South African businessman Johann Rupert has overtaken Aliko Dangote, the President of Dangote Group, as the richest man in Africa, according to the latest Forbes Billionaire Ranking.
Dangote’s net worth dropped by 20.7 percent due to the devaluation of the Nigerian naira by the Central Bank of Nigeria (CBN).
The CBN’s devaluation of the naira led to a 40.5 percent drop in its value. As a result, the naira-to-dollar exchange rate closed at N663.04/$1 on Friday, up from N471.67/$1 on Tuesday.
Rupert’s net worth increased by $1.3 billion, reaching $13.5 billion, which propelled him to the number one position. Dangote, on the other hand, saw his wealth decline by $2.80 billion to $10.7 billion, losing the top spot for the first time since 2008.
It’s worth noting that the Bloomberg Billionaire Index still ranks Dangote as the richest man in Africa with a net worth of $16.8 billion, despite recording a year-to-date loss of $1.86 billion.
Rupert occupies the second spot on Bloomberg’s list with a net worth of $13.6 billion and a year-to-date gain of $2.67 billion.
Forbes and Bloomberg use different methodologies to calculate net worth and determine the rankings, which explains the discrepancy between the positions of Dangote and Rupert.
This shift in the ranking highlights the impact of currency devaluation and economic fluctuations on the fortunes of Africa’s wealthiest individuals.