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.
Mr Rupert is in charge of Richemont, one of the world’s largest luxury goods companies, which owns brands such as Cartier and Montblanc.
His net worth has increased by $1.9 billion to $14.3 billion, putting him at 147th place worldwide, 12 places ahead of Mr Dangote.
The Nigerian’s fortune has fallen by $1.7 billion (£1.3 billion) this year, leaving him with a net worth of $13.4 billion, Bloomberg reports.
Mr Dangote’s decline in wealth underscores the challenging economic situation in Nigeria, where his conglomerate mainly operates.
Since taking office last year, President Bola Tinubu has implemented several economic reforms in Africa’s most populous country, including the abolition of fuel subsidies, which have led to high inflation, which currently stands at over 30%.
According to Mr Tinubu, the reforms were necessary to reduce government spending and stimulate long-term growth.
The sharp fall in the value of the naira has had major implications for Mr Dangote, whose wealth relies largely on assets denominated in the local currency.
The 66-year-old businessman made his money in the cement and sugar industries and last year opened an oil refinery in Lagos, Nigeria’s economic hub.
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.
In January, Forbes magazine named him Africa’s richest man for the 13th year in a row, despite the country’s economic problems.
But according to the latest Bloomberg index, it ranks second in Africa and 159th globally.
Mr Rupert’s wealth growth was boosted by strong performance in the luxury goods sector.
Besides 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 expanded it from a company focused primarily on tobacco to a multibillion-dollar luxury goods enterprise.
The businessman went on to study economics at Stellenbosch University, but dropped out to join his father’s company in 1984.
Mr Rupert has been vocal on political and environmental issues in South Africa and has 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, ranks third among the richest people in Africa with a fortune of $11.3 billion, followed by Nassef Sawiris, an Egyptian businessman, with a fortune of $9.48 billion.
South African investor Natie Kirsh completed the list of five African billionaires with $9.22 billion.
Like Forbes, the Bloomberg ranking tracks the daily changes in the wealth of the world’s richest people.
The title of Africa’s richest person could change hands many times over as market conditions change and companies face complex challenges.
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