SA Billionaire Johann Rupert Overtakes Dangote as Africa’s Richest Person

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, one of the world’s largest luxury goods firms that owns brands like Cartier and Montblanc, has seen his net worth rise by $1.9 billion, bringing his total wealth to $14.3 billion. This surge has placed him at 147th on the global ranking, 12 spots ahead of Dangote.

In contrast, Dangote’s fortune has declined by $1.7 billion this year, leaving him with a net worth of $13.4 billion. 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, Nigeria has seen significant economic reforms, including the removal of fuel subsidies, which have led to inflation rates exceeding 30%. While these reforms aim to cut government spending and stimulate long-term growth, they have also impacted the value of the naira, affecting Dangote’s wealth, which is largely tied to assets in the local currency.

Despite these setbacks, Dangote has long been a dominant figure in African business, particularly in the cement and sugar industries. Last year, he opened a major oil refinery in Lagos, Nigeria’s economic hub. However, his business empire has recently faced challenges, including production delays at the refinery and supply chain disruptions. Earlier this year, Forbes listed Dangote as Africa’s richest man for the 13th consecutive year, but the latest Bloomberg index now places him second in Africa and 159th globally.

Rupert’s rise in wealth has been fueled by the strong performance of the luxury goods sector. In addition to Richemont, Rupert holds significant stakes through his investment vehicle, Remgro, which has interests in over 30 companies. He inherited the family business from his father, Anton Rupert, and expanded it from tobacco into a multi-billion-dollar luxury goods empire. Rupert, who resides in Cape Town but also owns properties in Geneva and London, has been vocal about political and environmental issues in South Africa and has been recognized with several awards for his business achievements.

The Bloomberg ranking also lists Nicky Oppenheimer, another South African billionaire, as the third richest person in Africa with a net worth of $11.3 billion. He is followed by Egyptian businessman Nassef Sawiris with $9.48 billion, and South African investor Natie Kirsh, who completes the top five with $9.22 billion. As market conditions evolve and businesses face complex challenges, the title of Africa’s richest person may continue to change hands.

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