Dangote loses Africa’s richest man position to South African billionaire

Billionaire businessman and industrialist, Alhaji Aliko Dangote has lost his richest man in Africa position to South African businessman, Johann Rupert.

In the latest data from the Bloomberg Billionaires Index released on Tuesday, Rupert, chairman of Richemont, a luxury goods conglomerate, overtook Dangote, chairman of Dangote Industries Limited, as Africa’s richest person.

According to the BBI, Rupert’s net worth has surged to $14.2 billion, overtaking Dangote, whose fortune has declined to $13.4 billion.

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The data shows that Rupert’s wealth has increased by $1.87 billion year-to-date, while Dangote’s fortune has declined by $1.69 billion.

Nicky Oppenheimer, another South African billionaire, occupied the third place with $11.3 billion net worth, Nassef Sawiris, an Egyptian businessman, followed with $9.37 billion, and Natie Kirsh, a South African investor, completed the top five with $9.14 billion.

The downturn in Dangote’s net worth is largely attributed to Nigeria’s challenging macroeconomic environment, where his conglomerate primarily operates from.

By; Babajide Okeowo

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