Dangote Loses One-third Of Wealth, Still Africa's Richest

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Aliko Dangote
Even as the combined effect of the US elections and the dwindling fortune of the oil commodity, the year ending 2016 recorded a mix of gains and losses in the world's billionaires fortunes with Africa's richest shedding $4.9billion.

The fall in oil prices and the increasing exchange rate of the dollar to the naira forced the African multiple investor to lose that amount which is approximately one-third of his wealth and placing him at number 112 of the billionaires table, down from 42 he had been before June.
Gates and Buffet
Leading the pack of gainers, worldwide, is Warren Buffet. The US multiple investor and CEO of Berkshire Hathaway added $11.8billion to reclaim his spot as the second world's richest, a spot he'd earlier lost to Europe's richest and founder of Zara clothing, Amancio Ortega, who closed third having lost $1.7bn.

While Bill Gates remained the richest man in the world with the co-founder of Microsoft Inc. closing the year with net worth of $91.5bn, Buffet and Ortega closed with $74.1 and $71.2bn respectively.

China has 31 billionaires on the index with $262 billion, trailing the U.S., which has 179 billionaires who control $1.9 trillion, and Germany, whose 39 individuals have $281 billion. Russian billionaires also began to put the negative effects of U.S. and European sanctions behind them, reversing the combined $63 billion declines for 2014 and 2015 and adding $49 billion investors.

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