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Nairaland Forum / Nairaland / General / Business / Dangote Loses Africa's Richest Man Ranking As Forbes Updates List (3417 Views)
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Dangote Loses Africa's Richest Man Ranking As Forbes Updates List by bamideleafolabi: 12:49pm On Jun 18, 2023 |
ByOmokolade Ajayi Aliko Dangote, the visionary founder and chairman of Dangote Industries Limited, a leading conglomerate in Africa, has lost his long-held title as Africa’s richest man. Forbes, the prestigious business magazine, recently published an updated list of the world’s wealthiest billionaires, revealing that Dangote’s fortune plummeted by a staggering $3.4 billion in a single day due to the recent devaluation of the Nigerian naira against the U.S. dollar. This sharp drop has pushed him down from his long-standing spot atop Forbes’ list, making way for South African billionaire Johann Rupert, who now claims the throne with an impressive fortune of $12 billion. For years, Dangote held the title of Africa’s richest man, a position he has held since 2013. His financial achievements reached an unprecedented milestone in 2014 when his wealth surpassed the $20 billion mark, marking him as the first African entrepreneur to achieve such a remarkable feat. In the past decade according to Forbes records, Dangote’s net worth has faced significant setbacks. Starting at $25 billion in 2014, his fortune gradually dwindled to $14.2 billion, largely impacted by the series of currency devaluations that have adversely affected Nigerians’ wealth, income, and purchasing power. The latest blow to his wealth sees his fortune decline by $3.4 billion, settling at $10.8 billion at the time of this report. This dramatic plunge is a direct consequence of Nigeria’s currency hitting a record low, with the central bank auctioning dollars at a rate nearly 30 percent weaker than the tightly controlled official market. The official market trading restrictions were lifted on Wednesday, which caused the naira to reach an all-time low of 750 to the dollar, significantly dropping from the previous day’s rate of 477 naira to the dollar. This devaluation severely impacted Dangote’s assets, including his substantial 86 percent stake in Dangote Cement, his holdings in Dangote Sugar Refinery, and his private interests in Dangote Industries. Although Forbes estimates Dangote’s fortune at $10.8 billion due to the recent devaluation, Bloomberg estimates present a slightly different picture. According to Bloomberg, Dangote’s net worth stands at $16.8 billion, making him the wealthiest individual on the African continent. Meanwhile, Johann Rupert’s net worth remains steady at $13.3 billion. Dangote is not the only Nigerian billionaire on the Forbes list whose wealth has been significantly impacted by the recent devaluation of the naira. Other notable figures include Abdul Samad Rabiu, a billionaire industrialist, and telecom and oil mogul Mike Adenuga. Rabiu’s net worth took a $2 billion hit, plummeting from $8.2 billion to $6.2 billion, consequently losing his spot as the fourth-richest person in Africa to Egyptian billionaire Nassef Sawiris, who presently boasts a net worth of $6.9 billion according to Forbes.
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Re: Dangote Loses Africa's Richest Man Ranking As Forbes Updates List by BigBlackPreek(m): 12:57pm On Jun 18, 2023 |
Hmm okay o Happy Sunday everyone 1 Like |
Re: Dangote Loses Africa's Richest Man Ranking As Forbes Updates List by christejames(m): 12:58pm On Jun 18, 2023 |
OP abeg say, 'the man covering up for Nigerian politicians lost his position' 😂... That would be a better statement. Dangote, fronting with our commonwealth! False facade. 11 Likes 1 Share |
Re: Dangote Loses Africa's Richest Man Ranking As Forbes Updates List by Martinsmine(m): 12:59pm On Jun 18, 2023 |
I will be on this list soon |
Re: Dangote Loses Africa's Richest Man Ranking As Forbes Updates List by Georgry(m): 1:01pm On Jun 18, 2023 |
Source? |
Re: Dangote Loses Africa's Richest Man Ranking As Forbes Updates List by GWMI(m): 1:01pm On Jun 18, 2023 |
This is a sign that we are moving forward. Once the our economy pick up then they will will also pick up. No special status for anyone 1 Like |
Re: Dangote Loses Africa's Richest Man Ranking As Forbes Updates List by Maize247(f): 1:03pm On Jun 18, 2023 |
Na wa o |
Re: Dangote Loses Africa's Richest Man Ranking As Forbes Updates List by Princeton92(m): 1:05pm On Jun 18, 2023 |
What's happening we dunno yet? 🤔 |
Re: Dangote Loses Africa's Richest Man Ranking As Forbes Updates List by talented321: 1:06pm On Jun 18, 2023 |
Change is constant |
Re: Dangote Loses Africa's Richest Man Ranking As Forbes Updates List by SalamRushdie: 1:07pm On Jun 18, 2023 |
This is sign that our economy has gone worse under Tinubu , if Dangote became poorer it means every Nigerian has also become poorer whether we like it or not 8 Likes |
Re: Dangote Loses Africa's Richest Man Ranking As Forbes Updates List by Nahunger(m): 1:07pm On Jun 18, 2023 |
Ewooo |
Re: Dangote Loses Africa's Richest Man Ranking As Forbes Updates List by billionman: 1:07pm On Jun 18, 2023 |
This is what happens when your country makes you wealthy. Once the country goes broke, you go broke too. Any significant economic policy shift will definitely affect you positively or negatively. |
Re: Dangote Loses Africa's Richest Man Ranking As Forbes Updates List by onez: 1:09pm On Jun 18, 2023 |
This is just the beginning. By the time Tinubu is done with some of his reckless economic policies, all eyes wil clear. Till then let keep cheering nonsense. 1 Like |
Re: Dangote Loses Africa's Richest Man Ranking As Forbes Updates List by rexchazy(m): 1:09pm On Jun 18, 2023 |
Otilo |
Re: Dangote Loses Africa's Richest Man Ranking As Forbes Updates List by Ogene001: 1:09pm On Jun 18, 2023 |
Up Tinubu. A free market economy will see the fake government made billionaire give way to real business men. Meanwhile Tinubu will still be kicked out by the courts. He is implementing Peter Obi's ideas. The original owner of the ideas will come and perfect the good work he started 2 Likes 1 Share |
Re: Dangote Loses Africa's Richest Man Ranking As Forbes Updates List by chidiokay: 1:10pm On Jun 18, 2023 |
IGBos lost Africa richest tribe rankng as Forbes updated list Tinubu single FX policy is targeted at the igbos Let the fight begin ... 🤣🤣🤣🤣🤣🤣🤣🤣 2 Likes |
Re: Dangote Loses Africa's Richest Man Ranking As Forbes Updates List by achymmania: 1:11pm On Jun 18, 2023 |
onez:you're just like jon snow; you know nothing. 2 Likes |
Re: Dangote Loses Africa's Richest Man Ranking As Forbes Updates List by Validated: 1:14pm On Jun 18, 2023 |
Tinubu is doing great |
Re: Dangote Loses Africa's Richest Man Ranking As Forbes Updates List by Adblg0610: 1:21pm On Jun 18, 2023 |
SalamRushdie:On the contrary, our economy is getting set for the upward trajectory. It’s a sign of redistribution of wealth, as more Naira will now be taken from the rich, by the government ,to execute projects for the common good of everyone.. 3 Likes |
Re: Dangote Loses Africa's Richest Man Ranking As Forbes Updates List by Ogene001: 1:22pm On Jun 18, 2023 |
Adblg0610:Gbam. This is good for us the Igbos |
Re: Dangote Loses Africa's Richest Man Ranking As Forbes Updates List by savcy(m): 1:22pm On Jun 18, 2023 |
A working economy doesn't only favour the poor. It doesn't matter if you sleep in Ontario and wake up in Madrid. |
Re: Dangote Loses Africa's Richest Man Ranking As Forbes Updates List by grandstar(m): 1:38pm On Jun 18, 2023 |
Ogene001: How will someone who came distant 3rd be installed as winner 3 Likes |
Re: Dangote Loses Africa's Richest Man Ranking As Forbes Updates List by Ogene001: 1:39pm On Jun 18, 2023 |
grandstar:Hope Uzodinma came 4th |
Re: Dangote Loses Africa's Richest Man Ranking As Forbes Updates List by obonujoker(m): 1:40pm On Jun 18, 2023 |
Cement Baron I wonder what happened to other businesses that has viable competition... Indomie Spaghetti Water Juice Sugar 1 Like |
Re: Dangote Loses Africa's Richest Man Ranking As Forbes Updates List by ItooWorWor(m): 1:43pm On Jun 18, 2023 |
He will bounce back in matter of months. Nothing to worry about. |
Re: Dangote Loses Africa's Richest Man Ranking As Forbes Updates List by ItooWorWor(m): 1:44pm On Jun 18, 2023 |
SalamRushdie: Ignorance. 2 Likes |
Re: Dangote Loses Africa's Richest Man Ranking As Forbes Updates List by ItooWorWor(m): 1:46pm On Jun 18, 2023 |
billionman: What do you mean exactly? |
Re: Dangote Loses Africa's Richest Man Ranking As Forbes Updates List by Dhury: 1:57pm On Jun 18, 2023 |
billionman:your envy to others progress is in your lineage. Note that the report said;naira devaluation is part of the factors that affected his incomes.go to court as your country made Dangote richer than you. |
Re: Dangote Loses Africa's Richest Man Ranking As Forbes Updates List by SalamRushdie: 1:59pm On Jun 18, 2023 |
ItooWorWor: Say something smart please |
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