Naira Depreciation Drives Nigerian Billionaire to Second Place in Africa’s Richest List

South African billionaire Johann Rupert, chairman of luxury goods group Richemont, has overtaken Aliko Dangote, chairman of Dangote Industries Limited, to become Africa’s richest person.
The latest data from the Bloomberg Billionaires Index shows that Rupert’s net worth has risen to $14.3 billion, overtaking Dangote, whose wealth has fallen to $13.4 billion.

The data showed that Rupert’s wealth has increased by $1.87 billion since the beginning of the year, while Dangote’s has fallen by $1.69 billion.
Fellow South African billionaire Nicky Oppenheimer comes in third with a net worth of $11.3 billion, followed by Egyptian businessman Nassef Sawiris with $9.37 billion, while South African investor Natty Kirsch rounds out the top five with $9.14 billion.

Dangote’s decline in net worth is mainly due to the difficult macroeconomic environment in Nigeria, where his conglomerate primarily operates. The value of the naira has fallen since President Bola Tinubu took office in 2023 and partially removed gasoline subsidies while easing currency controls to attract foreign investment.
The Dangote Group has been plagued by production delays at its refineries and other industrial problems, exacerbated by the sharp devaluation of the naira.
The devaluation has had a major impact on Dangote, whose wealth is largely tied up in naira-denominated assets.
Despite the challenges, the Dangote Group is focused on expanding its influence in the foreign exchange market and is on track to achieve revenues of about $30 billion by 2025.