Cement Tycoon Aliko Dangote falls to Africa’s Second Richest After 12 years at No. 1 for the first time. According to the Forbes Billionaire Ranking published on Sunday, Dangote’s net worth has decreased by 20.7% as a result of the Central Bank of Nigeria’s (CBN) currency devaluation.

Nigerian Cement Tycoon Aliko Dangote Falls to Africa’s Second Richest
Nigerian Cement Tycoon Aliko Dangote Falls to Africa’s Second Richest

Ripples Nigeria had previously stated that the Central Bank of Nigeria (CBN) implemented a devaluation of the naira, resulting in a significant 40.5% decrease in the value of the Nigerian currency since the devaluation occurred on Wednesday of the previous week.

Following the devaluation, the exchange rate between the naira and the dollar saw an increase, with the rate reaching N663.04/$1 at the close of trading on Friday. This was a noticeable rise from the previous rate of N471.67/$1 on Tuesday, directly attributable to the reduction.

As the importance of the decline in the naira’s value, which serves as the basis for Dangote’s wealth, the Nigerian billionaire has now dropped to the second position on Africa’s richest list, while Rupert has taken the top spot.

Dangote, who has been the richest man in Africa since 2008, experienced a significant decrease in his wealth.

His fortune dropped by $2.80 billion to $10.7 billion, causing him to lose the top spot for the first time. In the meantime, Rupert saw an increase in his net worth from $10.7 billion to $13.5 billion, making him the new richest man in Africa.

However, it’s important to note that according to the Bloomberg Billionaire Index, Dangote still holds the title of the richest man in Africa, with a net worth of $16.8 billion. Although he experienced a year-to-date loss of $1.86 billion. On the other hand, Rupert secured the second position with a net worth of $13.6 billion, with a year-to-date gain of $2.67 billion.

It’s worth mentioning that Forbes and Bloomberg use different methods to calculate the wealth rankings, which explains the difference in net worth and the positions of Dangote and Rupert on the richest individuals’ lists.

FAQs

Who Is The Richest Person in Africa 2023?

Johann Rupert, a wealthy individual from South Africa, has surpassed Nigerian billionaire Aliko Dangote to claim the title of the richest person in Africa. According to Forbes’ Real-Time Billionaires List, Rupert now possesses a net worth of R216 billion ($11.9 billion). This impressive ranking places him as the 145th wealthiest person globally.

Who Is The First Richest Person In The World 2023?

Elon Musk – $233 billion. With a current wealth of $233 billion, Elon Musk maintains his position as the world’s wealthiest person.

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