According to Forbes Real-Time Billionaires, as of January 8, Dangote’s net worth improved by $10 million to $10.1 billion while Rupert’s net worth as of January 8 was $10 billion, down from $10.7 billion as of January 30, 2023.

Last week, South African business tycoon, Johann Rupert, took over the position from Dangote.

Dangote, the head of Dangote Group is ranked 191st on the Forbes list, while Rupert is ranked 197th worldwide.

The Nigerian businessman became Nigeria’s first billionaire in 2007.

He reportedly added $9.2 billion to his personal wealth in 2013, according to the Bloomberg Billionaires Index, making him the 30th-richest person in the world at the time and the richest person in Africa.

This was revealed in Forbes Magazine annual list of Africa’s wealthiest individuals. Aliko Dangote’s wealth experienced a decline in just one calendar year, plummeting from $13.5 billion in 2023 to $9.5 billion at the beginning of 2024. 

This shift was attributed to a combination of factors, including the impact of bad economic policies, naira devaluation, and governance challenges within Nigeria.

Notably, the devaluation of the Naira, coupled with broader economic challenges across the continent, contributed to the decrease in Dangote’s net worth. His descent from the top spot was a big gap, with Johann Rupert & Family claiming tops with a net worth of $10.3 billion.

The Forbes Daily billionaires ranking platform, which monitors daily changes in the net worth of high-net-worth individuals globally, highlighted additional shifts in the billionaire rankings. Nigerian billionaires Rabiu Abdulsamad and Mike Adenuga also experienced declines in their standings, losing their positions in the top rankings.

An observation from the 2024 Forbes list is the absence of any women among Africa’s top ten richest individuals. 

Here is the updated list of Africa’s richest men for the year 2024:

1. Johann Rupert & Family – $10.3 billion
2. Aliko Dangote – $9.5 billion
3. Nicky Oppenheimer & Family – $8.3 billion
4. Nassef Sawiris – $7.4 billion
5. Abdulsamad Rabiu – $5.9 billion
6. Nathan Kirsh – $5.8 billion
7. Issad Rebrab & Family – $4.6 billion
8. Mohamed Mansour – $3.6 billion
9. Naguib Sawiris – $3.3 billion
10. Mike Adenuga – $3.1 billion

The reshuffling in the rankings reflects the dynamic economic forces at play in Africa, with external factors influencing the fortunes of its wealthiest individuals. 

The need for solid policies and strategic initiatives to sustain and elevate Africa’s economic prosperity is inevitable.