Aliko Dangote, a Nigerian billioniare who has been the Africa’s richest man for years now, has gone up the yearly list of world billionaires done by Forbes, with his fortune increasing to $15.4bn (£11bn).
In 2015, Mr Dankoto was ranked 67 with his fortune at $14.7bn, this year he climbed up to 51 in the magazine’s list.
Mr. Dangote is the founder and chairman of Africa’s largest cement producer named Dangote Cement.
Following in second is another Nigerian billionaire known as Mike Adenuga. Mike is the second-richest African in 2016 racking up a fortune amounting to $10bn. In the world’s billionaires’ list, the magazine places Mr Adenuga, who deals in oil and telecom industries, at 103.
South Africa’s diamond mining magnate Nicky Oppenheimer seized the third spot with $6.6bn.
Mr Oppenheimer is ranked as 174 richest billionaire in the world. Other countries in Africa whose billionaires made the list include Algeria, Angola, Egypt, Morocco and Tanzania. No Kenyan made the list.
Tanzania’s 40-year old Mohammed Dewji made the list with his net worth at $1.1 billion sitting in 1577 spot on the world’s billionaire list.
Nigerian cement magnate Aliko Dangote’s new position in Forbes list of global billionaires was not expected as his country is yet to deal with significant economic crisis leading to a sharp fall in its currency.
As a result of the recent economic situation of the country, investors sold their stocks which affected Nigeria Stock Exchange badly.
Dangote Industries have their largest listed entity in Nigeria so many thought the billionaire net worth would take a massive nosedive.
However, Mr Dangote has safeguarded his fortune through spreading his business across Africa. He has expanded his business into several markets like Ethiopia – which features a fairly stable economy that apparently performs consistently well.
With great business IQ, the billionaire also diversified his investments, stretching them across infrastructure and food products.
He was able to outsmart the economic situation of his country for having avoided dealings in oil business except the oil refinery he is building with the Chinese.
The business man dumps any business that isn’t performing as expected without hesitation. He has disposed his subsidiaries such as Dangote Flour Mills which were not really lucrative as he anticipated even though he recently had to retain equity in that business. What attracts more admiration for the billionaire is his spending.
He is known as a conservative spender.
Every spending of his is always business related. He is apparently not up for an extravagant lifestyle.
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He owns a private jet and a yacht, which are basically used as company property for business trips, and not for pleasure.
His attitude of saving and reinvesting played a role in enriching him with more money even at transacting in volatile markets than what others have lost.
View the full list of the world’s billionaires by Forbes and get more inspired by how most of the world’s billionaires climb new positions, retain their old one or fall on the list.