South African Billionaire Solidifies Status As Africa's Richest Man, Dangote Gets New Position
- South African business mogul Johann Rupert has solidified his position as the continent's richest man
- Aliko Dangote, who is currently second, continues to witness a drop in wealth, while Rupert's worth has soared
- There are four Nigerian billionaires on the Forbes billionaire list, with Dangote remaining the highest ranked, followed by Adenuga
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.
Aliko Dangote's net worth has dropped further, causing him to fall even further behind South Africa's Johann Rupert on the list of the richest people in Africa.
According to Forbes, Dangote lost $95 million on Friday, January 24, bringing his net worth down to $10.7 billion.
Source: Getty Images
His rival, Johann Rupert, continued to amass more wealth as he made $76 million on Friday to push his net worth to $13.6 billion.
Rupert is currently the 168th richest man in the world 68 places higher than Dangote, who is ranked 236th richest man in the world, and also the second in Africa.
Source of Rupert's net worth
Johann Rupert is chairman of Swiss luxury goods firm Compagnie Financiere Richemont. The company is best known for the brands Cartier and Montblanc.
It was formed in 1998 through a spinoff of assets owned by Rembrandt Group Limited (now Remgro Limited), which his father Anton formed in the 1940s.
He owns 7% of diversified investment firm Remgro, which he chairs, and 27% of Reinet, an investment holding company based in Luxembourg.
Rupert has been a vocal opponent of plans to allow fracking in the Karoo, a region of South Africa where he owns land.
Why Dangote wealth is dropping?
Aliko Dangote's wealth comes primarily from Dangote Cement, the continent's largest cement producer. He has also invested in sugar, salt, oil, fertilizer, and packaged food.
Several of Dangote Group's companies are listed on the Nigerian Exchange. He owns 86% of Dangote Cement, Nigeria's largest cement producer, and holds stakes in Dangote Sugar, Nascon Allied Industries, and the United Bank for Africa.
The performance of these companies on the Nigerian Exchange directly impacts his net worth.
For example, the share price of Dangote Sugar Refinery dropped from N40.5 to N35 between Thursday, January 16, and Friday, January 24, representing a 13.58% depreciation
Other Nigerian billionaire net worth
- Mike Adenuga: $6.8 billion
- Abdulsamad Rabiu: $4.9 billion
- Femi Otedola - $1.6 billion
Nigerian billionaires who own clubs in Europe
Ealier, Legit.ng reported that Nigerian billionaires are beginning to take their investments to a new level as they gradually infiltrate the European football space.
Africa's leading richest man, Aliko Dangote, recently disclosed that he regrets not acquiring English Premier League club Arsenal.
Some Nigerians have taken over the idea and have invested heavily in European clubs, including Kunle Soname, who bought CD Feirense of Portugal in 2015
Aside from its global entertainment, football is a lucrative business enterprise, and entrepreneurs from Nigeria are making efforts to capitalize on it.
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Source: Legit.ng
