Looking at all trajectories Aliko Dangote is getting poorer despite doing more! It is a paradox because technically Dangote has improved his asset quality over the last seven years, as Dangote Group evolves to become an industrialized conglomerate.
He was worth $25 billion in 2014, becoming the world’s 23rd richest person. In 2019, he became the world’s 100th at $10.8 billion. Today, Dangote is worth $7.7 billion as the 162nd richest person on earth. Understand that what is happening to Dangote is “technical value erosion”: he is still accumulating more Naira but currency deterioration and devaluation have decimated his global standing.
I expect naira to hit N502 per dollar, from N381 today, by May 2023, and if Dangote does not follow through, he could be off the billionaire club. Of course, he has a plan when he said on Bloomberg: “In Africa, you know we have issues of devaluation, so we want to really ‘preserve’ some of the family’s wealth.” Dangote plans to ship some wealth to New York to diversify out of Africa!