South African billionaire Johann Rupert has overtaken Nigerian industrialist Aliko Dangote as Africa’s richest person, according to the latest Bloomberg Billionaires Index.
Rupert, who controls luxury goods giant Richemont, saw his net worth rise by $1.9 billion (GH¢29.8 billion) to reach $14.3 billion (GH¢224.4 bilion), moving him to 147th place globally. This development puts him 12 positions ahead of Dangote, whose wealth has dropped to $13.4 billion (GH¢210.3) this year.
Dangote, long recognized as Africa’s wealthiest individual, has been impacted by Nigeria’s challenging economic environment. His fortune, tied to his vast holdings in cement, sugar, and the recently opened Dangote oil refinery, has taken a hit due to a sharp fall in the value of the naira and inflation exceeding 30%. Economic reforms introduced by Nigerian President Bola Tinubu, including the removal of fuel subsidies, have added pressure to Dangote’s conglomerate, contributing to the decline in his wealth.
Rupert’s wealth surge is attributed to the strong performance of the global luxury goods sector, particularly brands like Cartier and Montblanc under Richemont. In addition to his Switzerland-based luxury holdings, Rupert controls Remgro, a South African investment company with stakes in over 30 businesses. His fortune is built on the business he inherited from his father, Anton Rupert, which initially focused on tobacco but has since expanded into a multi-billion-dollar empire.
Despite the recent dip in Dangote’s wealth, he was ranked by Forbes as Africa’s richest person earlier this year, marking 13 consecutive years at the top. His Dangote Group, however, has faced production delays and supply chain disruptions, particularly at his refinery in Lagos, which have exacerbated the financial downturn.
Other African billionaires rounding out the top five include South African Nicky Oppenheimer with a fortune of $11.3 billion (GH¢177.3), Egyptian businessman Nassef Sawiris at $9.48 billion (GH¢148.7), and South African investor Natie Kirsh with $9.22 billion (GH¢144,6). As market conditions shift and economic challenges persist, the ranking of Africa’s wealthiest individuals remains fluid, with fortunes likely to fluctuate.
