News Blog NG

For 24/7 informative news, reporting, and current affairs blog

30% Discount Sales of Medici Terrace By Sujimoto Fully Furnished Luxury 4-Bedroom

Advert

Wednesday, August 26, 2015

‘Dangote Should Start Teaching Other Billionaires A Few Things’


Nigerian billionaire, Aliko Dangote, has been urged to “start teaching other billionaires a few things” as the world’s 400 richest people lost $182 billion last week from their collective fortunes as weak manufacturing data from China and a rout in commodities sent global markets plunging, Bloomberg asserted.


Dangote was one of just 11 billionaires on Bloomberg’s Billionaires Index who made money over the past week, posting $79.2 million gain.
Commodities tycoon Dangote is Africa’s richest man, with a net worth of $15.4 billion, 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 $6.7 billion) suffered a $27.9 million loss between last Thursday and Friday, luxury goods magnate Johann Rupert (net worth $7 billion) saw his money shrink by $87million, and retailing baron Christo Wiese (net worth $7 billion), lost $220million 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 $76 billion on Friday alone, when the Standard & Poor’s 500 Index of U.S. stocks ended its worst week since 2011.
“For them that’s a fractional percentage, even though $182 billion is a big number,” said John Collins, director of investment advisory at Aspiriant, which oversees more than $8 billion for high net worth clients. “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.”
Friday’s losses put the world’s richest 400 into the red for the year to date. They’re now down $74 billion in 2015, with a collective net worth of $3.98 trillion.
The week’s largest setback in dollar terms was experienced by Warren Buffett, who saw his fortune drop by $3.6 billion as Berkshire Hathaway Inc. slipped more than 5 percent. The investor is the world’s third-wealthiest person, with a fortune of $63.4 billion, 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 $15.2 billion in losses for the world’s wealthiest energy billionaires.
Continental Resources Inc. Chairman Harold Hamm saw $895 million, or 9 percent of his net worth, vanish this week. Ivan Glasenberg, chief executive officer of mining company Glencore Plc, lost $237 million 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 percent from a week earlier, after the trading house reported its profit sank 56 percent in the first half of the year. Glasenberg’s fortune has decreased more than 40 percent in 2015, to $3.1 billion.
China’s 26 wealthiest people, pummeled by Hong Kong’s bear market and a weaker yen, lost $18.8 billion during the week. Wang Jianlin of Dalian Wanda Commercial Properties Co. was hit hardest, losing $3.5 billion.
The week’s biggest dollar gainer was Sun Pharmaceuticals’ Dilip Shanghvi. The world’s 39th-richest person became $467 million wealthier, elevating his net worth to $18.9 billion.

No comments:

Post a Comment

Share Your Views and Comment on This Post, Thanks.

Featured Post

WORLD CUP PROMO: Get a 15% Discount with a Spread Balance of 36 months in any of our Solar Power Package.

Capture all Your World Cup Moments with 24 hrs Power! Catch the Excitement in the air! Capture those thrilling World Cup moments in Ru...