Naira Depreciation: Dangote Displaced As Africa’s Richest Man On The Forbes List

The Chairman of Dangote Group, Aliko Dangote, has been displaced as the richest man in Africa by South African billionaire, Johann Rupert.

Forbes Magazine announced on Friday, June 16, that Rupert displaced Dangote, who has held that title consecutively for 10 years.

Forbes real-time Global Billionaires Ranking pegged Rupert’s net worth at $12 billion and Dangote’s at $10.8 billion.

It was gathered that Dangote’s net worth took a massive dip due to the naira depreciation caused by the Central Bank of Nigeria’s decision to auction the dollar at a relatively lower rate than the official market price.

Ten things to know about Rupert

1: 73 years old Rupert was born in Stellenbosch, South Africa, on June 1, 1950, to business tycoon Anton Rupert and his wife, Hurberte. He is the eldest of his parents’ children.

2: Rupert studied economics and company law at the University of Stellenbosch but dropped out to pursue a business career.

3: In 2004, the same university honoured Rupert with an honorary degree in economics. In 2008, he received another honorary doctorate from Nelson Mandela Metropolitan University.

4: Rupert is married to Gaynor Rupert. The couple has three children together: Anton Ruper Jr., Caroline Rupert, and Hanneli Rupert.

5: In 1979, he returned to South Africa after a while in the US and established Rand Merchant Bank, where he remained CEO until 1984, when the company merged to form RMB Holdings.

6: Upon leaving RMB, Rupert joined his father’s cigarette manufacturing company, Rembrandt Group, founded in 1948.

7: In 1988, Rupert founded Compagnie Financiere Richemont, a Switzerland-based luxury goods holding company. In the same year, he was appointed Non-Executive Director of Rothmans International plc and was also honoured by the Sunday Times as the “Businessman of the Year.”

8: In 1989, Rupert became the vice chairman of his father’s company and was made chairman of the same company, Rembrandt Group Limited, in 1991.

9: In 1997, Rupert became the non-executive chairman of Gold Fields South Africa Ltd.

10: Rupert is also a golf enthusiast. In 1990, he established the Laureus Sport for Good Foundation. The foundation is aimed at addressing social issues through sports and has helped with about 675 projects globally.