South African billionaire, Johann Rupert, has displaced Aliko Dangote as the richest man in Africa.
According to Forbes Billionaire Ranking on Sunday, Dangote’s net worth has dropped by 20.7% amid the naira devaluation implemented by the Central Bank of Nigeria (CBN).
The CBN’s devaluation of the naira, caused the value of the Nigerian currency to drop by 40.5% last week Wednesday.
The naira to dollar exchange rate closed Friday’s trading with N663.04 to $1, up from N471.67/$1 on Tuesday, as a result of the devaluation.
Amid the decline in the value of the naira, which is the denomination Dangote’s wealth is based on, the Nigerian billionaire fell to the second position on Africa’s richest list, while Rupert took the first spot
Dangote’s wealth dropped by $2.80 billion to $10.7 billion, from $13.5 billion, costing him the richest man position for the first time since 2008, when he debuted on the Forbes Billionaire Index.
On the other , Rupert became the richest man in Africa after his net worth increased by $1.3 billion from $10.7 billion to $13.5 billion.
However, on Bloomberg Billionaire Index, Dangote remains the richest man in Africa with $16.8 billion, recording a year-to-date loss of $1.86 billion.
Rupert was placed on the second spot with a net worth of $13.6 billion, with a year-to-date gain of $2.67 billion.
Forbes and Bloomberg use different methodologies to arrive at the richest man in the world or Africa list, hence the difference in net worth and position of Dangote and Rupert.
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