South African billionaire Johann Rupert has dethroned Nigerian industrialist Aliko Dangote as the continent’s richest individual, according to the latest Bloomberg Billionaires Index.
Rupert, who oversees Richemont—a leading luxury goods conglomerate known for prestigious brands like Cartier and Montblanc—has seen his net worth rise by an impressive $1.9 billion, bringing his total fortune to $14.3 billion.
This places him in the 147th position globally, a notable 12 places ahead of Dangote.
Dangote, the founder of the Dangote Group and known for his ventures in cement and sugar, has experienced a stark decrease in fortune, with his net worth dropping by $1.7 billion this year to $13.4 billion.
The downturn highlights the volatile economic conditions in Nigeria, where Dangote’s conglomerate predominantly operates.
The country is facing skyrocketing inflation rates—exceeding 30%—following a series of economic reforms implemented by President Bola Tinubu, who took office last year. Among these reforms was the contentious removal of fuel subsidies, a move deemed essential to curtail government spending and promote sustainable growth.
The fluctuating value of the naira has also had a pronounced effect on Dangote’s wealth, which is heavily intertwined with local currency-denominated assets.
Despite these challenges, Dangote was recognized by Forbes in January as Africa’s richest man for the 13th consecutive year, though the Bloomberg index now positions him as the second richest on the continent and 159th globally.
While Dangote grapples with setbacks like production delays at his oil refinery in Lagos, Rupert’s fortune has been buoyed by robust performance in the luxury sector. Beyond Richemont, Mr. Rupert’s investment vehicle, Remgro, encompasses stakes in more than 30 companies, reflecting his diverse portfolio and astute investment strategies.
Rupert inherited the family business from his father, Anton Rupert, and has transformed it from its tobacco origins into a multi-billion-dollar luxury enterprise. His educational journey at the University of Stellenbosch was curtailed in 1984 to join his father’s business, setting the stage for his future success.
A vocal advocate for political and environmental issues in South Africa, Rupert has played an influential role in the country’s socio-economic landscape, having campaigned against apartheid and received multiple accolades for his contributions to the business world.
Nicky Oppenheimer, another South African billionaire, ranks as the third richest person in Africa, holding a net worth of $11.3 billion. He is followed closely by Egyptian businessman Nassef Sawiris, with $9.48 billion, and South African investor Natie Kirsh, who rounds out the top five with a fortune of $9.22 billion.
As market conditions continue to evolve, the title of Africa’s richest person is likely to remain in flux, illustrating the unpredictable nature of wealth amidst complex economic challenges.
