Johann Rupert, the South African billionaire and chairman of Richemont, has overtaken Nigerian business magnate Aliko Dangote as Africa’s richest person. According to the latest data from the Bloomberg Billionaires Index, Rupert’s net worth has soared to $14.3 billion, surpassing Dangote, whose fortune has declined to $13.4 billion.
Rupert’s wealth, primarily derived from his luxury goods conglomerate Richemont, which owns brands such as Cartier and Montblanc, has seen an impressive increase of $1.87 billion year-to-date. This surge has allowed him to eclipse Dangote, who had held the title of Africa’s richest person for several years. Meanwhile, Dangote’s wealth has declined by $1.69 billion over the same period, largely due to economic challenges in Nigeria, where his conglomerate, Dangote Industries Limited, operates.
The macroeconomic environment in Nigeria has been particularly difficult since President Bola Tinubu took office in 2023. The partial removal of petrol subsidies and the easing of currency controls, intended to attract foreign investment, has led to a sharp depreciation of the naira. This has significantly affected Dangote’s net worth, as his wealth is closely tied to assets denominated in the Nigerian currency. Additionally, production delays and other industrial issues at the Dangote Refinery have further compounded the financial strain on his empire.
Despite these setbacks, the Dangote Group remains optimistic about its future. The conglomerate has ambitious plans to generate approximately $30 billion in revenue by 2025, with a strategy focused on expanding its influence in the foreign exchange market.
The reshuffling of wealth among Africa’s billionaires highlights the volatility of the region’s economic landscape. Following Rupert and Dangote in the Bloomberg Billionaires Index are Nicky Oppenheimer, another South African billionaire, with a net worth of $11.3 billion; Egyptian businessman Nassef Sawiris, with $9.37 billion; and South African investor Natie Kirsh, who rounds out the top five with $9.14 billion.
