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Aliko Dangote, once hailed as Africa’s richest billionaire, is facing increasing pressure to maintain his position as the world’s richest Black billionaire.
The wealth gap between Dangote and Robert F. Smith, America’s richest Black individual, has significantly decreased, raising the stakes in this high-profile competition.
With a fortune that stood at nearly $14 billion earlier this year, Dangote has seen his wealth dwindle to $9.5 billion, marking a substantial decline.
On the other hand, Robert F. Smith, the founder of Vista Equity Partners, a global technology investment firm, has amassed a net worth of $8 billion, narrowing the gap between the two billionaires to $1.5 billion. This gap had previously stood at $4.5 billion at the start of the year.
At the beginning of the year, according to Forbes, Dangote held the title of Africa’s wealthiest person for the twelfth consecutive year, with a net worth of $13.9 billion.
Due to the devaluation of the Nigerian naira against the U.S. dollar, Dangote’s fortunes took a hit, falling to $10.8 billion and resulting in him losing the coveted title to Johann Rupert, who was worth $12 billion at the time.
Unfortunately for Dangote, the downward pressure on the naira has persisted, further impacting his net worth. Since June 16, his fortune has declined from $10.8 billion to $9.5 billion, putting him at risk of losing his standing as the world’s richest Black billionaire.
While Bloomberg Billionaires Index offers a different perspective, still placing Dangote as Africa’s richest individual with a net worth of $15.1 billion, Smith is estimated to be worth $12 billion, according to Bloomberg.
