While some of the world’s richest people lost a sum
of $182bn (N35.85tn) over the past week, Nigerian
billionaire, Alhaji Aliko Dangote, and 10 others made
money amid deepening global market rout. Dangote,
who is President of Dangote Group, posted a $79.2m
(N15.6bn) gain from Thursday to Friday, according to
Bloomberg’s Billionaires Index. He was one of six
billionaires who saw their fortunes increase in 24
hours to Friday. The world’s 400 richest people lost
$182bn last week from their collective fortunes as
weak manufacturing data from China and a rout in
commodities sent global markets plunging. Dangote
is Africa’s richest man, with a net worth of $15.4bn,
according to the Index.

The other three Africans on the Index are South
Africans: Nicky Oppenheimer formerly of the De
Beers diamond company (net worth $6.7bn) suffered
a $27.9m loss between Thursday and Friday; luxury
goods magnate Johann Rupert (net worth $7bn) saw
his money shrink by $87m, and retailing baron
Christo Wiese (net worth $7bn), lost $220m over the
same period. The weekly drop for the BLOOMBERG
Billionaires Index, a group that includes Warren
Buffett, Bill Gates and Mark Zuckerberg, was the
biggest since tracking of the expanded list began in
September 2014. The combined net worth of the
index members fell by $76bn on Friday alone, when
the Standard & Poor’s 500 Index of United States’
stocks ended its worst week since 2011. “For them,
that’s a fractional percentage, even though $182bn
is a big number. “A week like this feels really bad,
but when you take a step back, in a big picture view
it’s not a disaster by any means,” said John Collins,
director of investment advisory at Aspiriant, which
oversees more than $8bn for high net-worth clients.
Friday’s losses put the world’s richest 400 into the
red for the year to date. They’re now down $74bn in
2015, with a collective net worth of $3.98tn. The
week’s largest setback in dollar terms was
experienced by Warren Buffett, who saw his fortune
drop by $3.6bn, as Berkshire Hathaway Inc. slipped
more than five per cent. The investor is the world’s
third wealthiest person, with a fortune of $63.4bn,
according to data compiled by BLOOMBERG. The
slump in oil, which had its longest weekly losing
streak since 1986, amid signs of an extended supply
glut, contributed to $15.2bn in losses for the world’s
wealthiest energy billionaires. Continental Resources
Inc. Chairman, Harold Hamm, saw $895m, or nine
per cent of his net worth, vanish last week. The Chief
Executive Officer, Glencore Plc, a mining company,
Ivan Glasenberg, lost $237m during the week, as
COMMODITY PRICES slid to their lowest levels in 13
years. Glencore reached a record low in London on
Friday, down more than 8 per cent from a week
earlier, after the trading house reported its profit
sank 56 per cent in the first half of the year.
Glasenberg’s fortune has decreased more than 40
per cent in 2015, to $3.1bn.

China’s 26 wealthiest people, pummelled by Hong
Kong’s bear market and a weaker yen, lost $18.8bn
during the week. Wang Jianlin of Dalian Wanda
Commercial Properties Company was hit hardest,
losing $3.5bn. Eleven billionaires added to their
fortunes, in spite of the market turmoil. The week’s
biggest dollar gainer was Sun Pharmaceuticals’ Dilip
Shanghvi. The world’s 39th-richest person became
$467m wealthier, elevating his net worth to $18.9bn.
The BLOOMBERGBillionaires Index takes measure of
the world’s wealthiest people based on market and
economic changes and BLOOMBERG News reporting.
Each net-worth figure is updated every business day
at 5:30 p.m. in New York and listed in US dollars.


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