Johann Rupert, the South African billionaire and head of luxury goods firm Richemont, has surpassed Nigerian industrialist Aliko Dangote to become Africa’s richest person, according to the latest Bloomberg Billionaires Index. Rupert’s wealth surged by $1.9 billion to reach $14.3 billion, elevating him to 147th position globally, while Dangote’s fortune declined by $1.7 billion to $13.4 billion, dropping him to second place in Africa and 159th globally.
The downturn in Dangote’s wealth highlights Nigeria’s challenging economic conditions. President Bola Tinubu’s recent economic reforms, including the removal of fuel subsidies, have contributed to high inflation and a sharp fall in the naira’s value, impacting Dangote’s wealth, which is heavily tied to local assets. Additionally, Dangote’s business empire, particularly his newly opened oil refinery in Lagos, has faced production delays and supply chain disruptions.
Rupert’s financial ascent is attributed to robust performance in the luxury sector, with Richemont’s brands such as Cartier and Montblanc contributing to his rising net worth. Rupert, who inherited the family business and expanded it significantly, has been a prominent figure in South African business and politics.
Nicky Oppenheimer, another South African billionaire, is ranked third in Africa with $11.3 billion, followed by Egyptian businessman Nassef Sawiris with $9.48 billion and South African investor Natie Kirsh with $9.22 billion. The Bloomberg Billionaires Index, which tracks daily changes in wealth, indicates that the title of Africa’s richest person may continue to shift as market conditions evolve.