Johann Rupert, the prominent business tycoon from South Africa, has dethroned Nigeria's powerhouse billionaire, Aliko Dangote, to claim the title of Africa's wealthiest person, according to Forbes Magazine's latest report.
With an astounding net worth of $12 billion, Rupert has surged ahead of Dangote, whose treasure chest holds a slightly lesser sum of $10.8 billion. The shift in rankings can be attributed to the recent tumultuous conditions prevailing in Nigeria's financial markets.
Dangote's fortunes took a significant hit due to operational charges imposed by the Central Bank of Nigeria on the foreign exchange market. The subsequent devaluation of the Naira against the mighty US dollar had a detrimental impact on the overall wealth of Nigerian billionaires.
Consequently, Dangote, along with other notable figures like Abdul Samad Rabiu, the visionary founder of BUA Cement, and Mike Adenuga, the indomitable Chairman of Globacom Limited, experienced substantial losses in their amassed fortunes.
The Plot twist
However, a ray of hope shines on Dangote's horizon with the recent completion of the highly anticipated $20 billion Dangote Refinery. Commissioned just last month, this colossal venture holds the promise of revitalising Dangote's financial standing and potentially catapulting him back to his esteemed position at the helm of Africa's billionaire elite.
While Forbes now declares Johann Rupert as Africa's wealthiest person, Bloomberg's assessment still upholds Dangote as the undisputed titan of the continent. Bloomberg estimates Dangote's net worth at a staggering $16.8 billion, with Rupert's fortunes measured at a formidable $13.3 billion.
This disparity highlights the intricacies involved in the methodologies employed by these prestigious publications to calculate the net worth of billionaires.