Aliko Dangote has recaptured his title as Africa’s richest man, surpassing South Africa’s Johann Rupert following a recent boost in his net worth. The Bloomberg Billionaires Index shows that Rupert had momentarily eclipsed Dangote on Friday, leading to this adjustment in ranking.
Dangote’s net wealth increased by $144 million, from $13.6 billion on Friday to $13.7 billion as of Monday. This rise, which reduces his year-to-date wealth losses to $1.38 billion, comes after the Nigerian naira made a modest recovery over the weekend.
The stronger currency has boosted Dangote’s 86 percent share in Dangote Cement Plc, his most valuable asset.
Johann Rupert, on the other hand, saw his net worth fall by $334 million during the same period, from $13.65 billion on Friday to $13.3 billion today.
This decline is mostly due to a drop in the market value of Rupert’s investment in the Swiss luxury goods firm Richemont.
The company, which owns iconic brands such as Cartier and Van Cleef & Arpels, saw its share price plummet amid a global downturn in equities, compounded by dismal economic data from the United States, which heightened recession concerns.
According to Bloomberg’s real-time billionaire index, the wealth gap between Aliko Dangote and Johann Rupert remains close, with Dangote leading by slightly more than $400 million. This tight race underscores greater economic difficulties that affect Africa’s wealthiest individuals.
Dangote’s industrial-focused holdings are more volatile than Rupert’s luxury-oriented portfolio, which has traditionally been more resilient but is currently facing issues. Interestingly, Bloomberg’s and Forbes’ ranks differ greatly.
According to Forbes, Dangote’s net worth has decreased by $900 million to $11.8 billion, from $12.4 billion on Friday. This places him 168th internationally. Forbes ranks Rupert at 190th, with a net worth of $10.9 billion.
These differences reflect each publication’s unique techniques and sources, as well as the varying effects of market and currency swings on their respective investments.
The contest between Dangote and Rupert for Africa’s richest man is expected to continue as market conditions change. Both billionaires have significant investments in many industries, putting their wealth sensitive to changes in the economic landscape.
Dangote’s wealth, which is linked to Nigeria’s industrial sector, is extremely susceptible to local currency and commodity prices.
Rupert, whose portfolio is focused on luxury products, has issues related to global demand and investor opinion toward European shares. The decline in Richemont shares indicates concerns about the sector’s performance amid economic uncertainty.
