Johann Rupert Surpasses Aliko Dangote to Become Africa’s Richest Person

Johann Rupert, a prominent South African billionaire, has recently overtaken Aliko Dangote, the renowned Nigerian industrialist, to claim the title of Africa‘s richest person, as reported by the Bloomberg Billionaires Index.

Mr. Rupert, who controls Richemont, one of the world’s largest luxury goods companies, experienced a significant increase in his net worth, rising by $1.9 billion to a total of $14.3 billion. This remarkable growth propelled him to the 147th position globally, placing him 12 spots ahead of Mr. Dangote.

In contrast, Aliko Dangote saw a decline in his fortune, which fell by $1.7 billion this year, resulting in a net worth of $13.4 billion. This downturn highlights the challenging economic landscape in Nigeria, where his conglomerate predominantly operates.

The economic reforms introduced by Nigeria’s President Bola Tinubu, aimed at reducing government spending and fostering long-term growth, have been marked by the removal of fuel subsidies, contributing to an inflation rate exceeding 30%.

Furthermore, the depreciation of the naira has significantly impacted Mr. Dangote’s wealth, which is largely tied to local currency-denominated assets. Mr. Dangote is well-known for his investments in the cement and sugar industries and recently launched a major oil refinery in Lagos, Nigeria.

The disruptions in production and supply chains affecting his businesses have created obstacles for the Dangote Group. Despite these challenges, Mr. Dangote was still recognized by Forbes magazine as Africa’s richest man for the 13th consecutive year in January.

As for Mr. Rupert, his wealth is bolstered by Richemont’s strong performance in the luxury goods sector, in addition to his holdings in Remgro, an investment company with stakes in over 30 enterprises.

Mr. Rupert inherited his family’s business from his father, Anton Rupert, and has transformed it from a predominantly tobacco-focused operation into a multi-billion-dollar luxury goods venture. He is also recognized for his vocal stance on political and environmental issues in South Africa.

The latest financial rankings place Nicky Oppenheimer of South Africa as the third richest person in Africa, 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.