In a surprising turn of events, Nigeria’s Aliko Dangote has once again become Africa’s richest man, overtaking South African businessman Johann Rupert. As of August 5th, 2024, Dangote’s net worth is $13.7 billion, while Rupert’s is $13.3 billion, according to Bloomberg’s billionaire real-time index. Dangote is now six spots ahead of Rupert on the list.
Just a few days earlier, on August 2nd, 2024, Rupert had briefly taken the top spot with a net worth of $13.6 billion, matching Dangote’s at the time. Rupert’s rise was due to a $134 million increase in his valuation, bringing his year-to-date gains to $1.21 billion. In contrast, Dangote had lost $1.53 billion this year despite a recent $27 million increase.
Currently, Rupert’s net worth has decreased by $334 million, while his year-to-date gain is $875 million, making him the 155th richest person in the world. Dangote’s recent gain of $144 million comes with a year-to-date loss of $1.38 billion, placing him at 149th on the list.
Rupert’s brief stint as Africa’s wealthiest person was notable, given his strong performance earlier in the year with a net worth of $10.3 billion, compared to Dangote’s $9.5 billion. Rupert’s wealth is largely due to his luxury goods company Richemont, which owns brands like Cartier and Montblanc.
Dangote has faced a challenging year. Despite launching his much-anticipated oil refinery, which was expected to boost his earnings, he has encountered operational difficulties. Protests in Nigeria have also disrupted his business operations.
In the days leading up to August 2nd, Dangote’s net worth fell from $13.8 billion to $13.6 billion, while Rupert’s increased from $13.4 billion to $13.6 billion. However, by August 5th, Dangote added $100 million to his net worth, while Rupert lost $300 million, shifting their rankings.
This highlights the volatility in the fortunes of Africa’s wealthiest individuals. As market conditions change and businesses face various challenges, the battle for the top spot remains intense. For now, Aliko Dangote has reclaimed his position as the continent’s wealthiest man, but this title may continue to change hands.
Source: Business Insider
