New data from the Forbes billionaire list shows Nigerian business magnate Aliko Dangote has recorded another significant dip in his wealth.

Dangote's net worth dropped to $11.1 billion, a decrease of $447 million, or approximately N693.90 billion.

With Dangote's current wealth level, South Africa’s richest man, Johann Rupert, remains the wealthiest person in Africa.

On Tuesday, Forbes reported that while Dangote's wealth experienced a significant decline, Rupert's net worth increased by $136 million, bringing his total to $11.2 billion.

Dangote is ranked 206th globally, while Rupert holds the 200th spot on the world's richest individuals list.

Dangote, Rupert's source of wealth

According to Forbes, Dangote owns 85% of the publicly traded Dangote Cement through a holding company.

Dangote Cement boasts a production capacity of 48.6 million metric tons annually, with operations spanning 10 African countries.

In March 2022, Dangote's long-anticipated fertilizer plant in Nigeria began operations, marking a significant milestone in his industrial portfolio.

Additionally, the Dangote Refinery, which began construction in 2016, is expected to commence refining operations in 2024, further solidifying Dangote's influence in Africa's energy and industrial sectors.

Rupert

Johann Rupert is chairman of Swiss luxury goods firm Compagnie Financiere Richemont. The company is best known for the brands Cartier and Montblanc.

It was formed in 1998 through a spinoff of assets owned by Rembrandt Group Limited (now Remgro Limited), which his father Anton formed in the 1940s.

He owns 7% of diversified investment firm Remgro, which he chairs, and 27% of Reinet, an investment holding company based in Luxembourg.

Rupert has been a vocal opponent of plans to allow fracking in the Karoo, a region of South Africa where he owns land.

Other Nigerian billionaire net worth

The other three Nigerian billionaires on the Forbes Rich list recorded mixed fortunes in their net worth.

Mike Adenuga

Adenuga is the other Nigerian billionaire to suffer a drop in wealth after losing $4 million.

The second richest man's current net worth is $6.8 billion