Dangote loses over 30% of his wealth in 2016

Africa’s richest man and President of the Dangote Group, Aliko Dangote, has lost 32 percent of his wealth, according to the Bloomberg Billionaires’ Index.

Bloomberg reported on Wednesday that Dangote lost $4.9bn or one-third of his wealth as the combined effect of falling oil prices and the June devaluation of Nigeria's Naira pushed him to No. 112 on the billionaires’ list with $10.4bn.

Before now Dangote was the world’s 46th-richest person.

Saudi Arabia’s Prince Alwaleed Bin Talal Al Saud fell by $4.9bn, a 20 percent drop, the report said.

Prince Alwaleed had said in November that all of his stakes in public companies, including Citigroup Incorporated, were potentially for sale, reversing a longstanding policy that some of his most-prized shareholdings were “forever.”

Also, wealth creation in China turned negative for the first time since the inception of the Bloomberg index five years ago, with the country’s richest losing $11bn in 2016.