Johann Rupert, a South African billionaire and the chairman of luxury goods company Richemont, has overtaken Nigerian industrialist Aliko Dangote to become Africa’s richest person, according to the latest data from the Bloomberg Billionaires Index.
Rupert, whose company owns global luxury brands like Cartier and Montblanc, saw his net worth surge by $1.9 billion, reaching $14.3 billion. This impressive growth places him 147th on the global list of billionaires, 12 spots ahead of Dangote.
In contrast, Dangote, who has been Africa’s richest man for the past 13 years, experienced a significant decline in his fortune, which dropped by $1.7 billion this year. His current net worth stands at $13.4 billion, according to Bloomberg.
Dangote’s wealth, which is largely tied to his business empire in Nigeria, has been adversely affected by the country’s challenging economic environment. Since President Bola Tinubu took office last year, a series of economic reforms have been introduced, including the removal of fuel subsidies. While these measures aim to cut government spending and promote long-term growth, they have also led to soaring inflation, currently over 30%.
The sharp depreciation of the Nigerian naira has further impacted Dangote’s fortune, as much of his wealth is tied to assets denominated in the local currency. Dangote, who made his wealth in the cement and sugar industries, recently opened an oil refinery in Lagos, but his conglomerate, the Dangote Group, has faced significant setbacks, including production delays at the refinery and supply chain disruptions.
Despite these challenges, Dangote was listed by Forbes in January as Africa’s richest man for the 13th consecutive year. However, the latest Bloomberg index now places him second in Africa and 159th globally.
Rupert’s rise in wealth has been driven by the strong performance of the luxury goods sector. In addition to his holdings in Richemont, Rupert also controls Remgro, a South African investment company with stakes in over 30 firms.
Following Rupert and Dangote, South African billionaire Nicky Oppenheimer ranks as Africa’s third richest person with a net worth of $11.3 billion, while Egyptian businessman Nassef Sawiris is fourth with a fortune of $9.48 billion. South African investor Natie Kirsh rounds out the top five African billionaires with $9.22 billion.
The Bloomberg ranking, like Forbes, monitors daily fluctuations in the net worth of the world’s wealthiest individuals. As global market conditions shift, the title of Africa’s richest person may continue to change hands.