Dangote regains the title of Africa's richest man

In an interesting turn of events, Nigeria's Aliko Dangote has reclaimed the title of Africa's richest man, just days after South African businessman Johann Rupert briefly overtook him. As of August 5th, 2024, according to Bloomberg's billionaire real-time index, Dangote's net worth stands at $13.7 billion, surpassing Rupert's current net worth of $13.3 billion. He is 6 spots above the South African billionaire on the Bloomberg's list.

On August 2nd, 2024, Rupert had risen to the top of Africa's wealth rankings with a net worth of $13.6 billion, matching Dangote's at the time. The two titans were neck-and-neck, with Rupert's recent surge attributed to a $134 million increase in his last valuation, bringing his year-to-date gains to a remarkable $1.21 billion.

In contrast, Dangote's year-to-date valuation had taken a hit, with a significant loss of $1.53 billion, despite a slight $27 million uptick in his last change in valuation.

Currently, Rupert's last change in valuation came in at -$334M, while his year-to-date (YTD) change is +$875M, making him the 155th richest person in the world according to Bloomberg's index. For Dangote, his last change in valuation is +$144M and his YTD change is -$1.38B, placing him at the 149th position on the index.

Rupert's brief reign as Africa's wealthiest person was notable, especially considering his previous position earlier in the year when his net worth was $10.3 billion, compared to Dangote's $9.5 billion. The South African billionaire's rise was fueled by strong performances across his diversified portfolio, which includes luxury goods company Richemont, known for brands like Cartier and Montblanc.

Dangote's struggles

Dangote, on the other hand, has faced a challenging year. Despite the much-anticipated launch of his oil refinery, which was expected to significantly boost his earnings, Dangote has encountered numerous obstacles.

The refinery has struggled with operational difficulties, and Dangote even considered ceding control of the multibillion-dollar facility to Nigeria's state-owned energy corporation, NNPC. Additionally, ongoing protests in Nigeria have disrupted economic activities, further impacting Dangote's business operations and revenue streams.

In the days leading up to August 2nd, 2024, Dangote's net worth saw a slight decline from $13.8 billion to $13.6 billion, while Rupert's fortune climbed from $13.4 billion to $13.6 billion.

However, by August 5th, Dangote managed to reverse his fortunes, adding $100 million to his net worth, while Rupert experienced a $300 million drop, resulting in a shift in their rankings.

This latest development underscores the volatility in the fortunes of Africa's wealthiest individuals. As market conditions fluctuate and businesses navigate complex challenges, the battle for the top spot remains fierce.

For now, Aliko Dangote has reclaimed his position as the continent's wealthiest man, but with both billionaires closely matched, the title of Africa's richest person may continue to change hands.