The wealth gap between Dangote and Robert F. Smith, America’s richest Black individual, has significantly decreased, raising the stakes in this high-profile competition.
With a fortune that stood at nearly $14 billion earlier this year, Dangote has seen his wealth dwindle to $9.5 billion, marking a substantial decline.
On the other hand, Robert F. Smith, the founder of Vista Equity Partners, a global technology investment firm, has amassed a net worth of $8 billion, narrowing the gap between the two billionaires to $1.5 billion. This gap had previously stood at $4.5 billion at the start of the year.
At the beginning of the year, according to Forbes, Dangote held the title of Africa’s wealthiest person for the twelfth consecutive year, with a net worth of $13.9 billion.
Due to the devaluation of the Nigerian naira against the U.S. dollar, Dangote’s fortunes took a hit, falling to $10.8 billion and resulting in him losing the coveted title to Johann Rupert, who was worth $12 billion at the time.
Unfortunately for Dangote, the downward pressure on the naira has persisted, further impacting his net worth. Since June 16, his fortune has declined from $10.8 billion to $9.5 billion, putting him at risk of losing his standing as the world’s richest Black billionaire.
While Bloomberg Billionaires Index offers a different perspective, still placing Dangote as Africa’s richest individual with a net worth of $15.1 billion, Smith is estimated to be worth $12 billion, according to Bloomberg.
Source: billionaires.africa
