South African billionaire Johann Rupert has surpassed Nigerian industrialist Aliko Dangote as Africa’s richest person, according to the latest data from the Bloomberg Billionaires Index.
Mr. Rupert’s net worth has soared to $14.3 billion, thanks to his control of Richemont, a global luxury goods firm that owns renowned brands like Cartier and Montblanc. This places him at 147th position globally, 12 spots ahead of Mr. Dangote, whose fortune has dwindled to $13.4 billion.
The decline in Mr. Dangote’s wealth reflects Nigeria’s challenging economic environment, exacerbated by President Bola Tinubu’s economic reforms, including the removal of fuel subsidies. These reforms aim to reduce government spending and stimulate long-term growth but have contributed to high inflation, currently over 30%.
The devaluation of the naira has significantly impacted Mr. Dangote, whose wealth is heavily tied to assets denominated in the local currency. Despite setbacks in his business empire, including production delays at his oil refinery in Lagos, he remains a prominent figure in Africa’s business landscape.
On the other hand, Mr. Rupert’s rise in net worth is attributed to strong performances in the luxury goods sector, driven by Richemont and other holdings like Remgro, a South African investment vehicle. He inherited the family business and transformed it into a multi-billion-dollar enterprise, expanding beyond tobacco to luxury goods.
The Bloomberg index also ranks Nicky Oppenheimer, Nassef Sawiris, and Natie Kirsh among Africa’s top billionaires, highlighting the continent’s diverse wealth landscape. As market conditions fluctuate, the title of Africa’s richest person may continue to change hands, underscoring the dynamic nature of wealth accumulation in the region.
