Rupert Surpasses Dangote as Africa’s Richest Man.Â
Nigerian Naira Depreciation Cost Dangote $1.2 Billion
South African billionaire Johann Rupert has surpassed Nigerian Aliko Dangote as Africa’s richest man, according to Forbes.
Rupert’s net worth was valued at $12 billion on Friday, June 16, while Dangote’s net worth stood at $10.8 billion. Dangote’s wealth took a significant hit due to the depreciation of the Nigerian naira, which was caused by the Central Bank of Nigeria’s decision to auction the dollar at a lower rate compared to the official market price.
The central bank sold the dollar at nearly 30 percent below the official market rate, which had a substantial impact on Dangote’s net worth. Dangote’s wealth is largely derived from his cement and sugar businesses, which are both heavily reliant on imported raw materials. The depreciation of the naira has made it more expensive for Dangote to import these raw materials, which has led to a decline in his profits.
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Rupert’s wealth, on the other hand, is more diversified. He owns a number of businesses in different industries, including luxury goods, mining, and media. This diversification has helped to insulate Rupert’s wealth from the impact of the depreciation of the naira.
The change in the ranking of Africa’s richest man is a significant development. Aliko Dangote has held the title for the past decade, and his wealth has been closely tied to the growth of the Nigerian economy. However, the recent economic challenges in Nigeria have had a negative impact on Dangote’s wealth, and Johann Rupert has been able to capitalize on this.
It remains to be seen whether Dangote will be able to reclaim the title of Africa’s richest man. However, the recent changes in the ranking suggest that the landscape of Africa’s wealthy is becoming more competitive.
