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JUST IN - Despite losing $64.5 billion in 2022, Elon Musk is 10 times richer than Dangote

 


World Richest man, Elon Musk has lost $64.5 billion in the year 2022, but in spite

of this, his total net worth is still 10 times that of Aliko Dangote, Africa’s richest man.

According to the Bloomberg billionaire index, Elon Musk is worth $206 billion as of press time, maintaining his number one spot as the richest man in the world.

Compared to Dangote, the richest African at no. 65 on the list is currently worth $20.6 billion, although had gained $1.51 billion in 2022.

At their current net worth, Elon Musk is 10 times richer than Dangote.

Wealth comparison

Musk is the chief executive of Tesla, the world’s most valuable carmaker and the chief executive of SpaceX, a rocket manufacturer tapped by NASA to resupply the space station. Dangote is the founder of Dangote Group, the largest conglomerate in Africa involved in cement manufacturing, sugar refinery, salt and seasoning, fertilizer, infrastructure and a host of others.

Elon Musk’s net worth of $206 billion can buy 112 million troy ounces of gold and 1.78 billion barrels of crude oil while Dangote’s wealth can buy 11.2 million troy ounces of gold and 178 billion barrels of crude oil.

Elon Musk wealth is equivalent to 0.983% of the GDP of the United States, 2.95% of the total wealth of the 500 richest people in the world. Dangote’s wealth is 0.0983% of the GDP of the United States, 0.295% of the total wealth of the 500 richest people in the world.

Elon Musk recently bought a 9.2% stake in a social networking company, Twitter. Also, earlier this year, Dangote revealed its refinery subsidiary will commence processing crude oil in Nigeria by the third quarter of 2022.

What you should know

  • Recently, tech stocks have declined greatly as central banks move to tame increasing inflation compared to the previous years when tech led the stock market, thus affecting the net worth of tech stock owners.
  • The net worth is calculated considering cash, private asset, public asset and miscellaneous liability.

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