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Aliko Dangote reemerges as world’s 74th richest billionaire

Some billionaires, like Aliko Dangote, have seen their wealth ranking improve in recent weeks after losing out several weeks ago as the world’s wealthiest billionaires ranking continues to shift, with the most recent offset being the emergence of Indian billionaire Gautam Adani as the second-richest man in the world ahead of Amazon Founder Jeff Bezos.

Dangote, whose wealth has gone below the $19 billion threshold for the first time since September 29, 2021, and whose net worth has decreased by $275 million since the beginning of the year, dropped out of the top 80 richest billionaires list more than a week ago.

The billionaire, who derives the majority of his wealth from his 86 percent stake in Africa’s largest cement manufacturer Dangote Cement Plc, has fallen out of favor recently and is now ranked 74th on the Bloomberg Billionaires Index, a list that tracks the fortunes of the world’s 500 richest people.

Dangote is currently the wealthiest Black man in the world as well as the richest guy in Africa.

Thomas Frist, a U.S. physician and businessman who is the wealthiest person in Tennessee, a landlocked state in the southeast of the country, and Michael Hartono, an Indonesian billionaire, as well as Russian billionaire Alisher Usmanov, all saw their net worths decline, which helped him re-enter the top 80 billionaires list.

From $19.1 billion at the start of the year to $18.8 billion as of the time this report was written, Dangote’s net worth has decreased. The billionaire businessman has lost $257 million in fortune as a result since the year started.

His net worth dropped on May 13 when it crossed $21 billion for the first time since 2014, making him the 61st richest person in the world. This decline can be linked to a decline in shares of his publicly traded cement company, Dangote Cement.

Shares of the top cement manufacturer have fallen 18.3 percent since May 13 from an all-time high of N300 ($0.697) to N245 ($0.5694) as of this writing.

Investors’ reaction to the company’s half-year financial statistics, which showed a double-digit decline in profit in the first half of 2022 due to increasing energy costs and unrealized foreign currency losses, is what caused the company’s stock to decline.

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