South African billionaire Johann Rupert has surpassed Nigerian industrialist Aliko Dangote to become Africa’s richest person, according to the latest data from the Bloomberg Billionaires Index.
Rupert, who controls Richemont, a global luxury goods firm with brands like Cartier and Montblanc, saw his net worth soar by $1.9 billion to $14.3 billion, placing him at 147th position globally, 12 places ahead of Dangote.
On the other hand, Dangote’s fortune has declined by $1.7 billion this year, bringing his net worth to $13.4 billion. This downturn in Dangote’s wealth highlights the challenging economic environment in Nigeria, where his conglomerate primarily operates.
President Bola Tinubu’s economic reforms in Nigeria, including the removal of fuel subsidies, have contributed to high inflation, currently over 30%. These reforms were aimed at cutting government spending and stimulating long-term growth, but they have had a significant impact on Dangote, whose wealth is largely tied to assets denominated in the local currency.
Despite facing setbacks such as production delays at his refinery and supply chain disruptions, Dangote was named Africa’s richest man by Forbes magazine for the 13th consecutive year in January. However, the latest Bloomberg index now places him second in Africa and 159th globally.
Rupert’s rise to the top spot in Africa’s billionaire rankings was fueled by strong performances in the luxury goods sector. In addition to Richemont, he also holds stakes in Remgro, a South African investment vehicle with interests in over 30 companies.
The title of Africa’s richest person may continue to change hands as market conditions fluctuate and businesses navigate complex challenges. With Rupert now leading the pack, the dynamics of wealth in Africa’s business landscape are evolving.
