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| Johann Rupert |
South African billionaire Johann Rupert has overtaken Nigerian industrialist Aliko Dangote to become Africa’s richest person, according to the latest data from the Bloomberg Billionaires Index.
Rupert controls Richemont, one of the world’s largest luxury goods companies, which owns prestigious brands like Cartier and Montblanc.
His net worth has surged by $1.9 billion to $14.3 billion, placing him at 147th position globally, 12 places ahead of Dangote.
Dangote’s fortune has decreased by $1.7 billion this year, bringing his net worth to $13.4 billion[^10^]. This decline highlights the challenging economic environment in Nigeria, where his conglomerate primarily operates.
Since President Bola Tinubu took office last year, he has implemented several economic reforms in Nigeria, including the removal of fuel subsidies, which have contributed to high inflation, currently over 30%. Tinubu stated that these reforms were necessary to reduce government spending and promote long-term growth.
The sharp depreciation of the naira has significantly impacted Dangote, whose wealth is largely tied to assets denominated in the local currency.
The 66-year-old businessman built his fortune in the cement and sugar industries and last year opened an oil refinery in Lagos, Nigeria’s economic hub.
Dangote’s business empire, the Dangote Group, has faced several setbacks recently due to production delays at its refinery and supply chain disruptions.
Despite Nigeria’s economic difficulties, Forbes magazine listed Dangote as Africa’s richest man for the 13th consecutive year in January.
