By Ken Afor
Nigerian billionaire, Aliko Dangote has lost Africa’s richest man status for the year 2024 to a South African business mogul, Johann Rupert.
Forbes Real-Time Billionaires, a ranking platform that monitors daily fluctuations in the wealth of the world’s wealthiest individuals, disclosed this information on Thursday.
Forbes revealed that Dangote, founder of the Dangote Group, slipped to the second position as his fortune declined from $13.5 billion in 2023 to $9.7 billion as of Thursday, January 4, 2024. This signifies a substantial loss of $3.8 billion.
Similarly, Rupert’s wealth declined from $10.7 billion in 2023 to $10 billion during the corresponding period in 2024.
Johann Rupert serves as the chairman of Compagnie Financiere Richemont, a renowned Swiss luxury goods company. This prestigious firm is widely recognized for its iconic brands, including Cartier and Montblanc.
In 1998, it came into existence as a result of a separation of assets previously held by Rembrandt Group Limited (now known as Remgro Limited), which was established by his father Anton during the 1940s.
Rupert holds a 7% stake in the diverse investment company Remgro, where he also serves as the chairman.
Additionally, he possesses a 26% interest in Reinet, an investment holding firm situated in Luxembourg.
Furthermore, the billionaire list witnessed a change in positions for Abdul Samad Rabiu, the chairman of BUA Group, and Mike Adenuga, the founder of Globacom.
As per Forbes’ ranking, Adenuga’s fortune experienced a significant decline from $6.3 billion in 2023 to $3.1 billion on Thursday.
On the other hand, Rabiu’s wealth saw an increase from $7.6 billion to $5.7 billion.
Consequently, Adenuga’s position in the ranking fell from 6th to 10th, whereas Rabiu’s ranking declined from 4th to 6th.
It is unclear why Dangote was displaced as the wealthiest man in Africa, but according to speculations, the challenging business environment in Nigeria, where the majority of his enterprises are located, may have played a role.
It would be recalled that few weeks ago, a renowned pharmaceutical and biotechnology firm GlaxoSmithkline (GSK) and an American consumer goods corporation Procter&Gamble announced their exit from the country.
Meanwhile, GSK Nigeria prior to their planned exit from Nigeria expressed their disappointment in the 2023 first half (H1) report, highlighting the persistently difficult business environment.
The company faced challenges due to limited foreign exchange availability, which impacted its ability to settle trade payables denominated in foreign currency with its product suppliers.
As a result, the company’s sales in the first half of 2023 declined to N7.75 billion, a significant drop from N14.8 billion in the corresponding period of the previous year.
Below is a full list of the top ten Forbes billionaires ranking in Africa.
1. Johann Rupert & family — $10 billion
2. Aliko Dangote — $9.7 billion
3 Nicky Oppenheimer & family — $8.3 billion
4. Nassef Sawiris — $7.3 billion
5. Nathan Kirsh — $5.8 billion
6. Abdulsamad Rabiu — $5.7 billion
7. Issad Rebrab & Family — $4.6 billion
8. Mohamed Mansour — $3.6 billion
9. Naguib Sawiris — $3.3 billion
10. Mike Adenuga — $3.1 billion
