Nigerian billionaire businessman Aliko Dangote has fallen to the bottom of the list as Africa’s richest person after South African billionaire Johann Rupert’s net worth rose from $1.9 billion to $13.65 billion in the past year.
According to the latest Bloomberg Billionaires Index, Rupert’s net worth catapulted him to the 154th globally, two places ahead of Dangote.
The latest report reveals a significant drop in Aliko Dangote’s fortune, with a decline of $10 billion in six months, bringing his net worth to $13.6 billion, a difference of $50 million from Rupert.
The challenging economic environment in Nigeria, including high inflation and the devaluation of the Nigerian naira, are significant contributing factors to Aliko Dangote’s wealth decline.
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Production delays at Dangote Group’s refinery and supply chain disruptions also contributed to the Nigerian billionaire’s wealth decline.
Amid the challenges bedeviling Dangote, Rupert’s wealth surged due to the strong performance of Richemont’s shares, which have risen by 19.6 per cent this year. The Switzerland-based luxury goods firm owns iconic brands such as Cartier and Montblanc.
The chairman of Swiss luxury goods conglomerate Richemont, has his fortune surge by $134 million in 24 hours. His stake in the company, valued at approximately $9.41 billion, has been the primary driver of his wealth increase.
Richemont, which houses luxury brands such as Cartier, Chloé, and Van Cleef & Arpels, currently boasts a market capitalization of $82 billion.
In the past year, the founder of the Dangote Group has faced significant financial challenges due to a pullback in the share prices of his publicly listed companies.
While the share price of Dangote Cement, the flagship of his business empire, has risen by over 84 per cent in local currency terms this year, the currency devaluation has effectively wiped out these gains when measured in US dollars.
