South Africa Johann Rupert Displace Dangote of 1st Africa’s Richest List Position
Johann Rupert, a billionaire from South Africa, has replaced Aliko Dangote as the richest person in Africa, making him the continent’s new richest man.
The Central Bank of Nigeria (CBN) devalued the naira, which caused Dangote’s net worth to decline by 20.7%, according to the Forbes Billionaire Ranking published on Sunday.
As we previously reported, the CBN devalued the naira, which resulted in a 40.5% decline in the value of the Nigerian currency since last Wednesday.
Due to the devaluation, the naira to dollar exchange rate ended trading on Friday at N663.04 to $1, up from N471.67 on Tuesday.
Dangote, a Nigerian billionaire, dropped to second place on Africa’s richest list as a result of the falling value of the naira, the unit of currency on which his wealth is based. Rupert took the top spot.
Dangote lost the top spot for the first time since 2008, when he made his Forbes Billionaire Index debut, when his wealth fell by $2.80 billion, from $13.5 billion to $10.7 billion.
Rupert’s net worth climbed by $1.3 billion, from $10.7 billion to $13.5 billion, making him the richest person in Africa.
Despite suffering a $1.86 billion loss for the year thus far, Dangote is still the wealthiest person in Africa, according to the Bloomberg Billionaire Index, with $16.8 billion.
With a net worth of $13.6 billion and a gain of $2.67 billion so far this year, Rupert was ranked second.
The richest men in the world or in Africa are determined using different approaches by Forbes and Bloomberg, which explains the disparity in Dangote and Rupert’s net worth and rankings.
