• World - Africa
  • Updated: August 06, 2023

South African Overtakes Dangote As Africa's Richest Man

South African Overtakes Dangote As Africa's Richest Man

South African Johann Rupert has overtaken Nigeria's Aliko Dangote as the richest man in Africa on Forbes's Africa richest man's list after Dangote lost $400 million in net worth due to the fall of the naira against the dollar.

Dangote suffered yet another financial loss as the naira depreciated, reducing the value of his assets and bringing his net worth currently to $11 billion. 

Aliko Dangote's Net Worth on Forbes

According to Forbes, the Nigerian billionaire's wealth fell from $11.2 billion on August 4 to $10.8 billion the next day, a $400 million reduction in only one day. 

Dangote's net worth had already risen to $11.2 billion on Forbes, putting him in a position to reclaim the title of Africa's richest man. 

However, his wealth has since declined, putting him behind Johann Rupert, who presently holds the title with a net worth of $11.3 billion. 

Johann Rupert's Net Worth On Forbes

Because the majority of Dangote's assets are denominated in naira, the decline in his net worth may be attributed to the naira's depreciation versus the dollar. 

Forbes ranked Aliko Dangote as the continent's second-richest person, with a net worth of $11 billion; Bloomberg had a different estimate. 

Meanwhile, the Nigerian billionaire, whose net worth is assessed to be $17 billion by Bloomberg, has surpassed Johann Rupert, who is valued at $12.9 billion by the Bloomberg Billionaires Index.

Dangote's riches are built on his enormous 86.81% ownership stake in Dangote Cement, Africa's largest cement manufacturer. 

The company recently also unveiled a cutting-edge cement manufacturing technology.

Despite fluctuations in net worth evaluations, Aliko Dangote's status as a prominent actor in Africa's business landscape remains stable, and his investments continue to impact the region's economy.

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