South African billionaire, Johann Rupert, has become the richest person in Africa, surpassing Nigerian businessman Aliko Dangote, according to the latest figures from the Bloomberg Billionaires Index.
Mr. Rupert controls Richemont, one of the largest luxury goods companies in the world, owning famous brands like Cartier and Montblanc.
His wealth has increased by $1.9 billion, bringing his total net worth to $14.3 billion. This makes him the 147th richest person in the world, 12 places ahead of Mr. Dangote.
Aliko Dangote, who has been Africa’s richest man for many years, has seen his fortune drop by $1.7 billion this year, leaving him with a net worth of $13.4 billion.
The decline in Mr. Dangote’s wealth highlights the economic difficulties in Nigeria, where his businesses are based.
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Since President Bola Tinubu took office last year, he has implemented economic reforms, including the removal of fuel subsidies, which have led to high inflation, now over 30%.
President Tinubu stated that these reforms are necessary to reduce government spending and promote long-term growth.
The sharp drop in the value of the Nigerian naira has greatly affected Mr. Dangote, as most of his wealth is tied to assets in the local currency.
The 66-year-old businessman made his fortune in the cement and sugar industries and opened an oil refinery in Lagos last year.
However, his company, the Dangote Group, has faced numerous challenges recently, including production delays at the refinery and disruptions in the supply chain.
Despite these challenges, Mr. Dangote was listed by Forbes magazine as Africa’s richest man for the 13th consecutive year in January.
However, the latest Bloomberg index now ranks him as the second richest person in Africa and 159th globally.
Johann Rupert’s rise in wealth is largely due to the strong performance of the luxury goods sector.
In addition to Richemont, his other investments include Remgro, a South African company with stakes in over 30 businesses.
Mr. Rupert inherited the family business from his father, Anton Rupert, and expanded it from a tobacco company to a multi-billion-dollar luxury goods empire.
Mr. Rupert, who studied economics at the University of Stellenbosch but left to join his father’s business in 1984, has been outspoken about political and environmental issues in South Africa.
He has also received several awards for his business achievements. The billionaire lives in Cape Town, but also owns properties in Geneva and London.
Other billionaires on the African rich list include South African Nicky Oppenheimer, ranked third with a net worth of $11.3 billion, Egyptian businessman Nassef Sawiris in fourth place with $9.48 billion, and South African investor Natie Kirsh in fifth place with $9.22 billion.
The Bloomberg ranking, like Forbes, tracks daily changes in the wealth of the world’s richest individuals. As market conditions change, the title of Africa’s richest person may continue to switch between the continent’s wealthiest business figures.
