Africa's Richest Man, Aliko Dangote, Loses $708.6 Million on 'Black Monday'

Africa’s richest man, Aliko Dangote, on Monday, lost N141 billion, an equivalent of USD 708.6 million, following intense pressure of global markets as a result of ripples from the Chinese economic crisis. The 58-year-old is among the long list of 197 billionaires whose fortunes have tumbled over the past few days.

 A report by Bloomberg Billionaires Index, Dangote lost his money as Chinese stocks sank lower after a rout on August 24 that the official state news agency, Xinhua, dubbed 'Black Monday.

Dangote had gained $79.2m (N15.6bn) from Thursday to Friday last week, only to lose nine times the same amount on Monday.

 Wang Jianlin, Asia’s richest man, and Bill Gates, the world’s richest man, lost $3.6 billion and $3.2 billion respectively as the worst-hit billionaires on Monday.
Mark Zuckerberg, Facebook founder, lost $1.7 billion, placing him behind Warren Buffet, world number three billion, who lost $2 billion.

Only three of the world’s top 200 billionaires made gains on 'Black Monday’, and they were Alwaleed al-Saud, a Saudi business magnate; Tadashi Yanai, founder of Japanese Fast Retailing; and Petr Kellner, a Czech businessman. They gained $169 million, $105.5 million and and 87.3 million respectively.

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