Aliko Dangote, the world's richest black man, plans to open family office in New York to help diversify his investments. With a net worth of about $15 billion, he is ranked the 95th wealthiest man in the world, according to the Bloomberg Billionaires Index.
The 62-year-old Nigerian billionaire and owner of the biggest cement company in sub-Saharan Africa, became $4.3 billion richer in 2019 as his fortune continued to grow on the back of investments in cement, flour and sugar.
“In Africa, you know we have issues of devaluation, so we want to really preserve some of the family’s wealth,” Dangote told Bloomberg TV’s David Rubenstein Show.
Mr. Dangote will use his new, New York and existing London base to become more global in order to better manage the risk of currency fluctuations, after the completion of his US $12 billion, 650,000 barrel-a-day oil refinery currently under construction in Nigeria.