Johann Rupert, the South African billionaire and chairman of Richemont, has officially overtaken Aliko Dangote, the Nigerian industrialist and chairman of Dangote Industries Limited, to become Africa’s richest person, according to the latest data from the Bloomberg Billionaires Index, Okay.ng reports.
Rupert’s net worth has surged to an impressive $14.3 billion, placing him ahead of Dangote, whose fortune has declined to $13.4 billion. The updated figures highlight a significant shift in the continent’s wealth rankings.
The data indicates that Rupert, whose luxury goods conglomerate includes renowned brands such as Cartier and Montblanc, has seen his wealth increase by $1.87 billion year-to-date. In contrast, Dangote’s fortune has taken a hit, declining by $1.69 billion over the same period.
Nicky Oppenheimer, another South African billionaire, ranks third with a net worth of $11.3 billion. He is followed by Nassef Sawiris, an Egyptian businessman, with $9.37 billion, and Natie Kirsh, a South African investor, who completes the top five with $9.14 billion.
The downturn in Dangote’s net worth is largely attributed to Nigeria’s challenging macroeconomic environment, where his conglomerate primarily operates.
Since President Bola Tinubu took office in 2023, the Nigerian economy has faced significant hurdles, including the partial removal of the petrol subsidy and the easing of currency controls aimed at attracting foreign investment.
These measures have led to a steep depreciation of the naira, directly impacting Dangote’s wealth, which is heavily tied to naira-denominated assets.
Additionally, Dangote Group has encountered production delays and other industrial issues at its refinery, further exacerbating the decline in Dangote’s financial standing.
