Dangote Moves To Diversify Wealth, Opens U.S Office

Africa’s richest man Aliko Dangote in a move to secure his family’s wealth from devaluation in the continent has decided to open an office in New York and in London.

The business mogul disclosed this while in an interview with Bloomberg’s David Rubenstein.

According to the 62-year-old billionaire, his family will start investing in the United States after which a family office will be opened to diversify the worth of his wealth.

“We already have an office in London that has been in operation for the last 30 years so we want to turn part of that to a family office so that we can diversify the worth.

“Sometimes in Africa, we have issues of devaluation so we want to preserve some of the family’s worth.”

According to Bloomberg Billionaires Index, Dangote wealth which was estimated to worth $25 billion in 2015 dropped to $12.4 billion in 2017 and further plunged to $10.5bn in 2018.

However, Dangote became $4.3 billion richer in 2019 as his fortune continued to grow on the back of investments in cement, flour and sugar, making him the 96th wealthiest man in the world in the period under review.