Now Johann Rupert surpasses Dangote to become richest African
According to the most recent report from Forbes Magazine, South African business tycoon Johann Rupert has overthrown Nigeria’s unrelenting billionaire Aliko Dangote to become the continent’s richest person.
- South African Johann Rupert surpasses Nigerian Aliko Dangote as Africa’s wealthiest person, with a net worth of $12 billion.
- Dangote’s net worth declined due to operational charges in Nigeria’s foreign exchange market, causing the Naira to weaken against the US dollar.
- Despite the setback, Dangote is expected to make a comeback with the upcoming launch of the $20 billion Dangote Refinery.
On Friday, June 16, Forbes Magazine named South African billionaire Johann Rupert “Africa’s richest man,” unseating Nigerian business magnate Aliko Dangote, who had held the distinction for the previous ten years in a row.
Rupert’s net worth was estimated at $12 billion by Forbes’ real-time Global Billionaires Ranking, while Dangote’s was estimated at $10.8 billion. Due to the naira’s depreciation as a result of the Central Bank of Nigeria’s decision to auction the dollar at a price that was much below the official market price, Dangote’s net worth significantly decreased.
Rupert has surpassed Dangote, whose wealth is marginally smaller at $10.8 billion, with an amazing net worth of $12 billion. The recent unsettling circumstances that have prevailed in Nigeria’s financial markets are to blame for the change in rankings.
Due to operational fees levied by the Central Bank of Nigeria on the foreign currency market, Dangote’s fortunes suffered significantly. The Naira’s subsequent depreciation versus the powerful US dollar had a negative effect on the total wealth of Nigeria’s billionaires.
Dangote, along with other well-known individuals like Mike Adenuga, the unyielding Chairman of Globacom Limited, and Abdul Samad Rabiu, the visionary creator of BUA Cement, suffered significant losses in their accumulated wealth as a result.
Meanwhile, with the expected kickoff of the $20 billion Dangote refinery commissioned last Month, Aliko Dangote is expected to bounce back.