See Dangote new ranking as South African becomes richest man in Africa

1 month ago 4

Nigeria's wealthiest man, Aliko Dangote, has dropped down in the list of African billionaires in the latest Bloomberg ranking
Dangote dropped to second behind South African billionaire Johann Rupert, who is the chairman of Compagnie Financière Richemont
Nigerian number one billionaire, Dangote in the last 10 years has occupied the position as the richest man in Africa

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.

South African billionaire Johann Rupert is now the richest man in Africa, surpassing Nigerian billionaire Aliko Dangote.

According to Bloomberg, Rupert's fortune swelled to $13.65 billion, positioning him as the 154th richest person in the world.

Aliko Dangote billionaire loses position as Africa richest man

This is $50 million higher than Dangote's net worth of $13.6 billion on Friday, August 2, 2024.

In the latest Bloomberg global ranking, Dangote is listed as the 156th richest man in the world.

Dangoe, Rupert wealth source

Dangote and Rupert have experienced different movements in wealth since the start of 2024. While Rupert's wealth has increased by $1.21 billion from January to August, the depreciation of the naira has slashed Dangote's wealth by $1.53 billion.

The Billionaire Index revealed that, over the last six months, Dangote has lost over $10 billion.

The majority of Dangote's fortune is derived from his 86% stake in the publicly traded Dangote Cement. Consequently, his wealth is heavily tied to the performance of the Nigerian economy and currency.

In contrast, Rupert’s fortune is primarily derived from Cie Financière Richemont, a publicly traded luxury goods manufacturer and retailer, and the world's largest luxury watchmaker.