Bloomberg reported on Wednesday that Dangote lost $4.9bn or one-third of his wealth as the combined effect of falling oil prices and the June devaluation of Nigeria's Naira pushed him to No. 112 on the billionaires’ list with $10.4bn.
Before now Dangote was the world’s 46th-richest person.
Saudi Arabia’s Prince Alwaleed Bin Talal Al Saud fell by $4.9bn, a 20 percent drop, the report said.
Prince Alwaleed had said in November that all of his stakes in public companies, including Citigroup Incorporated, were potentially for sale, reversing a longstanding policy that some of his most-prized shareholdings were “forever.”
Also, wealth creation in China turned negative for the first time since the inception of the Bloomberg index five years ago, with the country’s richest losing $11bn in 2016.