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South African billionaire Johann Rupert has surpassed Nigerian industrialist Aliko Dangote to become Africa’s richest person, according to the latest Bloomberg Billionaires Index.
Rupert, who controls Richemont, one of the world’s largest luxury goods companies—owning brands like Cartier and Montblanc—has seen his net worth soar by $1.9 billion, reaching $14.3 billion. This places him at 147th globally, 12 spots ahead of Dangote.
In contrast, Dangote’s fortune has declined by $1.7 billion this year, leaving him with a net worth of $13.4 billion. The Nigerian billionaire’s wealth has been significantly impacted by the challenging economic conditions in Nigeria, where his conglomerate primarily operates.
Since President Bola Tinubu took office last year, several economic reforms have been introduced in Nigeria, including the removal of fuel subsidies, leading to inflation rates exceeding 30%. While these reforms are aimed at reducing government spending and fostering long-term growth, they have also contributed to the depreciation of the naira, affecting Dangote’s wealth, which is largely tied to assets denominated in the local currency.
Dangote, 66, built his fortune in the cement and sugar industries and last year opened an oil refinery in Lagos. However, his business empire, the Dangote Group, has recently faced production delays at its refinery and supply chain disruptions. Despite these setbacks, Forbes listed Dangote as Africa’s richest man for the 13th consecutive year in January. However, the latest Bloomberg index now ranks him second in Africa and 159th globally.
Rupert’s rise in wealth has been driven by strong performances in the luxury goods sector. In addition to his stake in the Switzerland-based Richemont, Rupert also holds interests in Remgro, a South African investment firm with stakes in over 30 companies. He inherited the family business from his father, Anton Rupert, and expanded it from primarily tobacco to a multi-billion-dollar luxury goods empire.
Rupert, who attended the University of Stellenbosch to study economics before joining his father’s business in 1984, has been outspoken on political and environmental issues in South Africa and has actively campaigned against white-minority rule. He has received numerous awards for his business achievements.
Living in Cape Town, Rupert owns a lavish mansion and also has properties in Geneva and London.
Nicky Oppenheimer, another South African billionaire, ranks as the third richest person in Africa with a net worth of $11.3 billion, followed by Egyptian businessman Nassef Sawiris with $9.48 billion. South African investor Natie Kirsh rounds out the top five African billionaires with a net worth of $9.22 billion.
Both the Forbes and Bloomberg rankings track daily changes in the net worth of the world’s wealthiest individuals, meaning the title of Africa’s richest person could continue to shift as market conditions fluctuate and businesses face ongoing challenges.
