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Aliko Dangote Is No Longer The Richest Man In Africa

Nigeria’s Aliko Dangote is no longer the richest man in Africa, a position he has held since 2008. The new titleholder is none other than South African billionaire, Johann Rupert, according to recent rankings released by Forbes.

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Aliko Dangote Is No Longer The Richest Man In Africa

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Nigeria’s Aliko Dangote is no longer the richest man in Africa, a position he has held since 2008. The new titleholder is none other than South African billionaire, Johann Rupert, according to recent rankings released by Forbes.

Dangote, whose wealth is primarily derived from cement and sugar industries, saw his net worth plunge to $10.7 billion, down by a staggering $2.8 billion.

This significant dip, as reported by MandyNews.com, is largely due to the naira devaluation implemented by the Central Bank of Nigeria (CBN).

“The Nigerian currency dropped by 40.5% since the devaluation, causing a major blow to Dangote’s wealth,” said our correspondent.

The naira-to-dollar exchange rate closed at N663.04/$1 last Friday, soaring from N471.67/$1 on the preceding Tuesday. This drastic decline has negatively impacted Dangote’s net worth since his assets are primarily valued in naira.

On the other hand, the new leader of the pack, Johann Rupert, has seen his wealth rise to $11.8 billion, with a 1.18% increase, thanks to his luxury goods empire. He takes the top spot on Africa’s richest list for the first time.

Despite this change, it’s worth noting that there are differences in the rankings provided by various sources.

The Bloomberg Billionaire Index, for example, still lists Dangote as the richest man in Africa with a net worth of $16.8 billion, and Rupert in second place with $13.6 billion.

“Forbes and Bloomberg use different methodologies for their rankings, which explains the disparity in the reported net worth and positions of Dangote and Rupert,” said a financial analyst.

Despite the discrepancy, it’s clear that a seismic shift has occurred in the rankings of Africa’s wealthiest. As MandyNews.com continues to track the rankings, readers can expect more updates on this historic change.

For further insights on this topic and more, visit MandyNews.com, your premier source for Nigerian and African news.

Share your story with us! Email MandyNews1@gmail.com

Source: MandyNews.com

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