South African entrepreneur dethrones Dangote as Africa’s richest man

Nigerian billionaire, Aliko Dangote, has been ‘dethroned’ of the title as Africa’s richest man by Johann Rupert, a prominent South African entrepreneur.

The last time the South African billionaire was in this position was at the beginning of the year, when he had a net worth of $10.3 billion to Dangote’s $9.5 billion.

According to Bloomberg’s Billionaire Index, Rupert has once again overtaken Dangote, achieving a net worth of $13.6 billion.

This positions him slightly above Dangote, who also holds a net worth of $13.6 billion but ranks two spots lower.

Rupert and his family are now the 154th wealthiest globally, while Dangote is listed at 156th. The difference in their positions can be attributed to their differing financial trajectories over the past year.

Rupert’s latest valuation increased by $134 million, with a year-to-date (YTD) growth of $1.21 billion. Conversely, Dangote’s recent valuation rose by $27 million, but his YTD change saw a significant drop of $1.53 billion.

This substantial difference in their financial performances has likely contributed to Rupert’s higher ranking, despite both having the same net worth.

Recently, Dangote experienced a notable decrease in his fortune, losing over $1 billion in the past year. This decline came despite the opening of his new oil refinery, which was expected to boost his earnings significantly. However, operational challenges have plagued the refinery, leading Dangote to consider ceding control of the facility to Nigeria’s state-owned energy corporation, NNPC.