The Blomberg Billionaires’ Index released on Wednesday has shown that Africa’s richest man, Aliko Dangote lost 32 per cent of his wealth in 2016.

According to Bloomberg, Dangote lost $4.9bn due to the failing fuel prices and devaluation of the Naira in June.

Dangote who occupied the 42nd position previously, dropped to 112 on the list.

Also affected by fuel prices was Prince Alwaleed Bin Talal Al Saud of Saudi Arabia who fell by $4.9bn, a 20 per cent drop.

Alwaleed had said in November that all of his stakes in public companies, including Citigroup Incorporated, were potentially for sale.

China has 31 billionaires on the index with $262bn, trailing the US, which has 179 billionaires who control $1.9tn, and Germany, whose 39 individuals have $281bn.

Azeez