South African billionaire Johann Rupert has overtaken Nigerian industrialist Aliko Dangote to become Africa’s richest person. The latest data from the Bloomberg Billionaires Index, as reported by the BBC, reveals that Rupert’s net worth has surged by an impressive $1.9 billion, reaching a staggering $14.3 billion.
Rupert, who controls Richemont, one of the world’s largest luxury goods companies, now ranks 147th globally, overtaking Dangote by 12 places. Richemont, the parent company of iconic brands like Cartier and Montblanc, has enjoyed a strong performance in the luxury sector, significantly boosting Rupert’s wealth.
Meanwhile, Dangote, who has held the title of Africa’s richest man for 13 consecutive years, has seen his fortune shrink by $1.7 billion this year, bringing his net worth down to $13.4 billion. The decline in Dangote’s wealth highlights the tough economic conditions in Nigeria, where his conglomerate, the Dangote Group, primarily operates.
Nigeria’s economic challenges have been exacerbated by a series of reforms introduced by President Bola Tinubu since he took office. The removal of fuel subsidies has contributed to soaring inflation, currently exceeding 30%, and a sharp decline in the value of the naira. These factors have heavily impacted Dangote, whose wealth is largely tied to assets denominated in the local currency.
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Dangote, aged 66, built his fortune in the cement and sugar industries and recently launched an oil refinery in Lagos, Nigeria’s economic hub. However, his business empire has faced several setbacks in recent months, including production delays at the refinery and supply chain disruptions.
Johann Rupert’s rise to the top is supported by his diverse business interests. In addition to Richemont, Rupert controls Remgro, a South African investment company with stakes in over 30 firms. He inherited the family business from his father, Anton Rupert, and has transformed it from a tobacco company into a multi-billion-dollar luxury goods empire.
Rupert, who attended the University of Stellenbosch before dropping out to join his father’s business, is also known for his outspoken views on political and environmental issues in South Africa. He has been a vocal critic of white-minority rule and has received numerous awards for his business achievements.
The billionaire resides in a luxurious mansion in Cape Town, with additional properties in Geneva and London. Rupert’s ascent has pushed another South African billionaire, Nicky Oppenheimer, to third place in Africa with a net worth of $11.3 billion. Egyptian businessman Nassef Sawiris ranks fourth with $9.48 billion, while South African investor Natie Kirsh rounds out the top five with $9.22 billion.
