Dangote Displaced as Africa's Richest Man on Forbes List, South African Takes Over
- Nigeria's wealthiest man, Aliko Dangote, has lost the number spot as Africa's richest man on the Forbes list
- Dangote is now placed second behind Johann Rupert, the South African billionaire
- The Nigerian billionaire held the top spot on the Forbes list for more than a decade
Nigeria's richest man, Aliko Dangote, has been displaced as Africa's richest man, the position he held for over a decade.
According to Forbes, Dangote's fortunes plunged by about $3.4 billion in a single day because of Nigeria's naira devaluation, which slashed the fortunes of most Nigerian billionaires.
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Dangote is now ranked number two
The drop pushed Dangote to the number two spot on the Forbes list, with South African billionaire Johann Rupert clinching the top spot.
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Forbes estimates Rupert's fortunes to be around $12 billion.
Dangote has held the top spot on the Forbes list for 12 years.
In 2014, Forbes estimated Dangote's wealth to have surpassed the $20 billion mark.
According to reports, Dangote's wealth declined from $25 billion in 2014 to $14.2, due mainly to several currency devaluations by Africa's biggest economy.
Dangote retains top position on Bloomberg
Meanwhile, Dangote retains the top spot in Africa on Bloomberg Billionaire's Index but has dropped out of the first 100 positions globally.
Bloomberg estimates Dangote's wealth to be about $16.8 billion from $21.2 billion.
Rupert's wealth is $13.3 billion while retaining the number two spot on the Bloomberg list.
Apart from Dangote, other Nigerian billionaires on the Forbes list suffered a massive hit due to the naira devaluation.
His closest rival in Nigeria, Abdul Samad Rabiu and Mike Adenuga, took a hit.
Rabiu lost about $2 billion and his spot as Africa's fourth richest man to Egyptian Nassef Sawiris, with a net worth of $6.9 billion, per Forbes list.
Dangote crashes on billionaire ranking but earns N72.2 billion in 8 hours as Dangote Cement share price drops
Legit.ng reported that Africa’s richest man, Aliko Dangote, has crashed six places on Bloomberg Billionaire Index released on Tuesday, June 13, 2023.
The Chairman of Dangote Group is now ranked as the 78 wealthiest man in the world from the 72nd position he occupied two weeks ago.
The sluggish performance of the Nigerian stock exchange affected Dangote’s fortunes.
Source: Legit.ng
