Bloomberg Billionaire Index ranks Dangote World’s 24th richest man as mogul earns $1.7 billion in H1 2014

According to research carried out on Bloomberg Billionaire’s Index, the fortune of Alhaji Aliko Dangote have soared 6.9% so far this year which represents an increase of $1.7 billion.

According to a summary of his networth on the publication:

The majority of Dangote’s fortune is derived from his 94 percent stake in publicly traded Dangote Cement, sub-Saharan Africa’s largest cement maker. He holds the shares in the company directly and through his conglomerate, Dangote Group.

Dangote’s other publicly listed assets include stakes in Dangote Sugar, National Salt Co. of Nigeria and Dangote Flour Mills. In October 2012, South Africa’s Tiger Brands bought a 63.4 percent stake in Dangote Flour Mills from Dangote for 30.1 billion naira ($190 million). He still owns a 10 percent stake. His stakes in the companies are held directly and through Dangote Group, which also owns closely held businesses in beverage manufacturing, steel, telecommunications and oil.

The valuation of Dansa Foods, his juice, water and carbonated-drink maker, is based on calculated revenue extrapolated from Euromonitor data on Nigeria’s juice industry, and the average price-to-earnings and enterprise value-to-Ebitda multiples of three comparable publicly traded companies. A 10 percent discount for country risk has been applied.

Dangote Group also controls stakes in two undeveloped offshore oil fields in the Joint Development Zone of Nigeria-Sao Tome. The value of his nine percent stake in Block I is based on a valuation of the asset in a report by VSA Capital in November 2012. His 10 percent stake in Block III is valued based on the valuation ERHC Energy assigns to its 10 percent stake in the same block, according to its 2012 annual report.

Dangote Group’s steel business, Oshogbo Steel, and its telecommunications network, Dancom Technologies, have been excluded from Dangote’s net worth calculation because both companies have calculated market values that are less than the capital invested in the operations.

The billionaire probably has more than $625 million in cash and investable assets, based on an analysis of dividend income, taxes, spending and market performance.