Aliko Dangote Reportedly Loses N141bn In 24 Hours


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Africa’s richest man, Aliko Dangote , on Monday, 24th of August, 2015, allegedly lost N141 billion following intense pressure of global markets as a result of ripples from the Chinese economic crisis.

He joins a long list of billionaires whose fortunes have tumbled over the past few days.

According to Bloomberg Billionaires Index, Dangote lost $708.6 million (N140 billion) as Chinese stocks sank lower after a rout on August 24 that the official state news agency, Xinhua, dubbed ‘Black Monday.’

Dangote gained $79.2m (N15.6bn) gain from Thursday to Friday last week, only to lose the same amount about nine times over. The 58-year-old was just one of 197 billionaires who lost billions of dollars in 24 hours, with only three of the world’s top 200 billionaires making gain on ‘Black Monday.’

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Wang Jianlin, Asia’s richest man, and Bill Gates, the world’s richest man, lost $3.6 billion and $3.2 billion respectively as the worst hit billionaires on Monday.

Mark Zuckerberg, Facebook founder, lost $1.7 billion, placing him behind Warren Buffet, world number three billion, who lost $2 billion.

The only three gainers were Alwaleed al-Saud, a Saudi business magnate; Tadashi Yanai, founder of Japanese Fast Retailing; and Petr Kellner, a Czech businessman. They gained $169 million, $105.5 million and and 87.3 million respectively.

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