Nigerian billionaire Aliko Dangote has experienced a sharp decline in his wealth this year, more than any other African billionaire, according to estimates from Forbes and Bloomberg . The dual impact of falling share prices in his listed companies and the significant devaluation of the Nigerian naira has severely affected his fortune, resulting in the loss of his long-held title as Africa's richest individual to South African billionaire Johann Rupert.
Dangote wealth falls by billionsBoth Forbes and Bloomberg track the fortunes of the world's wealthiest individuals, and their data shows a sharp decline in Dangote's net worth. Forbes estimates that his wealth has dropped by $2.8 billion, from $14.2 billion on Jan. 1 to $11.4 billion as of the latest report. Bloomberg's figures, while slightly different, also reflect a substantial decrease, estimating a $1.7 billion fall from $15.1 billion to $13.4 billion over the same period.
These losses are unparalleled among African billionaires this year. Notably, Dangote is the only African billionaire tracked by the Bloomberg Billionaires Index who has suffered such significant financial setbacks in 2024. The only other African billionaire to record a notable decline is Ivan Glasenberg, a South African-born, Australian-based businessman, whose wealth has declined by $340 million this year .
Naira's fall hits Aliko Dangote's fortunesThe devaluation of the Nigerian naira has been a major contributor to Dangote's financial downturn. The currency has lost over 50 percent of its value in the past year , following reforms initiated by Nigerian President Bola Tinubu to eliminate the naira's long-standing peg.
