Dangote falls to second place as Johann Rupert, a South African, emerges as Africa's richest man

James

Aliko Dangote has been surpassed by South Africa's Johann Rupert to become the continent's richest person.

With his wealth having increased to $13.65 billion, Rupert is now the 154th richest person in the world, according to Bloomberg.

As of Friday, August 2, 2024, Dangote's net worth was $13.6 billion, which was around $50 million less than Rupert's wealth. This made the Kano-born business magnate the 156th richest person in the world.

Between January and August of 2024, Rupert gained $1.21 billion in fortune. But, the depreciation of the Naira caused Dangote's fortune to plummet significantly.

The majority of Rupert's wealth is derived from Cie Financière Richemont, the largest luxury watch manufacturer in the world and a publicly traded corporation that produces and markets high-end merchandise.

On the other hand, most of Dangote’s wealth comes from his 86% share in Dangote Cement, which is sold on the stock market.