Jeff Bezos back on top of Elon Musk but Dangote retains African title
By Jeph Ajobaju, Chief Copy Editor
Amazon founder Jeff Bezos has reclaimed the title of the richest person on earth, surpassing Elon Musk but the richest man in African still remains Aliko Dangote.
The Bloomberg Billionaires Index announced on Monday the net worth of Bezos is now $200 billion, and that of Musk $198 billion. Musk has lost about $31 billion over the past year, while Bezos has gained $23 billion, according to the index, per CNN.
The shares of Tesla, one of the company’s owned by Musk, had tumbled more than 7 per cent. on Monday.
Tesla shares also tumbled about 24 per cent year-to-date.
Musk had reclaimed the title of world’s richest person in May 2023, edging out LVMH (LVMHF) CEO Bernard Arnault, who runs one of the world’s biggest conglomerates and includes brands such as Louis Vuitton, Dior and Celine.
The three centibillionaires – Musk, Arnault and Bezos – have been in competition with each other for the top spot for months. Arnault had held the title as his wealth climbed due to a boom in luxury goods sales that helped drive up LVMH’s stock price.
Earlier this year, a Delaware state court judge threw out Musk’s 2018 pay package – worth more than $50 billion – that helped to make him one of the richest people in the world.
Of course, the title of the richest person on earth swaps every few months, depending on markets performance.
Musk and Arnault still hold plenty of wealth – since 2020, the net worth of the five wealthiest people on earth has skyrocketed 114 per cent to a total of $869 billion, after taking inflation into account, according to Oxfam’s annual inequality report.
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Dangote remains dominant in Africa
Forbes reported earlier this year that Dangote remains the richest man in Africa as of January 2024.
The African business environment favours entrenched family fortunes or those with close ties to government that continue to dominate the ranks of Africa’s richest.
Dangote, whose fortune rose $400 million to $13.9 billion, claimed the ranking’s No. 1 spot for the 13th year in a row, despite the political uncertainty following the February presidential election and a devaluation of the naira in 2023 that offset the rising share price of Dangote Cement.
South African luxury goods magnate Johann Rupert held onto the No. 2 spot with $10.1 billion, down from $10.7 billion in 2023 as shares of his Compagnie Financiere Richemont – maker of Cartier watches and Montblanc pens – slid.
South African Nicky Oppenheimer, who formerly ran diamond mining firm DeBeers before selling it to mining firm Anglo American a decade ago, ranks No. 3, with $9.4 billion, up $1 billion from 2023.
Thirteen of Africa’s billionaires added to their fortunes this year, while seven saw their net worth decline.