Nigerian billionaire, Aliko Dangote has been displaced by 73-year-old South African businessman Johann Rupert as the richest man in Africa.
According to Forbes Magazine, Johann Rupert, has an estimated net worth of $12 billion while Dangote trails behind with a net worth of $10.8 billion.
The turbulent state of Nigeria’s financial markets has been the primary cause of the shift in rankings.
Dangote’s net worth took a heavy hit after the naira depreciation caused by the Central Bank of Nigeria’s decision to auction the dollar at a relatively lower rate than the official market price.
Despite Forbes’s recognition of Johann Rupert as Africa’s wealthiest individual, Bloomberg still lists Dangote as the undisputed titan of the continent.
Rupert has acquired his wealth from his ownership in Cie Financiere Richemont, a prominent luxury goods manufacturer, and retailer, along with strategic investments in Remgro and Reinet.
However, Dangote’s chances of making a comeback seem promising. The recently commissioned $20 billion Dangote Refinery holds the potential to breathe new life into his financial standing, potentially propelling him back to his esteemed position as Africa’s top billionaire.
The evolving rankings of Africa’s wealthiest individuals reflect the continent’s economic growth and the resilience of its business tycoons.
Nigerian billionaire Aliko Dangote held the title of Richest Person in Africa for 12 consecutive years.