How Dangote regained Africa's richest man title in 24 hours, overtakes 7 powerful billionaires

• Aliko Dangote has retaken his crown as the wealthiest man in Africa on the Bloomberg list after losing it
• Nigeria's richest man, Dangote, made $144 million to dethrone South African billionaire Johann Rupert
• Dangote's newfound wealth in the last 24 hours helped him jump past at least 10 world billionaires

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Nigerian billionaire and industrialist Aliko Dangote has retaken his position as Africa's richest man on the Bloomberg billionaire list, days after losing it to South Africa's Johann Rupert.

According to Bloomberg, Aliko Dangote's wealth increased in the last 24 hours by $144 million to $13.7 billion on Monday, August 5, 2024.

Dangote regains position as Africa's richest man Photo credit: Bloomberg contributor
Source: Getty Images

Dangote overtakes Johan Rupert of South Africa

Dangote dethroned Rupert, who held the crown over the weekend.

Rupert's net worth as of Monday, August 5, 2024, stands at $13.3 billion, having lost $334 million in the last 24 hours.

Dangote is now ranked as the 149th richest man in the world by the Bloomberg index, up from his previous ranking of 156th.

This means Dangote wealth moved ahead of seven powerful billionaires on the Bloomberg Index.

For Rupert, he dropped down one place and now sits as the 155th richest man in the world.

Dangote's source of wealth

Dangote's wealth comes primarily from his 86% stake in the Dangote Cement. He holds the shares directly and indirectly via his Dangote Industries conglomerate.

His other assets include Dangote Sugar, NASCON Allied Industries, and the United Bank for Africa.

His cash holdings are based on an analysis of dividends, taxes, insider transactions, and other expenditures.

Richest women on Nigeria's stock exchange

In related news, Legit.ng reported that seven Nigerian women are among the investors who have seen their fortunes rise thanks to NGX's positive performance

They are the wealthiest women on the NGX owing to the valuation of their shareholdings in various companies.

These women include Awelu Elumelu, Abolanle Matel Okoh, Ifeoma Esiri, Adaora Umeoji, Olufunmilola Ayebae, Joy Teluwo, and Nneka Onyeali-Ikpe.

Source: Legit.ng