The race for the title of Africa’s wealthiest individual continues to intensify as South African magnate Johann Rupert and Nigerian tycoon Aliko Dangote find themselves in a tight financial showdown.
The two billionaires, who had been jostling for the top spot since Forbes revised its richest list following a turbulent currency fluctuation in June, have seen their fortunes drop below $11 billion.
According to Forbes, the reputable U.S. business magazine renowned for tracking the wealth of the world’s ultra-high-net-worth individuals, Rupert and Dangote experienced an equal $400 million decrease in their net worth between Aug. 3 and 14.
Rupert, primarily enriched by his 9.14-percent stake in Swiss luxury conglomerate Richemont, saw his net worth contract from $11.3 billion on Aug. 3 to $10.9 billion on Aug. 14.
Similarly, Dangote, with stakes in companies like Dangote Cement, Dangote Sugar, and NASCON Allied Plc, witnessed a parallel tumble from $11.2 billion to $10.8 billion over the same 11-day period.
The rivalry between Dangote and Rupert has become fierce, with the wealth gap shrinking from $1.2 billion in mid-June to a mere $100 million. Industry analysts now speculate that Dangote might ascend to the summit of the continent’s wealth rankings, potentially dethroning Rupert.
However, a recent announcement by Richemont detailing its decision to increase dividends is poised to bolster Rupert’s standing. The move, which raises the annual payment to 2.6 percent of the stock price, is expected to ignite investor interest in Richemont shares.
This development is anticipated to contribute to a rebound in Rupert’s fortune, further cementing his position as Africa’s richest man.
While Forbes positions Dangote as the second-richest man in Africa with a net worth of $10.8 billion, Bloomberg’s assessment diverges significantly. Bloomberg’s estimations place the Nigerian mogul’s net worth at $16.9 billion, positioning him as the richest man in Africa, ahead of Johann Rupert, who is worth $12.5 billion on the Bloomberg Billionaires Index.
As the financial tussle ensues, both business magnates are navigating a volatile economic landscape, their fortunes intertwined with market dynamics that could potentially redefine Africa’s wealthiest rankings in the coming months.
