Dangote gains as billionaires lose N13.9 trillion in one day worldwide

Of the world’s 400 richest people, only 12, including Nigeria’s Aliko Dangote recorded improvement in their fortunes.

Aliko Dangote is Africa's richest man.

In what has been linked to the economic crisis in Greece and China, fuelled by leveraged investors exiting the market, 97 per cent of the World’s richest people suffered great losses on Monday, shedding a combined $70 billion, according to Bloomberg Billionaires Index on Tuesday, according to various reports.

Sources say of the world’s 400 richest people, only 12, including Nigeria’s Aliko Dangote recorded improvement in their fortunes. The loss for the billionaires amounted to an average decline of $175 million, according to the Bloomberg.

Dangote,  who is Africa’s richest person and the world’s 59th richest man, gained $180 million, as his worth increased to $15.3 billion, as his Dangote Cement Plc, which accounts for about a third of the value of the Nigerian Stock Exchange (NSE) capitalisation gained 2.35 per cent.

According to other reports, the collective decline for the billionaires amounted to a fall of more than 1.5 per cent. The combined loss is more than the market capitalisation of Ford Motor Co. or Twenty-First Century Fox Inc.

The S&P fell 2.1 percent on the day and the NASDAQ dropped 2.4 percent. In Europe, the EuroStoxx index lost 4.2 percent. China’s ShenzhenStockExchangeComposite index lost more than 6 percent of its value, sources say.

Accordng to the Bloomberg Billionaires index, among the world’s richest people, Spain’s Amancio Ortega sustained the biggest loss of $2.2 billion on the day, a 3.2 per cent decline. Ortega is Europe’s richest person and the world’s second-richest individual with $69.2 billion. U.S. investor, Warren Buffett, the world’s third-richest person who is worth $67.1 billion, lost $1.6 billion; ahead of Bill Gates, the world’s richest, who lost $1.4 billion.

The world’s 400 richest people control a combined $4.2 trillion, almost $400 billion more than the GDP of Germany.

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