Chairman of Dangote Group, Aliko Dangote, has added more than $5 billion to his net worth in less than one week to reclaim the Africa’s richest man position which he temporarily lost to South African business tycoon, Johann Rupert.
According to Forbes real-time billionaires ranking, Dangote’s net worth moved from $9.8 billion last week to $14.2 billion.
Johann Rupert’s net worth as at January 9 stands at $10 billion, down from $11.1 billion as at last week.
Dangote is now ranked 124 in the world on Forbes list, while Rupert is ranked 157.
He also remains Africa’s richest man on the Bloomberg Billionaire Index.
According to Bloomberg, the majority of his fortune is derived from his 86 percent stake in publicly traded Dangote Cement. He holds the shares in the company directly and through his conglomerate, Dangote Industries.
It said: “Dangote’s other publicly traded assets include stakes in Dangote Sugar, NASCON Allied Industries, and United Bank for Africa. His stakes in the publicly traded companies are held directly and through Dangote Industries, which also owns closely held businesses operating in food manufacturing, fertiliser, oil, and other industries.
“His most valuable closely held asset is a fertiliser plant with a capacity to produce up to 2.8 million tonnes of urea annually. Its net value is based on a discounted cash flow analysis by KPMG. The valuation was confirmed by outside analysts.”
His cash holdings are based on an analysis of dividends, taxes, insider transactions, and other expenditures.