Aliko Dangote who is Africa’s richest man and President of the Dangote Group, has lost 32 per cent of his wealth, according to the Bloomberg Billionaires’ Index.
Reports on Wednesday that Dangote lost $4.9bn equivalent to one-third of his wealth as the combined effect of falling oil prices.
Dangote, the world’s 46th-richest person in June, due to the devaluation of the naira, he was pushed down to No. 112 on the billionaires’ list with $10.4bn.
Bloomberg added that, Saudi Arabia’s Prince Alwaleed Bin Talal Al Saud fell by $4.9bn, a 20 per cent drop, however, revealed that the world’s richest made $237bn this year.
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.
"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."