In a shift at the top of Africa’s wealth hierarchy, South African billionaire Johann Rupert has surpassed Nigerian industrialist Aliko Dangote as the continent’s richest individual.
According to the Bloomberg Billionaires Index, Rupert’s net worth has jumped by $1.9 billion to $14.3 billion, propelled by his control of luxury goods giant Richemont, owner of esteemed brands like Cartier and Montblanc.
Conversely, Dangote’s fortune has declined by $1.7 billion this year, placing his net worth at $13.4 billion. This downturn reflects Nigeria’s challenging economic landscape, where his conglomerate, the Dangote Group, primarily operates.
The country’s high inflation rate, exceeding 30%, and the sharp depreciation of the naira have significantly impacted Dangote’s wealth, largely tied to local currency-denominated assets.
Despite being listed as Africa’s richest man by Forbes magazine for the 13th consecutive year, Dangote now ranks second in Africa and 159th globally, according to the Bloomberg index.
