South African billionaire Johann Rupert has overtaken Nigerian businessman Aliko Dangote to become the richest person in Africa.
According to the latest Bloomberg Billionaires Index, Rupert’s net worth has soared to $14.3 billion, surpassing Dangote, whose wealth has decreased to $13.4 billion.
The Bloomberg data reveals that Rupert’s fortune has grown by $1.87 billion year-to-date, while Dangote’s wealth has dropped by $1.69 billion. This shift in rankings underscores significant changes in the economic landscape affecting these prominent figures.
READ ALSO: FG, Dangote set October 1 for naira crude sales
Dangote’s decline is attributed to several factors, including Nigeria’s challenging macroeconomic environment.
Since President Bola Tinubu took office in 2023 and implemented measures such as removing the petrol subsidy and easing currency controls, the naira has significantly depreciated. This currency devaluation, coupled with production delays and industrial issues at Dangote Group’s refinery, has adversely affected Dangote’s business operations.
Despite this setback, Dangote remains the richest individual in Nigeria. Meanwhile, the Bloomberg report highlights other notable African billionaires: Nicky Oppenheimer of South Africa is in third place with a net worth of $11.3 billion, followed by Egyptian businessman Nassef Sawiris with $9.37 billion, and South African investor Natie Kirsh, who rounds out the top five with $9.14 billion.
This change in the wealth rankings reflects broader economic trends and the ongoing impact of regional and global financial co
