SOUTH African billionaire Johann Rupert has officially overtaken Nigerian business tycoon Aliko Dangote to become Africa’s wealthiest individual, according to the latest figures from the Bloomberg Billionaires Index. Rupert, who controls the luxury goods conglomerate Richemont, now boasts a net worth of $14.3bn, placing him 147th on the global wealth ranking, 12 places ahead of Dangote.
Rupert’s wealth has seen a significant increase of $1.9bn this year, largely driven by the success of Richemont, which owns iconic brands like Cartier and Montblanc. Additionally, his wealth is bolstered by Remgro, a South African investment holding company with stakes in over 30 businesses.
In contrast, Aliko Dangote, who had held the title of Africa’s richest person for 13 years, has experienced a decline in his fortune by $1.7bn this year, bringing his net worth to $13.4bn. This decrease reflects the difficult economic conditions in Nigeria, where Dangote’s business empire, the Dangote Group, is primarily based.
Since President Bola Tinubu took office, Nigeria has implemented several economic reforms, including the removal of fuel subsidies, which has led to soaring inflation rates now surpassing 30 percent. The significant depreciation of the Nigerian naira has further impacted Dangote’s wealth, as much of his assets are tied to the local currency.
Dangote, who built his fortune in the cement and sugar industries and recently opened an oil refinery in Lagos, Nigeria’s commercial hub, has faced several challenges. These include production delays at the refinery and ongoing supply chain disruptions that have hindered his business operations.
Despite these setbacks, Dangote remains a major figure in Africa’s economic landscape, now ranking as the second richest person on the continent and 159th globally, according to Bloomberg’s latest index.
Johann Rupert’s ascension to the top spot highlights the growing strength of the luxury goods market, which has significantly increased his financial standing. Rupert, who inherited his business acumen from his father, Anton Rupert, transformed the family’s tobacco business into a global luxury goods powerhouse. Beyond his business success, Rupert is known for his involvement in political and environmental advocacy in South Africa, and he has received numerous accolades for his contributions.
The ranking also includes other notable African billionaires. South African Nicky Oppenheimer is now the third richest person on the continent with a net worth of $11.3bn, followed by Egyptian businessman Nassef Sawiris at $9.48bn, and South African investor Natie Kirsh at $9.22bn.
As economic conditions and market dynamics continue to evolve, the title of Africa’s richest person may continue to shift among the continent’s wealthiest individuals.
