Nigerian billionaire Aliko Dangote back on top as Africa’s richest man

Omokolade Ajayi -

Key Points

  • Aliko Dangote surpasses Johann Rupert to become Africa’s richest man after a $144 million increase in net worth.
  • Johann Rupert’s net worth drops by $334 million, mainly due to a decline in Richemont’s share price.
  • Dangote leads Rupert by just over $400 million, highlighting ongoing economic uncertainties impacting both billionaires.

Aliko Dangote has reclaimed his position as Africa’s richest man, overtaking South Africa’s Johann Rupert after a recent increase in his net worth. This shift in ranking comes shortly after Rupert briefly surpassed Dangote on Friday, according to the Bloomberg Billionaires Index.

Dangote’s fortune rose by $144 million, boosting his net worth from $13.6 billion on Friday to $13.7 billion as of Monday. This increase, which cuts his year-to-date wealth losses to $1.38 billion, follows a modest recovery of the Nigerian naira over the weekend.

The strengthening currency has had a positive effect on Dangote’s 86 percent stake in Dangote Cement Plc, his most valuable asset.

Johann Rupert’s wealth falls by $334 million 

In contrast, Johann Rupert’s wealth took a hit as his net worth dropped by $334 million over the same period, declining from $13.65 billion on Friday to $13.3 billion.

This dip is largely attributed to a decrease in the market value of Rupert’s stake in the Swiss luxury goods conglomerate, Richemont.

The company, which owns iconic brands such as Cartier and Van Cleef & Arpels, saw its share price slide amid a global downturn in equities, exacerbated by weak economic data from the United States that heightened recession fears.

Aliko Dangote leads Rupert by $400 million according to Bloomberg 

The wealth gap between Aliko Dangote and Johann Rupert remains narrow, with Dangote’s lead at just over $400 million, according to Bloomberg’s real-time billionaire index. This tight race reflects broader economic uncertainties impacting Africa’s richest individuals.

Dangote’s industrial-focused assets show more volatility compared to Rupert’s luxury-oriented portfolio, which has historically been more resilient but currently faces challenges. Interestingly, Bloomberg and Forbes’ rankings differ significantly.

Forbes reports a $900 million gap, with Dangote’s net worth at $11.8 billion, down from $12.4 billion on Friday, ranking him 168th globally. Rupert, according to Forbes, holds $10.9 billion, placing him 190th.

These discrepancies highlight the distinct methodologies and sources used by each publication as well as the differing impacts of market and currency fluctuations on their respective investments. 

Market shifts impact Africa’s richest individuals

The rivalry between Dangote and Rupert for Africa’s richest man is set to persist as market conditions evolve. Both billionaires hold substantial stakes across different sectors, making their fortunes vulnerable to shifts in the economic landscape.

Dangote’s wealth, tied to Nigeria’s industrial sector, is particularly sensitive to local currency and commodity prices.

Rupert, with a portfolio centered on luxury goods, faces challenges tied to global demand and investor sentiment toward European equities. The downturn in Richemont shares reflects broader concerns about the sector’s performance amid economic uncertainties.