Johann Rupert from South Africa has now surpassed Aliko Dangote from Nigeria as Africa’s richest person, according to the latest Bloomberg Billionaires Index, as reported by BBC. Rupert, who oversees Richemont—a major luxury goods company with brands like Cartier and Montblanc—has seen his wealth increase by $1.9 billion, reaching $14.3 billion. This places him at 147th globally, 12 spots ahead of Dangote.

Dangote’s wealth has decreased by $1.7 billion this year, bringing his net worth down to $13.4 billion. This drop highlights the tough economic conditions in Nigeria, where Dangote’s business operates. Economic reforms introduced by President Bola Tinubu, such as removing fuel subsidies, have led to high inflation in Nigeria, affecting Dangote’s fortune. The sharp fall in the naira’s value has also impacted his wealth, which is largely tied to assets in the local currency.

Dangote, known for his investments in cement, sugar, and a new oil refinery in Lagos, has faced production delays and supply chain issues recently. Despite these challenges, he was listed as Africa’s richest man by Forbes earlier this year, but Bloomberg now ranks him second in Africa and 159th globally.

In contrast, Rupert’s fortune has grown due to strong performance in the luxury sector. Besides Richemont, he has investments through Remgro, a South African company with stakes in over 30 businesses. Rupert took over his family’s business from his father and expanded it into a major luxury goods venture.

Other notable African billionaires include Nicky Oppenheimer from South Africa, with a net worth of $11.3 billion, and Egyptian businessman Nassef Sawiris, who has $9.48 billion. South African investor Natie Kirsh rounds out the top five with $9.22 billion.

As market conditions and business fortunes continue to change, the title of Africa’s richest person may shift, as noted by BBC and Bloomberg.

https://www.bbc.com/news/articles/c9qgpx2ngvro

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