South African billionaire Johann Rupert has surpassed Nigerian industrialist Aliko Dangote to become Africa’s richest individual, according to the latest Bloomberg Billionaires Index. Rupert, who controls Richemont, a major luxury goods firm known for brands like Cartier and Montblanc, saw his net worth rise by $1.9 billion to $14.3 billion. This increase places him 147th globally, outpacing Dangote, whose net worth has dropped to $13.4 billion following a $1.7 billion decline this year.
Dangote’s decreased fortune highlights the economic challenges in Nigeria, where his conglomerate operates amidst high inflation exceeding 30% and a sharp devaluation of the naira. Since President Bola Tinubu’s economic reforms, including the removal of fuel subsidies, the Nigerian economic landscape has been tough for Dangote, whose wealth is largely tied to local currency assets.
Despite these setbacks, Dangote remains influential, having recently launched an oil refinery in Lagos. His conglomerate, the Dangote Group, has faced delays and supply chain disruptions. Last January, Forbes still listed him as Africa’s richest man for the 13th consecutive year, but the Bloomberg index now ranks him second in Africa and 159th globally.
Rupert’s wealth increase is attributed to strong performances in the luxury sector and his diversified investments through Richemont and Remgro. Rupert inherited the family business from his father and transformed it from a tobacco-focused venture into a major player in luxury goods. He also holds properties in Geneva and London, in addition to his Cape Town mansion.
Nicky Oppenheimer and Nassef Sawiris follow Rupert and Dangote on the list, with net worths of $11.3 billion and $9.48 billion, respectively. South African investor Natie Kirsh rounds out the top five African billionaires with $9.22 billion. The Bloomberg ranking reflects daily net worth changes, suggesting that the title of Africa’s richest person may continue to shift with evolving market conditions.
