JUST IN: Dangote Overtakes Rupert, Clinches To Spot Of Billionaires’ List

Aliko Dangote has reclaimed his title as the wealthiest person in Africa, according to Forbes Real-Time Billionaires.

Previously, South African business magnate Johann Rupert surpassed Nigerian Aliko Dangote to become Africa’s richest man.

Forbes’ Daily Billionaires ranking platform, which monitors daily fluctuations in the net worth of high-net-worth individuals worldwide, revealed that Dangote’s net worth increased by $10 million to $10.1 billion as of January 8, 2024.

He surpassed Johann Rupert, the South African luxury goods tycoon and his family, whose net worth on January 8 was $10 billion, down from $10.7 billion on January 30, 2023.

Dangote now holds the 191st position on the Forbes list, while Rupert is ranked 197th globally.

He also retains the title of Africa’s richest man on the Bloomberg Billionaire Index.

According to Bloomberg, the majority of Dangote’s fortune comes from his 86 percent stake in publicly traded Dangote Cement. He holds the shares in the company directly and through his conglomerate, Dangote Industries.

Bloomberg stated, “Dangote’s other publicly traded assets include stakes in Dangote Sugar, NASCON Allied Industries, and United Bank for Africa. His stakes in the publicly traded companies are held directly and through Dangote Industries, which also owns closely held businesses operating in food manufacturing, fertilizer, oil, and other industries.

“His most valuable closely held asset is a fertilizer plant with a capacity to produce up to 2.8 million tonnes of urea annually. Its net value is based on a discounted cash flow analysis by KPMG. The valuation was confirmed by outside analysts.”

His cash holdings are based on an analysis of dividends, taxes, insider transactions, and other expenditures.

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