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Africa's Richest Person Crown Snatched by South African Magnate, Reports Say

17:42, 5 January 2024

Rasina Musallimova

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For 12 years, the title belonged to the Nigerian oil tycoon, Aliko Dangote. However, in mid-June, the Central Bank of Nigeria permitted market forces to regulate the exchange rates of the national currency, the naira. Consequently, the naira experienced a depreciation against the US dollar in the official market, which affected Dangote's wealth.

Sputnik

Nigerian oil tycoon, Aliko Dangote lost his title of Africa's richest person to the South African magnate, Johan Rupert, media said.

Rupert through his Swiss company is the owner of the several luxurious brands, including Cartier and Montblanc. His fortune and that of his family is reportedly estimated at about $10 billion.

Sub-Saharan Africa

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12 November 2023, 10:03

Meanwhile, due to the volatility of the Nigerian currency, Dangote experienced a decrease in his wealth, placing him in second position with $9.5 billion.

In the middle of June, the Central Bank of Nigeria made the decision to allow market forces to dictate the exchange rates of the country's currency, the naira. As a result, the naira witnessed a decline in value compared to the US dollar in the official market.