South African Billionaire Overtakes Dangote As Africa's Richest Man
- Nigeria's richest man, Aliko Dangote, has once again lost the title of the wealthiest man in Africa
- South African billionaire Johann Rupert is now the wealthiest man in Africa as his wealth soars to new highs
- Dangote's wealth has been affected due to the depreciation of the Nigerian currency against the US dollar
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Johann Rupert, the South African richest man, has overtaken Aliko Dangote as the wealthiest man in Africa.
According to the Bloomberg Billionaire Index, Rupert's wealth swelled by $874 million (N1.45 billion) in the last 24 hours, pushing his total to $14.2 billion.
Source: Getty Images
Rupert is now ranked 157th richest person in the world, 18 places above Aliko Dangote.
Wealthiest man in Nigeria
Dangote, now the second richest man in Africa, has a total net worth of $13.1 billion as of Friday, September 27, 2024.
Bloomberg reports that since the start of 2024, Dangote has lost $1.96 billion and has dropped to 175th.
In over ten years, Nigerian number one billionaire Dangote has occupied the position of the wealthiest man in Africa.
Dangote's wealth source
The majority of Dangote's fortune is derived from his 86% stake in publicly traded Dangote Cement. He holds the shares in the company directly and through his conglomerate, Dangote Industries.
Dangote's other publicly traded assets include stakes in Dangote Sugar, Nascon Allied Industries and United Bank for Africa.
His stakes in the publicly traded companies are held directly and through Dangote Industries, which also owns closely held businesses operating in food manufacturing, fertilizer, oil and other industries.
One billionaire drops from Nigeria's richest list
In related news, Legit.ng had reported that one of Nigeria's billionaires, Folorunsho Alakija, dropped off the list as her wealth declined.
Nigeria currently has three billionaires on the Forbes wealthiest list, Aliko Dangote, Mike Adenuga and Rabiu Abdulsamad, all worth $23.1 billion.
It was gathered that only Abdulsamad has been able to grow his wealth consistently over the years compared to his contemporaries.
Proofreading by Nkem Ikeke, journalist and copy editor at Legit.ng.
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Source: Legit.ng
