In a major shift in the African wealth landscape, South African billionaire Johann Rupert has surpassed Nigerian industrialist Aliko Dangote to become the continent’s richest individual. Rupert, who controls Richemont, the global luxury goods conglomerate behind high-end brands such as Cartier and Montblanc, has seen his net worth soar by $1.9 billion to $14.3 billion. This increase propels him to 147th place in the global rankings, 12 spots ahead of Dangote.
Dangote’s fortune, meanwhile, has diminished by $1.7 billion this year, leaving him with a net worth of $13.4 billion, according to Bloomberg. This decline reflects the economic struggles in Nigeria, where Dangote’s conglomerate operates extensively. Since President Bola Tinubu’s administration took office last year, Nigeria has implemented several economic reforms, including the removal of fuel subsidies, which have contributed to a soaring inflation rate of over 30%.
The sharp devaluation of the naira has heavily impacted Dangote, whose wealth is closely tied to assets in the local currency. Despite his significant investments in cement, sugar, and an oil refinery in Lagos, Dangote’s business empire, the Dangote Group, has faced challenges including production delays and supply chain issues.
Forbes magazine had named Dangote Africa’s richest man for 13 consecutive years, but the latest Bloomberg index now ranks him second on the continent and 159th globally. Rupert’s financial ascent has been bolstered by strong performances in the luxury sector, and his diversified holdings, which include the South African investment firm Remgro.
Rupert inherited his family’s business from his father, Anton Rupert, and has expanded it from its origins in tobacco to a multi-billion-dollar luxury enterprise. Educated in economics at the University of Stellenbosch, Rupert left his studies to join his father’s business in 1984. He is known for his active stance on political and environmental issues in South Africa and has received various awards for his contributions to business.
Residing in Cape Town, Rupert also owns properties in Geneva and London. Nicky Oppenheimer, another South African billionaire, ranks as the third richest person in Africa with a net worth of $11.3 billion, followed by Egyptian businessman Nassef Sawiris with $9.48 billion. South African investor Natie Kirsh rounds out the top five with a net worth of $9.22 billion.
The Bloomberg ranking, which updates daily, indicates that the title of Africa’s richest person is subject to fluctuations based on market conditions and economic developments.
