Power Shift in Africa: South African Billionaire Overthrows Dangote as Continent’s Richest

Power Shift in Africa: South African Billionaire Overthrows Dangote as Continent’s Richest.

South African billionaire Johann Rupert has surpassed Nigeria’s business magnate Aliko Dangote to become Africa’s wealthiest person, as reported by Forbes Real-Time Billionaires.

Forbes Real-Time Billionaires, a platform tracking daily changes in net worth among high-net-worth individuals globally, revealed that Dangote slid to the second position after experiencing a reduction in wealth from $13.5 billion in 2023 to $9.7 billion as of January 4, 2024, marking a $3.8 billion loss.

Meanwhile, Rupert’s net worth also experienced a decline from $10.7 billion in 2023 to $10 billion in the same period of 2024.

The 73-year-old Rupert serves as the chairman of Compagnie Financiere Richemont, a Swiss luxury goods firm renowned for brands like Cartier and Montblanc.

Additionally, Abdul Samad Rabiu, chairman of BUA Group, and Mike Adenuga, the chairperson of Globacom, also experienced drops in their positions on the billionaire list according to Forbes’ ranking. Adenuga’s wealth decreased from $6.3 billion in 2023 to $3.1 billion, while Rabiu’s dropped from $7.6 billion to $5.7 billion.

As a result, Adenuga fell to the 10th position from 6th, and Rabiu moved from the 4th position to the 6th.

Here’s the updated list of the top 10 Forbes billionaires in Africa:

1. Johann Rupert & family — $10 billion
2. Aliko Dangote — $9.7 billion
3. Nicky Oppenheimer & family — $8.3 billion
4. Nassef Sawiris — $7.3 billion
5. Nathan Kirsh — $5.8 billion
6. Abdulsamad Rabiu — $5.7 billion
7. Issad Rebrab & Family — $4.6 billion
8. Mohamed Mansour — $3.6 billion
9. Naguib Sawiris — $3.3 billion
10. Mike Adenuga — $3.1 billion

However, according to the Bloomberg Billionaires Index, Dangote still maintains his position as Africa’s richest man with a net worth of $15.4 billion, while Rupert’s net worth is $12 billion.

Dangote had previously lost $3.12 billion in June 2023 due to Nigeria’s decision to float the local currency and unify its exchange rate system.

However, he later increased his wealth by $20.7 million through investments in the industrial sector by June 30 of the same year, reinforcing his standing as Africa’s richest man.



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