Forbes Magazine named South African billionaire Johann Rupert “Africa’s richest man” on Friday, June 16, dethroning Aliko Dangote of Nigeria, who had held it for the previous 10 years.
Rupert, 73, was raised in Stellenbosch, South Africa, and attended the University of Stellenbosch to study economics and company law before quitting to focus on his business career.
The real-time Global Billionaires Ranking of Forbes estimated Rupert’s net worth to be $12 billion while Dangote’s was $10.8 billion. Due to the naira’s depreciation as a result of the Central Bank of Nigeria’s decision to auction the dollar at a price that was much below the official market price, Dangote’s net worth significantly decreased.
The dollar was roughly 30% cheaper on the central bank’s market.