South African billionaire beats Dangote as Africa's richest

Aliko Dangote has lost his position as the richest man on the African continent to Johann Rupert and his family, according to a Forbes Magazine report.

Rabiu Abdulsamad and Mike Adenuga, two Nigerian billionaires, are no longer listed in the Financial Magazine's billionaire rankings.

Aliko Dangote dropped to second place on the Forbes Daily Billionaires ranking list, which analyses daily changes in the fortune of the world's most affluent people. Dangote's wealth dropped from $13.5 billion in 2023 to $9.5 billion at the beginning of 2024.

There were notable drops in the billionaires' wealth on the list. Mike Adenuga of Nigeria rose to the tenth rank due to his fortune, whereas Patrice Motsepe, who was among the top ten in 2023, was not among the top ten richest men in 2024. Moreover, no female appeared on the list of the 10 richest people at the beginning of the year.

These people's declining wealth serves as a window into the economic struggles facing all of Africa. The decline in Dangote's fortune can be linked to the depreciation of the Naira as well as other economic problems.

Long-time African richest man Aliko Dangote's fortune dropped from $13.5 billion to $9.5 billion in the 2024 rankings, making Johann Rupert & Family the richest man in Africa with a wealth of $10.3 billion instead of $10.7 billion.