In a surprising development, Johann Rupert, a well-known business tycoon from South Africa, has overtaken Aliko Dangote, the billionaire powerhouse from Nigeria, to become Africa’s richest person, according to the latest report from Forbes Magazine.
Rupert’s incredible net worth of $12 billion has propelled him ahead of Dangote, whose fortune stands at a slightly lower $10.8 billion. This change in rankings can be attributed to the recent turbulent conditions in Nigeria’s financial markets.
Dangote’s wealth took a significant hit due to operational charges imposed by the Central Bank of Nigeria on the foreign exchange market. The subsequent devaluation of the Naira against the robust US dollar has negatively impacted the overall wealth of Nigerian billionaires.
Consequently, Dangote, along with other notable figures like Abdul Samad Rabiu, the visionary founder of BUA Cement, and Mike Adenuga, the indomitable Chairman of Globacom Limited, has experienced significant losses in their amassed fortunes.
However, there is a twist in Dangote’s story. There is hope on the horizon with the recent completion of the highly anticipated $20 billion Dangote Refinery. Commissioned just last month, this massive project holds the potential to revive Dangote’s financial standing and potentially restore him to his esteemed position as the top billionaire in Africa.
While Forbes now recognizes Johann Rupert as Africa’s wealthiest person, Bloomberg’s assessment still upholds Dangote as the unrivaled titan of the continent. Bloomberg estimates Dangote’s net worth at an astounding $16.8 billion, with Rupert’s fortunes measured at a formidable $13.3 billion.
This difference underscores the intricacies involved in the methods used by these prestigious publications to calculate the net worth of billionaires.