- For a decade, Aliko Dangote reigned supreme as Africa’s wealthiest titan, his name synonymous with power and opulence.
- Yet, the latest Bloomberg rankings have delivered a seismic shock: Dangote has plummeted down the list of African billionaires
- His unexpected dethronement has sent ripples through the continent’s elite, stirring up a storm of reactions
South African billionaire Johann Rupert has stormed to the top, unseating Nigeria’s Aliko Dangote to claim the crown as Africa’s wealthiest man.
According to Bloomberg, Rupert’s fortune has ballooned to an astonishing $13.65 billion, catapulting him to the 154th spot among the world’s richest individuals.
This leap places him just a tantalizing $50 million ahead of Dangote, whose net worth now stands at $13.6 billion as of Friday, August 2, 2024.
The latest Bloomberg global ranking positions Dangote at the 156th spot worldwide, a stark contrast to his decade-long reign as Africa’s richest.
The narrative of their fortunes since the beginning of 2024 reads like a tale of two cities: Rupert’s wealth has surged by a staggering $1.21 billion, driven by the robust performance of his luxury goods empire, Cie Financière Richemont, the world’s largest luxury watchmaker.
On the other hand, Dangote’s wealth has been battered by the depreciating naira, leading to a significant erosion of his fortune.
Over the past six months, Dangote has seen his wealth diminish by a jaw-dropping $10 billion, as revealed by Billionaire.Africa.
The crux of Dangote’s wealth is his 86% stake in the publicly traded Dangote Cement, making his fortune intrinsically linked to the volatile Nigerian economy and its fluctuating currency.
This dramatic shift underscores the vulnerability and volatility of fortunes tied to regional economic health. Dangote, once the unchallenged monarch of African wealth, finds his empire shaken by forces beyond his control.
In stark contrast, Rupert’s diversified portfolio, anchored in the global luxury market, has proven resilient and burgeoning, allowing him to ascend to new heights.
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