Aliko Dangote, a Nigerian investor, was among the top 60 richest people in April 2014 when his wealth was compared to current rankings, while Gautam Adani, the founder of Adani Enterprises and an Indian billionaire, was not included in the top 400 richest people.

According to historical data from Bloomberg Billionaire Index, Dangote’s wealth was estimated to be $24.7 billion, and Adani’s wealth was $5.42 billion. The data from 2014 was used to calculate Adani’s net worth.

According to Dangote’s wealth trajectory analysis, WITHIN NIGERIA gathered the Nigerian investor’s networth depreciated by -22.6% within nine years, while that of Adani significantly grew by 2,538.3% during the same period.

This showed that Dangote’s wealth declined by $5.60 billion, more than Adani’s estimated total wealth at the beginning of the second quarter of 2014. He also dropped in the rankings, landing in 76th place.

Following a gain of $137.58 billion, Adani’s net worth increased during this time. In nine years, he had risen above over 400 billionaires, including Dangote, Bernard Arnault, and Bill Gates, to take the third-richest spot in the billionaire rankings.

WITHIN NIGERIA understands that within the period in review, Dangote’s wealth was heavily impacted by the devaluation of naira, which has depreciated by -168.9%, exchanging at N430.33 to $1 as at Monday, in contrast to the N160/$1 rate in 2014, but Indian Rupee has depreciated only by -27.4% to ₹79.45 Rupees from ₹62.33 Rupees.

Meanwhile, Adani had gained from the significant rise in his company’s stock value, as high demand for Adani Enterprises’ share between 2014 to date drove his investment in the firm up by 1,185.5%, with the share price rising from ₹248.35 Rupees to ₹3,192.60 Rupees.

However, Dangote’s investment in his cement business had slowed by 5.69%, with the share hitting N245 from N231.80kobo. Analysis indicates Dangote sugar investment is holding up his networth after gaining 37.6%, as Dangote Sugar share rose to N16.40kobo from N11.91kobo within the review period.

In the last nine years, Dangote had majorly invested in cement and food since he founded his corporation in 1981, before branching into the oil industry fully, a $25 billion refinery investment expected to commence operation next year.

But Adani had expanded his investment from the commodities importation business created in 1988, known as Adani Enterprises, to owing India’s largest port, Mundra Port, and establishing Adani Power and Adani Transmissions. He also owns 37% of Adani Total Gas and 65% of Adani Ports & Special Economic Zone.

He had also acquired 74% stake in India’s second-busiest airfield, Mumbai International Airport in September 2020, and Swiss giant Holcim’s cement business in India, which cost him $10.5 billion purchase in May 2022. Other business Adani owns includes Adani Green Energy

The post How India’s Gautam Adani went from being ‘poorer’ than Dangote to becoming third richest man appeared first on NEWS.

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