Naira Rebound Sends Dangote to 113th Position Among 500 Richest in The World, Earns $800m in 10 Days
- Dangote, Africa’s richest man, has seen his wealth rise by $800 million in the last 10 days
- The Nigerian billionaire is now ranked 113th richest man in the world with a net worth of $16,2 billion
- The rebound of his wealth was primarily due to the recovery of the Nigerian currency, the naira
Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.
Aliko Dangote, Africa’s richest man, has seen a rebound in his net worth, crossing the $16 billion mark.
The development cements his Position as Africa’s wealthiest individual and one of the world’s richest black men.
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Naira rebounds help Dangote's net worth
Data from the Bloomberg Billionaire Index shows that Dangote recorded $800 million growth in his net worth over the past 10 days from $15.4 billion on November 14 to $16.2 billion on November 24, 2023.
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The $800 million in his fortune is primarily attributed to the recent revaluation of his industrial assets.
The naira regained its value in the official market on Friday, November 24, 2023, where it traded for N794.89 per dollar against the N956.33 traded on Thursday, November 23, 2023.
Most of Dangote’s wealth is denominated in the naira, which affects the rise and fall of his wealth and that of most Nigerian billionaires.
With his net worth at $16.2 billion, Dagote now ranks as the 113th wealthiest person in the world.
Dangote's primary source of wealth
Dangote’s wealth comes primarily from his cement, sugar, and fertilizer businesses.
He holds an 86% stake in Dangote Cement, Africa’s leading cement maker, with an annual production capacity of 55 million tonnes.
The cement company is the flagship of Dangote Industries, one of the most diversified manufacturing companies in the world.
Billionaire Africa reports that the value of Dangote Cement is estimated at $6.42 billion. He also holds a $5.15 billion stake in Dangote Fertilizer, which produces about 2.8 million tonnes of urea annually.
Dangote bounces back, earns N313.2bn in 24 hours after losing N5.6 billion overnight
Legit.ng reported that Aliko Dangote, Africa's richest man, bounced back after losing about N5.6 billion on Wednesday, November 15, 2023.
The Nigerian industrialist, who has experienced a decline in net worth, skidded off the top 100 wealthiest people in the world from 76th in June when Nigeria devalued its currency.
The currency devaluation affected most of Dangote's stocks, namely his Dangote Cement, where he holds a majority stake and is the primary source of his wealth.
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Source: Legit.ng
