Recession: Aliko Dangote Losses $4.9 Billion in 2016

The outgoing year, 2016 was not a good year for Africa's richest person, Alhaji Aliko Dangote. The latest Bloomberg Billonaires' Index released yesterday, December 28, revealed that Africa's richest person, Alhaji Aliko Dangote lost $4.9 billion or one-third of his wealth this year.
According to the index, the combined effect of falling oil prices and the naira devaluation in June pushed the president of Dangote Group to the 112th richest person in the world with a net worth of $10.4 billion.

Before the index, Dangote was the world’s 46th-richest person as of June this year.
Dangote's fortune is in contrast to billionaires across Europe and the United States, as the world’s wealthiest people were ending 2016 with $237 billion more than they had at the start.
Triggered by disappointing economic data from China at the beginning, the U.K.’s vote to leave the European Union in the middle and the election of billionaire Donald Trump at the end, the biggest fortunes on the planet whipsawed through $4.8 trillion of daily net worth gains and losses during the year, rising 5.7 per cent to $4.4 trillion by the close of trading December 27, according to the Bloomberg Billionaires’ Index.

“In general, clients rode through the volatility,” said Simon Smiles, chief investment officer for ultra-high-net-worth clients at UBS Wealth Management.

“2016 ended up being a spectacular year for risk assets. Pretty remarkable given the start of the year,” he added.

The gains were led by Warren Buffett, who added $11.8 billion during the year as his investment firm, Berkshire Hathaway Inc. saw its airline and banking holdings soar after Trump’s surprise victory on November 8.
Meanwhile, Dangote has been named one of the most powerful people in the world by Forbes magazine.

Dangote was also recently listed as one of the world's 500 most influential Muslims, alongside President Muhammadu Buhari and the Emir of Kano, HRH Sanusi Lamido Sanusi.