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Dangote’s net worth down 22% in ten months on rising interest rates

Aliko Dangote’s net worth shrunk by 22 percent in ten months to October in 2023 even though he maintained the status quo as the richest man in Africa.

According to Forbes’s real-time tracker of the world’s wealthiest, Dangote’s net worth stood at a staggering $13.5 billion in January.

October figures indicate it has dwindled to $10.4 billion, positioning him still as the richest in Africa.

“Falling stocks, wounded unicorns and rising interest rates translated into a down year for the world’s wealthiest people,” says Forbes on its website.

As of October 5, Dangote’s net worth dipped by 4.8 percent, an equivalent of $524 million, positioning him 176th as the world’s richest man. He has climbed down 52 steps as the world’s richest in under ten months.

Forbes counted 2,640 ten-figure fortunes, down from 2,668 in 2022.

The world’s billionaires are now worth $12.2 trillion, a drop of $500 billion from $12.7 trillion in March 2022.

Dangote, aged 66, founded and chairs Dangote Cement, the continent’s largest cement producer.

He owns 85 percent of publicly traded Dangote Cement through a holding company.

Dangote Cement has the capacity to produce 48.6 million metric tons annually and has operations in 10 countries across Africa.

After many years of development, Dangote’s fertilizer plant in Nigeria began operations in March 2022.

Elon Musk is the richest person in the world. He is the CEO of several prominent companies, including electric car manufacturer Tesla and space exploration company SpaceX.

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Lawrence Baraza

Lawrence Baraza is a dynamic journalist currently overseeing content at Metropol TV Digital. With a keen focus on business news and analytics, Lawrence guides the platform in delivering insightful, data-driven content that empowers its audience to make informed decisions. Lawrence’s commitment to quality and his ability to anticipate market trends make him a key figure in the digital media landscape. His work continues to shape the way business news is consumed, making a significant impact in the field.

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