SA billionaire overtakes Dangote as Africa’s richest man

Johann Rupert, the South African billionaire and chairman of luxury goods giant Richemont, has surpassed Nigerian industrialist Aliko Dangote to become Africa’s richest person, according to the latest Bloomberg Billionaires Index. Rupert’s impressive wealth has surged by $1.9 billion, bringing his net worth to $14.3 billion. This places him 147th in the global rankings, ahead of Dangote, who now holds the 159th position worldwide.

Rupert’s wealth boost is attributed to strong performances in the luxury goods sector. Richemont, headquartered in Switzerland, is renowned for its prestigious brands such as Cartier and Montblanc. Rupert’s financial ascent contrasts sharply with Dangote’s recent decline in fortune, which has seen a drop of $1.7 billion this year, leaving him with a net worth of $13.4 billion.

Dangote’s financial struggles highlight the difficulties facing Nigeria’s economic landscape, where his conglomerate operates extensively. Since President Bola Tinubu took office last year, Nigeria has undergone several economic reforms, including the removal of fuel subsidies. These changes have led to an inflation rate exceeding 30%, straining local businesses and impacting Dangote’s wealth, which is heavily tied to assets in the Nigerian naira.

The sharp depreciation of the naira has further exacerbated Dangote’s financial challenges. The billionaire, who made his fortune in the cement and sugar industries and recently launched an oil refinery in Lagos, has faced setbacks due to production delays and supply chain disruptions at his refinery. Despite being recognized by Forbes as Africa’s richest man for the 13th consecutive year in January, Bloomberg’s latest index places Dangote in the second spot in Africa and 159th globally.

Johann Rupert’s ascent to the top spot is also supported by his diversified investment portfolio. In addition to Richemont, Rupert controls Remgro, a South African investment firm with stakes in over 30 companies. He inherited the family business from his father, Anton Rupert, and has successfully transformed it from a tobacco-centric enterprise into a leading luxury goods conglomerate.

Rupert began his career in the family business after dropping out of the University of Stellenbosch, where he was studying economics. Since then, he has built a significant business empire and has been an outspoken advocate on political and environmental issues in South Africa. His influence extends beyond business; he has received numerous awards for his contributions to the industry.

Residing in Cape Town, Rupert enjoys a luxurious lifestyle with properties also in Geneva and London. He is joined in the top ranks of African billionaires by Nicky Oppenheimer, another South African, who holds the third position with a net worth of $11.3 billion. Egyptian businessman Nassef Sawiris follows closely with a fortune of $9.48 billion, while South African investor Natie Kirsh rounds out the top five with $9.22 billion.

The Bloomberg Billionaires Index, like Forbes, tracks daily fluctuations in the net worth of the world’s wealthiest individuals. As market conditions continue to shift and businesses adapt to evolving challenges, the title of Africa’s richest person is likely to remain dynamic, with fortunes fluctuating in response to global and regional economic trends.