South African billionaire Johann Rupert has recently surged ahead of Nigerian industrialist Aliko Dangote to claim the title of Africa’s richest person, according to the latest Bloomberg Billionaires Index.
Rupert, who controls Richemont—a global luxury goods giant known for brands like Cartier and Montblanc—has seen his net worth climb by $1.9 billion, bringing it to $14.3 billion. This impressive increase has propelled him to 147th place on the global billionaire list, 12 spots ahead of Dangote.
In contrast, Dangote’s fortune has dipped by $1.7 billion this year, reducing his net worth to $13.4 billion. This decline highlights the economic challenges facing Nigeria, where Dangote’s conglomerate is heavily involved. Since President Bola Tinubu took office last year, Nigeria has faced significant economic shifts, including the removal of fuel subsidies, which have contributed to inflation soaring above 30%. These reforms, while aimed at long-term growth, have impacted local businesses like Dangote’s, whose assets are tied to the struggling naira.
Dangote, 66, made his fortune in cement and sugar, recently expanding into the oil sector with a new refinery in Lagos. However, his business empire has been hit by production delays and supply chain issues. Despite being recognized by Forbes as Africa’s richest man for 13 consecutive years, Dangote now holds the second spot on Bloomberg’s list and is ranked 159th globally.
Rupert’s rise has been fueled by the robust performance of Richemont and his other investment ventures through Remgro, a South African investment firm with stakes in over 30 companies. Rupert inherited his family’s business from his father, Anton Rupert, and transformed it from a tobacco-focused company into a multibillion-dollar luxury enterprise.
Educated at the University of Stellenbosch, Rupert left his economics studies in 1984 to join his father’s business. He has since become a prominent figure in South Africa, known for his advocacy on political and environmental issues. Residing in a luxurious mansion in Cape Town, Rupert also owns properties in Geneva and London.
The top five richest individuals in Africa now include Nicky Oppenheimer with a net worth of $11.3 billion, Egyptian businessman Nassef Sawiris with $9.48 billion, and South African investor Natie Kirsh with $9.22 billion. As market conditions evolve, the title of Africa’s richest person is likely to continue shifting among the continent’s elite.
Like, comment in the box below, and share on all our social media platforms. For more updates on international news, local news, business, elections, sports, and exciting discussions, tune in to Orange FM 1079
