Aliko Dangote, the Nigerian billionaire, has reclaimed his title as the wealthiest individual in Africa, surpassing South African business magnate Johann Rupert, as reported by both Forbes and Bloomberg.

According to the Forbes Daily billionaires ranking platform, which monitors daily fluctuations in the net worth of high-net-worth individuals worldwide, Dangote’s net worth surged by $10 billion, reaching $10.1 billion as of January 8, 2024.

ALSO READ: Fatal Boxing day crash on Lagos-Ibadan expressway claims two lives, leaves six injured

This propelled him ahead of Johann Rupert, the South African luxury goods tycoon, and his family.

As of the latest update, Rupert’s net worth stands at $10 billion, a decline from $10.7 billion as of January 30, 2023.

Dangote now holds the 191st position on the Forbes list, while Rupert is ranked 197th globally.

Dangote retains his status as Africa’s wealthiest individual according to the Bloomberg Billionaire Index.

Bloomberg attributes the majority of Dangote’s wealth to his 86 percent stake in the publicly traded Dangote Cement.

He directly owns shares in the company and holds them through his conglomerate, Dangote Industries.

Bloomberg’s analysis highlights that Dangote’s portfolio includes stakes in other publicly traded entities such as Dangote Sugar, NASCON Allied Industries, and United Bank for Africa.

These holdings are both direct and through Dangote Industries, which also possesses privately held businesses in food manufacturing, fertilizers, oil, and various industries.

ALSO READ: Dangote refinery granted license for 300,000bpd crude processing

A significant asset in Dangote’s portfolio is a fertilizer plant with a capacity to produce up to 2.8 million tonnes of urea annually.

Its net value, assessed through a discounted cash flow analysis by KPMG and confirmed by external analysts, underscores the diverse and substantial nature of Dangote’s business ventures.