South Africa’s Rupert overtakes Dangote as Africa’s richest man

Forbes Magazine says South African billionaire, Johann Rupert, has ousted Nigerian billionaire and businessman, Aliko Dangote, to become Africa’s richest man.

According to Forbes Real-time Global Billionaires Ranking, Rupert’s net worth is currently $12 billion, while Dangote trails behind him with a net worth of $10.8 billion as of Friday, June 16, 2023.

Forbes, in its global billionaires list, placed Dangote at number 172, while Rupert was ranked 145.

This followed the operational charges on the foreign exchange market carried out by the Central Bank of Nigeria (CBN), which led to the depreciation of the naira against the United States dollar.

READ ALSO: Dangote Sugar earning increases to 36.21% in 2023

Consequently, Forbes and Bloomberg had to recalculate the fortunes of all Nigerian billionaires leading to the significant drop in the wealth of Dangote, the Chairman of BUA Group, Abdul Samad Rabiu; and the Chairman of telecommunications giant, Globacom Limited, Mike Adenuga.

While Rupert is now Africa’s richest man, according to Forbes, Bloomberg still lists Dangote as the continent’s richest man.

Bloomberg still estimates Dangote’s net worth at $16.8 billion, while Rupert’s fortune is pegged at $13.3 billion.

However, it is believed that with the commencement of petroleum products refining at the $18.5 billion Dangote Refinery commissioned in May 2023, Aliko Dangote may bounce back to the number one position in Africa as the richest man.

The Star