South African billionaire Johann Rupert has surpassed Nigerian industrialist Aliko Dangote to become Africa’s richest person, according to the latest Bloomberg Billionaires Index. Rupert, who controls Richemont—one of the world’s largest luxury goods firms with brands like Cartier and Montblanc—saw his net worth surge by $1.9 billion to reach $14.3 billion. This places him 147th globally, 12 positions ahead of Dangote.
Thank you for reading this post, don't forget to subscribe!Dangote’s wealth has decreased by $1.7 billion this year, leaving him with a net worth of $13.4 billion. The decline highlights Nigeria’s tough economic environment, which has significantly impacted Dangote’s business ventures. His conglomerate, the Dangote Group, operates mainly within Nigeria and has faced numerous setbacks, including production delays at its oil refinery and supply chain disruptions.
Since President Bola Tinubu took office last year, he has implemented several economic reforms, including the removal of fuel subsidies, leading to inflation rates exceeding 30%. These measures, aimed at cutting government spending and fostering long-term growth, have adversely affected the value of the naira, thus impacting Dangote, whose wealth is largely tied to assets denominated in the local currency.
Dangote, who made his fortune in the cement and sugar industries, also recently launched an oil refinery in Lagos. Despite these challenges, he had been listed by Forbes as Africa’s richest man for 13 consecutive years until this recent ranking by Bloomberg.
Rupert’s rise in wealth has been fueled by strong performances in the luxury goods sector. Apart from Richemont, his investments include Remgro, a South African investment vehicle with stakes in over 30 companies. Rupert, who inherited his family’s business and transformed it into a luxury goods empire, has been vocal about political and environmental issues in South Africa and has actively campaigned against white-minority rule.
Other notable billionaires on the Bloomberg list include South African Nicky Oppenheimer, with a net worth of $11.3 billion, and Egyptian businessman Nassef Sawiris, valued at $9.48 billion. South African investor Natie Kirsh rounds out the top five with a fortune of $9.22 billion.
As market conditions continue to fluctuate, the title of Africa’s richest person is likely to change hands, reflecting the dynamic nature of the global economy.⬤
