Dangote loses title as Africa’s richest man to South African billionaire

According to the Forbes Daily billionaires ranking tool, which is renowned for its careful monitoring of high-net-worth individuals’ global net worth, Dangote’s wealth declined significantly from $13.5 billion in 2023 to $9.5 billion in the beginning of 2024.

The naira, which Mr. Dangote primarily earns in, ended 2023 as the third worst-performing currency globally out of 151 currencies that Bloomberg tracks. This decline, attributed to economic challenges not only for Dangote but also across African countries, including the devaluation of the Naira.

This development sees Johann Rupert surpassing the long-reigning Aliko Dangote, who now finds himself in the second position.

Mr. Rupert who was born in Stellenbosch, South Africa, over 73 years ago is the chairman of the investment holding firm Remgro, located in South Africa, and the luxury goods company Compagnie Financiere Richemont, situated in Switzerland. Richemont’s most iconic brands include Cartier and Montblanc.

Johann Rupert & Family’s wealth, which stood at $10.7 billion, slightly decreased to $10.3 billion in Forbes’ 2024 rankings. Nevertheless, this was sufficient to dethrone Dangote and secure the top spot as Africa’s wealthiest.