Dangote reclaims title as Africa’s Richest Man ahead of South African billionaire

angote, the chairman of the Dangote Group, has regained his position as Africa’s richest man after overthrowing South African billionaire Johann Rupert. According to fresh data from Bloomberg, he now has $13.2 billion in net worth, slightly towering above Rupert, who has seen his net worth decline to $13.1 billion. This was after Dangote ceded his top position to Rupert in August 2024.

On the Bloomberg Billionaires Index, Dangote is now the world’s 159th-wealthiest person, while Rupert is ranked 163rd. Both billionaires, while still within the ranking of Africa’s richest, have their net worth fluctuating as is typical with financial markets. Dangote’s fortune is largely derived from his cement manufacturing empire, while Rupert’s wealth lies in his luxury goods company, Richemont, owner of brands such as Cartier.

However, the Forbes Billionaire Index reflects slightly different figures: Dangote’s net worth was $11.7 billion as of September 8, 2024, making him 188th in the world ranking of billionaires. The same Forbes ranks Johann Rupert at a net worth of $10.8 billion, positioning him 205th on the list of the world’s billionaires. The reason the net worth figures differ between Bloomberg and Forbes lies in the different calculation methods each uses. Bloomberg accounts for taxes, dividend income and the sale of public and private shares. Forbes follows public holdings and updates valuations every five minutes when stock markets are open.

Besides Dangote and Rupert, a number of other African billionaires also maintain massive fortunes. Nigerian business mogul Abdulsamad Rabiu is worth $6.6 billion, followed by Mike Adenuga, worth $4.8 billion and Femi Otedola worth $1.4 billion.

These constant changes in ranking notwithstanding, Dangote’s return to the top consolidates his long-held position as one of Africa’s most powerful business icons, while his wealth has remained considerably buoyed by year-to-year success in businesses such as cement, sugar, and manufacturing.