South African billionaire overtakes Aliko Dangote as Africa’s richest person

Johann Rupert, South African billionaire and chairman of Richemont, a luxury goods conglomerate, has overtaken Aliko Dangote, chairman of Dangote Industries Limited, as Africa’s richest person.

According to the latest data from the Bloomberg Billionaires Index, Rupert’s net worth has surged to $14.3 billion, overtaking Dangote, whose fortune has declined to $13.4 billion.

The data shows that Rupert’s wealth has increased by $1.87 billion year-to-date, while Dangote’s fortune has declined by $1.69 billion.

Nicky Oppenheimer, another South African billionaire, occupied the third place with $11.3 billion net worth, Nassef Sawiris, an Egyptian businessman, followed with $9.37 billion, and Natie Kirsh, a South African investor, completed the top five with $9.14 billion.

The downturn in Dangote’s net worth is largely attributed to Nigeria’s challenging macroeconomic environment, where his conglomerate primarily operates.

Since President Bola Tinubu assumed office in 2023 and partially removed petrol subsidy while easing currency controls to attract foreign investment, the naira has lost its value.

The Dangote Group has faced production delays and other industrial issues at its refinery, compounded by the steep depreciation of the naira.

The decline has significantly impacted Dangote, whose wealth is largely tied to assets denominated in naira.

Despite the challenges faced, the Dangote Group plans to generate roughly $30 billion in revenue by 2025, focusing on expanding its influence in the foreign exchange market.