South African business mogul Johann Rupert has replaced Nigerian, Aliko Dangote as the richest man in Africa.
This is the latest ranking according to a list released by Forbes Magazine. An analysis of the Forbes list showed significant wealth declines within the rank of the continent’s billionaires.
In the list, the Forbes Daily billionaires ranking platform, which tracks daily changes to the net worth of the most high-net-worth individuals across the world, revealed that Aliko Dangote moved down to second position as his wealth decreased from $13.5 billion in 2023 to $9.5b at the beginning of 2024.
Similarly, Nigerian billionaires Rabiu Abdulsamad and Mike Adenuga have lost their spots in the billionaire rankings released by the financial magazine.
The wealth of Nigeria’s Mike Adenuga moved him to the tenth position, while Patrice Motsepe, who was in the top ten in 2023, didn’t make the top ten richest men in 2024.
The decline in the wealth of these individuals is not unconnected to the economic challenges across the continent, the devaluation of the Naira and other economic issues.
