South African billionaire Johann Rupert has surpassed Nigerian industrialist Aliko Dangote to become Africa’s wealthiest individual, according to the most recent data from the Bloomberg Billionaires Index,
Mr. Rupert oversees Richemont, a major global luxury goods company with renowned brands such as Cartier and Montblanc.
His net worth has increased substantially by $1.9 billion, reaching $14.3 billion, placing him at the 147th position globally, 12 positions ahead of Mr. Dangote.
Bloomberg reports that Mr. Dangote’s wealth has decreased by $1.7 billion (£1.3 billion) this year, bringing his net worth to $13.4 billion. The decline highlights the challenging economic conditions in Nigeria, where his business empire mainly operates.
Since assuming office last year, President Bola Tinubu has implemented various economic reforms in Africa’s most populous nation, including eliminating fuel subsidies. These subsidies have contributed to high inflation, currently standing at over 30%. Tinubu stated that the reforms were essential to reducing government spending and stimulating long-term growth.
The substantial decline in the naira’s value has significantly impacted Mr Dangote, whose wealth is mainly tied to assets denominated in the local currency.
The 66-year-old entrepreneur amassed his fortune in the cement and sugar industries, and he recently inaugurated an oil refinery in Lagos, Nigeria’s economic centre. His conglomerate, the Dangote Group, has encountered various obstacles in recent months due to delays in refinery production and disruptions in the supply chain.
Despite the country’s economic challenges, Forbes magazine reaffirmed his status as Africa’s wealthiest individual for the 13th consecutive year in January. However, the latest Bloomberg index now ranks him second in Africa and 159th globally.
Mr Rupert’s increased net worth is attributed to robust performances in the luxury goods sector. In addition to Richemont, based in Switzerland, he holds stakes in over 30 companies through Remgro, a South African investment entity.
Nicky Oppenheimer, another South African tycoon, holds the third position on the list of Africa’s richest individuals with a net worth of $11.3bn, followed by Egyptian businessman Nassef Sawiris, whose fortune amounts to $9.48bn. South African investor Natie Kirsh rounded out the top five African billionaires list with $9.22bn.
Like Forbes, the Bloomberg ranking tracks daily fluctuations in the net worth of the world’s wealthiest people.
The title of Africa’s richest person may continue to change hands as market conditions fluctuate and businesses confront intricate challenges.