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| Nigerian billionaire Aliko Dangote |
THE
world’s 400 richest people lost $182 billion this week from their collective
fortunes as weak manufacturing data from China and a rout in commodities sent
global markets plunging.
But
Nigerian billionaire Aliko Dangote might well start teaching other billionaires
a few things. He is one of just eleven billionaires on Bloomberg’s Billionaires
Index who has made money over the past week, and just one of six who have seen
their fortunes increase in the past 24 hours, posting $79.2 million gain from
yesterday (August 21). 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 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%. 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% 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% from a week
earlier, after the trading house reported its profit sank 56% in the first half
of the year. Glasenberg’s fortune has decreased more than 40% 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.
Eleven
billionaires added to their fortunes in spite of the market turmoil. 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.
The
Bloomberg Billionaires Index takes measure of the world’s wealthiest people
based on market and economic changes and Bloomberg News reporting. Each
net-worth figure is updated every business day at 5:30 p.m. in New York and
listed in US dollars.
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