South African billionaire Johann Rupert has overtaken Aliko Dangote as the richest man in Africa, according to the Forbes Billionaire Ranking. Dangote’s net worth has dropped by 20.7% due to the devaluation of the Nigerian currency by the Central Bank of Nigeria (CBN).

The devaluation of the naira led to a decline in its value, causing Dangote’s wealth, which is denominated in naira, to decrease. As a result, Dangote has fallen to the second position on Africa’s richest list, while Rupert has claimed the top spot.

Dangote’s net worth declined by $2.80 billion to $10.7 billion, while Rupert’s net worth increased by $1.3 billion to $13.5 billion, making him the new richest man in Africa. However, according to the Bloomberg Billionaire Index, Dangote still holds the title of the richest man in Africa with a net worth of $16.8 billion, despite a year-to-date loss of $1.86 billion.

The disparity in rankings and net worth between Forbes and Bloomberg is due to their different methodologies for calculating wealth. Despite the rankings, Rupert’s rise and Dangote’s decline highlight the impact of currency devaluation on the fortunes of billionaires in Africa.