South African billionaire Johann Rupert has overtaken Nigerian industrialist Aliko Dangote to become Africa’s richest person, according to the latest data from the Bloomberg Billionaires Index. This marks a significant shift in the rankings of the continent’s wealthiest individuals.
Rupert, who controls Richemont, one of the world’s largest luxury goods companies, has seen his net worth surge by $1.9 billion, reaching a total of $14.3 billion. This increase places him at 147th position globally, moving him 12 places ahead of Dangote, whose fortune has declined by $1.7 billion this year. Dangote’s current net worth stands at $13.4 billion, placing him second in Africa and 159th in the global rankings.
The downturn in Dangote’s wealth highlights the challenging economic environment in Nigeria, where his conglomerate, the Dangote Group, primarily operates. Since President Bola Tinubu took office last year, several economic reforms have been introduced, including the removal of fuel subsidies, which has contributed to high inflation, now exceeding 30%. The sharp fall in the value of the naira, Nigeria’s currency, has significantly impacted Dangote, whose wealth is largely tied to assets denominated in local currency.
Dangote, 66, made his fortune in the cement and sugar industries and last year opened an oil refinery in Lagos, Nigeria’s economic hub. However, his business empire has faced numerous setbacks in recent months, including production delays at his refinery and supply chain disruptions. Despite these challenges, Forbes magazine listed him as Africa’s richest man for the 13th consecutive year in January.
The rise in Rupert’s net worth has been buoyed by strong performances in the luxury goods sector. In addition to Richemont, the Switzerland-based company that owns iconic brands like Cartier and Montblanc, Rupert’s holdings include Remgro, a South African investment vehicle with stakes in more than 30 companies. Rupert inherited the family business from his father, Anton Rupert, and has since expanded it from tobacco to a multi-billion-dollar luxury goods empire.
Rupert, who studied economics at the University of Stellenbosch before joining his father’s business in 1984, has been an outspoken advocate on political and environmental issues in South Africa. He has also campaigned against white-minority rule and has received numerous awards for his contributions to business. The billionaire resides in Cape Town but also owns properties in Geneva and London.
Following Rupert and Dangote in the rankings is South African billionaire Nicky Oppenheimer, with a net worth of $11.3 billion, followed by Egyptian businessman Nassef Sawiris, who has a fortune of $9.48 billion. South African investor Natie Kirsh rounds out the top five African billionaires with $9.22 billion.
The Bloomberg Billionaires Index, like Forbes, monitors daily changes in the net worth of the world’s wealthiest individuals. With fluctuating market conditions and ongoing challenges in the global economy, the title of Africa’s richest person may continue to change hands.
