South African billionaire Johann Rupert has claimed the title of Africa’s richest person, surpassing Nigerian industrialist Aliko Dangote, according to recent data. Rupert, who controls Richemont, a leading luxury goods company known for its prestigious brands, has witnessed a remarkable increase in his net worth by $1.9 billion, bringing it to $14.3 billion. This positions him at 147th globally, ahead of Dangote by 12 places.
In contrast, Dangote’s fortune has declined by $1.7 billion this year, leaving him with a net worth of $13.4 billion. This downturn highlights the economic difficulties facing Nigeria, where Dangote’s conglomerate mainly operates. Since President Bola Tinubu took office, he has implemented various economic reforms, including the removal of fuel subsidies, contributing to the soaring inflation currently exceeding 30%.
These reforms were characterized by the president as essential for reducing government expenses and fostering long-term economic growth. Additionally, the significant depreciation of the naira has adversely impacted Dangote’s wealth, which is heavily tied to local currency-denominated assets.
At 66 years old, Dangote amassed his fortune primarily through the cement and sugar sectors, and he recently inaugurated a major oil refinery in Lagos. However, his business empire has experienced various obstacles, including production delays and supply chain issues.
Despite the economic climate, he was acknowledged as Africa’s richest man for the 13th consecutive year by Forbes. Nevertheless, the latest data now ranks him second in Africa and 159th worldwide.
Rupert’s gain in wealth can be attributed to strong performance in the luxury goods sector, with Richemont and his investment firm Remgro, which holds stakes in over 30 companies, bolstering his financial position. He inherited the family business from his father and has successfully evolved it into a multi-billion-dollar luxury enterprise.
Rupert, who began his career in his father’s business after dropping out of economic studies, has been vocal on various political and environmental issues in South Africa. His impressive portfolio includes properties in Cape Town, Geneva, and London.
Following Rupert and Dangote, the ranking features Nicky Oppenheimer as Africa’s third richest person with a net worth of $11.3 billion, followed by Egyptian businessman Nassef Sawiris at $9.48 billion, and South African investor Natie Kirsh at $9.22 billion.
The Bloomberg ranking reflects daily fluctuations in the net worth of the wealthiest individuals globally, indicating that the title of Africa’s richest person could continue to shift as markets fluctuate and industries face ongoing challenges.
