote Group, Aliko Dangote, has lost 32 percent of his wealth, according to the Bloomberg Billionaires’ Index.

Bloomberg reported on Wednesday that Dangote lost $4.9bn or one-third of his wealth as the combined effect of falling oil prices and the June devaluation of the naira pushed him to No. 112 on the billionaires’ list with $10.4bn. Dangote was the world’s 46th-richest person in June.

Saudi Arabia’s Prince Alwaleed Bin Talal Al Saud fell by $4.9bn, a 20 percent drop, the report added.

Alwaleed had said in November that all of his stakes in public companies, including Citigroup Incorporated, were potentially for sale, reversing a longstanding policy that some of his most-prized shareholdings were “forever.”

Wealth creation in China turned negative for the first time since the inception of the Bloomberg index five years ago, with the country’s richest losing $11bn in 2016 amid a slump in the Shanghai Shenzhen CSI 300 index and a seven per cent decline for the yuan against the dollar.

Alibaba Group Holding Limited’s founder, Jack Ma, closed the year with $33.3bn, adding $3.6bn in 2016. He dropped in and out of his place as Asia’s richest person for the first four months of the year before claiming it for good in May, after Alibaba’s finance affiliate, which is laying the groundwork for an initial public offering expected as soon as next year, completed a record $4.5bn equity fundraising round.

China has 31 billionaires on the index with $262bn, trailing the US, which has 179 billionaires who control $1.9tn, and Germany, whose 39 individuals have $281bn.

Russian billionaires also began to put the negative effects of the US and European sanctions behind them, reversing the combined $63bn declines for 2014 and 2015, and adding $49bn in 2016.

Wealth managers for the world’s richest are girding themselves for similarly frenetic start to 2017 as the seismic changes that voters demanded this year start to take shape.

“Expect the unexpected,” said Sabine Kaiser, founder of SKadvisory, which advises family offices on venture capital and private equity. “I don’t think family offices are overly concerned or getting too nervous but after Brexit and Trump, they’ve resigned themselves to market volatility.”

In a year when populist voters reshaped power and politics across Europe and the U.S., the world’s wealthiest people are ending 2016 with $237 billion more than they had at the start.

However, the Bloomberg Billionaire index revealed that the world’s richest made $237bn this year.

The gains were led by Warren Buffett, who added $11.8bn during the year as his investment firm, Berkshire Hathaway Incorporated, saw its airline and banking holdings soar after Donald Trump’s surprise victory on November 8. Buffett, who’s pledged to give away most of his fortune to charity, donated Berkshire Hathaway stock valued at $2.6bn in July.

The US investor reclaimed his spot as the world’s second-richest person two days after Trump’s victory ignited a year-end rally that pushed his wealth up by 19 per cent for the year to $74.1bn.

“The year 2016 has been event-driven with global news driving prices rather than fundamentals,” said Michael Cole, president of Ascent Private Capital Management, which has about $10bn of assets under administration.”

http://investorsking.com/dangote-loses-32-of-wealth-in-2016-bloomberg-index/

FTC
I have nothing to say FTC
I have nothing to say

We don dear

If not for buhari subsidising Dangote through a special forex rate in order to recoup local earnings to meet foriegn obligations, the man Dangote would have lost at least 60% of his wealth.

This concern me so? Loose or Gain. Who E EPP

All paper loses after recession assets will recover.

KwaraRat:
If not for buhari subsidising Dangote through a special forex rate in order to recoup local earnings to meet foriegn obligations, the man Dangote would have lost at least 60% of his wealth.

Lie, Dangote has closed some of his businesses. He is sustaining functioning ones via forex from other businesses spread across Africa. That is the edge he has over Erisco, Otedola and the likes. No preferential treatment.

Well that's bad.. But I trust him to recover and bounce back .

https://www.nairaland.com/3438574/see-practical-testimonies-herbal-powdersolving

Truth234:


Lie, Dangote has closed some of his businesses. He is sustaining functioning ones via forex from other businesses spread across Africa. That is the edge he has over Erisco, Otedola and the likes. No preferential treatment.

Rubbish!

Dangote was made by govt subsidy under Obasanjo which gave him monopoly to import unfit for consumption rice. It is from there he got a lucrative sugar import monopoly and there his business empire sprang.

Dangote group requires top level govt intervention by providing waivers and necessary policy to ensure his monopoly. The Vaswani brothers who imported rice as well were kicked out of Nigeria to pave where for Dangote and Folawiyo's dominance.

KwaraRat:


Rubbish!

Dangote was made by govt subsidy under Obasanjo which gave him monopoly to import unfit for consumption rice. It is from there he got a lucrative sugar import monopoly and there his business empire sprang.

Dangote group requires top level govt intervention by providing waivers and necessary policy to ensure his monopoly. The Vaswani brothers who imported rice as well were kicked out of Nigeria to pave where for Dangote and Folawiyo's dominance.

Lol..Beer parlour talk

Truth234:


Lol..Beer parlour talk

Go sleep.

In the early 2000's you were still in primary school

This is a Loss due entirely to Naira Devaluation. Bokoharam, Fulani Herdsmen, Leakages and Compensation payments to neighbouring Muslim Countries to contain Bokoharam and Sharia, CBN ineffective and inappropriate policies and wastage of Nigerian Foreign Earnings, Biafra and Niger Delta Avengers are among the causes of Dangotes sacrifice and loss in his fortune.

To who?

MMM Nigeria are are crying. Please learn from the man please.

I now appreciate your madness too.

This people will make the man increase prices of his products.

Yes ,we know but the remaining 70 % is enough to see him multiply his wealth again

paper loss sha



his refinery and other stuff will still lift him soon

32% in one year, and Buhari will be in power for four years.
By end of the 3rd year at this rate, the guy would have lost 96% of his wealth

Buhari is working

The man will still get his money back from his new refinary. However, I just wonder how our government will be depending on one man to solve his energy problem . God bless Nigeria! !

Buhari not just the problem of nigeria. Nigeria has been deteriorating years before he came to power. The conrinous deterioration in our ethnic -social, political and economic systerm is a pointed that we have been on a wrong course and need to purse a bit to consider restructuring or fiscal federalism just like USA did before they became so succesful. Restructuring or fiscal fedeealim will not kill us or devide us. It can only make us better.

KwaraRat:


Rubbish!

Dangote was made by govt subsidy under Obasanjo which gave him monopoly to import unfit for consumption rice. It is from there he got a lucrative sugar import monopoly and there his business empire sprang.

Dangote group requires top level govt intervention by providing waivers and necessary policy to ensure his monopoly. The Vaswani brothers who imported rice as well were kicked out of Nigeria to pave where for Dangote and Folawiyo's dominance.

Talk about everyone but Vaswani brothers. Those are the worst criminals in doing business. By the way, they still have huge holdings in Nigeria!

Y

May God help us o! This is in contrast with the last administration wen dangote confessed that he made gains wen GEJ was there. I pray dangote won't lose 100% b4 2019.

supereagle:
MMM Nigeria are are crying. Please learn from the man please.

What have you learnt?

Just one year in office dangote has lost 34% of his wealth. I pray that he don't become poor after Buhari's 4years.