SA billionaire overtakes Dangote as Africa’s richest man

South African billionaire Johann Rupert has overtaken Nigerian industrialist Aliko Dangote as Africa’s richest person, according to the latest data from the Bloomberg Billionaires Index.

Rupert controls Richemont, one of the world’s largest luxury goods firms, which owns brands like Cartier and Montblanc.

His net worth has surged by US$1.9 billion to US$14.3 billion, placing him at 147th position globally, 12 places ahead of  Dangote.

The Nigerian’s fortune has fallen by US$1.7 billion (£1.3 billion) this year, giving him a net worth of US$13.4 billion, Bloomberg reports.

The downturn in Dangote’s wealth underscores Nigeria’s challenging economic environment, where his conglomerate primarily operates.

Since President Bola Tinubu assumed office last year, he has introduced several economic reforms in Africa’s most populous nation, including the removal of fuel subsidies, which have contributed to high inflation, currently over 30%.

Tinubu said the reforms were necessary to cut government spending and stimulate long-term growth.

The sharp fall in the value of the naira has significantly affected Mr Dangote, whose wealth is largely tied to assets denominated in the local currency.

The 66-year-old businessman made his wealth in the cement and sugar industries – and last year opened an oil refinery in Nigeria’s economic hub, Lagos.

His business empire, the Dangote Group, has also faced numerous setbacks in recent months due to production delays at its refinery and supply chain disruptions.

He was listed by Forbes magazine in January as Africa’s richest man for the 13th year in a row despite the country’s economic difficulties.

But the latest Bloomberg index places him second in Africa and 159th globally.

The rise in Mr Rupert’s net worth was buoyed by strong performances in the luxury goods sector.

As well as the Switzerland-based Richemont, his other holdings include Remgro, a South African investment vehicle with stakes in more than 30 companies, Bloomberg reports.

He inherited the family business from his father, Anton Rupert, and has expanded it from mostly tobacco to become a multi-billion-dollar luxury goods venture.

The businessman attended the University of Stellenbosch to study economics but dropped his studies to join his father’s business in 1984.

Mr Rupert has been vocal about political and environmental issues in South Africa and campaigned against white-minority rule. He has received several awards for his business activities.

The billionaire lives in Cape Town, where he owns a lavish mansion, but he also has properties in Geneva and London.

Nicky Oppenheimer, another South African billionaire, was ranked the third richest person in Africa with a net worth of US$11.3 billion, followed by Nassef Sawiris, an Egyptian businessman, with a fortune of US$9.48 billion.

South African investor Natie Kirsh completed the top five African billionaires list with US$9.22 billion.

Like Forbes, the Bloomberg ranking monitors daily changes in the net worth of the world’s wealthiest individuals.

The title of Africa’s richest person may continue to change hands as market conditions fluctuate and businesses navigate complex challenges.

Asaase Broadcasting Company airs on Asaase 99.5 Accra, Asaase 98.5 Kumasi, Asaase 99.7 Tamale, Asaase 100.3 Cape Coast, AsaasePa 107.3 (Accra).
Affiliates: Bawku FM 101.5, Bead FM 99.9 (Bimbilla), Mining City Radio 89.5 (Tarkwa), Nandom FM 101.9, Nyatefe Radio 94.5 (Dzodze), Sissala Radio 96.3 (Tumu), Somuaa FM 89.9 (Gushegu), Stone City 90.7 (Ho) and Wale FM 106.9 (Walewale).
Listen online: asaaseradio.com, Sound Garden and TuneIn.
Follow us:
X: @asaaseradio995, @Asaase985ksi, @Asaase997tamale, @asaase1003, asaasepa1073
Instagram: asaaseradio99.5, asaase985ksi, asaase100.3, asaase99.7tamale, asaasepa107.3
LinkedIn: company/asaaseradio995. TikTok: @asaaseradio99.5
Facebook: asaase99.5, asaase985ksi, Asaase100.3, asaase99.7, AsaasePa107.3.
YouTube: AsaaseXtra.
Join the conversation. Accra: call 020 000 9951/054 888 8995, WhatsApp 020 000 0995. Kumasi: call 059 415 7985 or call/WhatsApp 020 631 5260. Tamale: call/WhatsApp/SMS 053 554 6468. Cape Coast: call/WhatsApp 059 388 2652.
#AsaaseRadio
#AsaasePa
#TheVoiceofOurLand

The post SA billionaire overtakes Dangote as Africa’s richest man appeared first on Asaase Radio.