In just 2 weeks, Japan’s richest man gains $19B, Michael Dell adds $6.3B, Dangote targets $1.63B IPO while Europe’s richest man drops out of world’s top 10
In just weeks, the fortunes of some of the world’s richest people have shifted by billions of dollars as the AI boom, changing consumer behaviour, luxury markets and major corporate moves reshape the global billionaire rankings across Asia, Europe, Africa and the Americas.
Black News 
In just weeks, the fortunes of some of the world’s richest people have shifted by billions of dollars as the AI boom, changing consumer behaviour, luxury markets and major corporate moves reshape the global billionaire rankings across Asia, Europe, Africa and the Americas.
- AI investments have significantly boosted the wealth of billionaires like Masayoshi Son and Michael Dell, with Son adding $19 billion in nine days and Dell's fortune rising by $132 billion in 2024.
- SoftBank's AI strategy, including stakes in OpenAI and Arm Holdings, fueled a strong rally in its shares and Son's net worth, while other Japanese billionaires suffered losses.
- Africa's richest man, Aliko Dangote, is poised for further wealth increases with the planned IPO of his refinery business, which could substantially lift his net worth depending on market response.
- Europe's luxury sector, led by Bernard Arnault of LVMH, has declined due to weaker demand in markets like China, causing Arnault to drop out of the top 10 richest people.
Japan’s richest person, Masayoshi Son, has added nearly $19 billion to his wealth in just nine days as investors continue betting on artificial intelligence.
The SoftBank founder’s fortune reached $81.4 billion, rising about 30 per cent since the end of August, according to Forbes.
The increase followed a strong rally in SoftBank shares, driven by investor confidence in the company’s artificial intelligence strategy, including its investment in OpenAI and its stake in British chip designer Arm Holdings.
Beyond AI investments, the biggest beneficiary of the AI boom has been Michael Dell, whose wealth has surged as demand grows for the infrastructure powering artificial intelligence.
The Dell Technologies founder became the world’s second-richest person after his fortune reached $273.2 billion on September 9, rising by about $132 billion since the beginning of the year, according to Forbes.
During the recent market rally, Dell’s wealth jumped by about $6.3 billion on September 9 alone after Dell Technologies shares rose 4 per cent to an intraday record high.
Dell Technologies shares have gained more than 300 per cent this year as companies increase spending on AI, with the company recording $60.9 billion in AI server orders in its latest quarter.
Europe’s luxury king loses billionaire status
While technology fortunes have surged, Europe’s luxury sector has faced growing pressure, affecting one of the world’s most established billionaire families.
Europe’s richest businessman, Bernard Arnault, fell out of the world’s top 10 wealthiest people on September 10 after his fortune dropped to about $143 billion, according to the Bloomberg Billionaires Index, pushing him below Warren Buffett.
Arnault’s wealth has fallen by about $65 billion this year, the biggest decline among the world’s 500 richest people.
The decline has been linked to weaker luxury demand in China and the Middle East, which has affected LVMH brands such as Louis Vuitton, Dior and Tiffany.
Dangote’s refinery IPO could reshape Africa’s richest man’s fortune
Beyond technology and luxury markets, Africa’s richest man, Aliko Dangote, could emerge as another major mover in the global billionaire rankings through a landmark industrial listing.
Dangote’s fortune has gained momentum as investors turn their attention to the planned initial public offering (IPO) of Dangote Petroleum Refinery and Petrochemicals.
Forbes’ real-time billionaire tracker showed his wealth rising from about $31.5 billion to $32.5 billion in recent days, adding roughly $1 billion in about two weeks.
The planned IPO is expected to raise between $1.5 billion and $1.8 billion, giving investors access to one of Africa’s largest industrial projects.
The listing could provide a public valuation for the refinery, potentially increasing the value of Dangote’s stake and strengthening his position among the world’s richest people.
A strong valuation after the IPO could push Dangote’s net worth closer to the $40 billion mark before the end of the year, further strengthening his position among the world’s richest people.
