Johann Rupert has overtaken Aliko Dangote as Africa’s richest man.
South Africa’s Rupert was announced as Africa’s richest man by the latest ranking of Forbes Real-time Global Billionaires List.
Nigeria’s Aliko Dangote placed 172 with a net worth of $10.7 billion, while Rupert & Family ranked 145 with a net worth of $12 billion.
Dangote’s dislodgement may not be separated from the recent implementation of foreign exchange rates unification by the Central Bank of Nigeria (CBN), according to analysts.
ATTENTION: Click “HERE” to join our WhatsApp group and receive News updates directly on your WhatsApp!
Dangote Group: Balancing Socioeconomics and Petroleum Product Pricing
The business mogul is said to have lost up to $4.12 billion since the floating of the Naira against the US dollar and other currencies.
The development is believed to have contributed to Dangote’s drop from the list of top 100 richest people in the world, and number one in Africa.
The floating of the Naira affects the valuation of Dangote’s assets, including Dangote Cement, Dangote Sugar, and Bascom Allied Industries.
On Sunday, June 18, 2023, Forbes Real-time Billionaires List ranked South Africa’s Johann Rupert & Family as number 145 in the world with net worth of $12 billion dealing on luxury goods, while it listed Aliko Dangote on number 172 and worth $10.7 billion, dealing on cement and sugar.
As a result of this, Forbes and Bloomberg recalculated the fortunes of all Nigerian billionaires leading to significant drops in the wealth of Dangote, Abdul Samad Rabiu, founder of BUA Cement, and Mike Adenuga, Chairman of Globacom telecommunications Limited.
However, it is generally believed that the expected commencement of petroleum products refining at the $20 billion Dangote Petrochemical and Refinery commissioned last month, Aliko Dangote may bounce back to number one position in Africa as the richest man.
