South African billionaire Johann Rupert has surpassed Nigerian industrialist Aliko Dangote to become Africa’s richest person, according to the latest Bloomberg Billionaires Index.
Rupert, who controls Richemont, one of the largest luxury goods companies in the world—owning brands like Cartier and Montblanc—has seen his net worth rise by $1.9 billion, reaching $14.3 billion.
This puts him at 147th globally, 12 spots ahead of Dangote.
In contrast, Dangote’s fortune has declined by $1.7 billion this year, dropping his net worth to $13.4 billion.
The downturn reflects the difficult economic environment in Nigeria, where his conglomerate operates primarily.
Since President Bola Tinubu took office last year, various economic reforms, including the removal of fuel subsidies, have led to inflation soaring above 30%.
Bloomberg reports that the sharp depreciation of the naira has significantly impacted Dangote, whose wealth is largely tied to assets denominated in the local currency.
Dangote, who made his wealth in the cement and sugar industries, recently opened an oil refinery in Lagos, Nigeria’s economic hub.
However, his Dangote Group has faced setbacks due to production delays at the refinery and supply chain disruptions.
Despite these challenges, Forbes listed him as Africa’s richest person for the 13th consecutive year in January. However, the latest Bloomberg index now ranks him second in Africa and 159th globally.
Rupert’s rise in wealth has been driven by the strong performance of the luxury goods sector.
Besides Richemont, he also has significant holdings in Remgro, a South African investment vehicle with stakes in over 30 companies.
Other billionaires in the top five of Africa’s richest include South African Nicky Oppenheimer, with a net worth of $11.3 billion, Egyptian businessman Nassef Sawiris with $9.48 billion, and South African investor Natie Kirsh with $9.22 billion.
The Bloomberg ranking, like Forbes, tracks daily changes in the net worth of the world’s wealthiest individuals, indicating that the title of Africa’s richest person may continue to shift as market conditions evolve.
Source-BBC
