South African billionaire Johann Rupert has overtaken Nigerian industrialist Aliko Dangote to become Africa’s richest man, according to new figures . Bloomberg Billionaires Index.
Mr Rupert controls Richemont, one of the world’s largest luxury goods companies, which owns brands such as Cartier and Montblanc.
His net worth soared by $1.9 billion to $14.3 billion, ranking him 147th globally, 12 spots ahead of Mr Dangote.
According to Bloomberg, Nigerians’ wealth has shrunk by $1.7 billion (£1.3 billion) this year, leaving their net worth at $13.4 billion.
Mr Dangote’s decline in fortune highlights the challenges of Nigeria’s economic environment, where his conglomerate operates primarily.
Since President Bola Tinubu took office last year, he has introduced a number of economic reforms in Africa’s most populous country, including the elimination of fuel subsidies that have contributed to high inflation now exceeding 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 had a major impact on Mr Dangote, whose wealth is largely pegged to assets denominated in the local currency.
The 66-year-old businessman, who made his fortune in the cement and sugar industries, last year opened an oil refinery in Nigeria’s economic hub of Lagos.
His business empire, Dangote Group, has also faced numerous setbacks in recent months due to refinery production delays and supply chain disruptions.
Despite Africa’s economic difficulties, he has been named Africa’s richest man by Forbes magazine for 13 consecutive years.
But the latest Bloomberg Index ranks him second in Africa and 159th globally.
Mr. Rupert’s net worth has grown thanks to the strong performance of the luxury goods industry.
In addition to Swiss-based Richemont, he also holds shares in South African investment company Remgro, which has stakes in more than 30 companies, according to Bloomberg.
He inherited the family business from his father, Anton Rupert, and expanded it from a primarily tobacco business into a multibillion-dollar luxury goods business.
The businessman studied economics at Stellenbosch University but gave up his studies in 1984 to join his father’s business.
Mr Rupert has been outspoken about South Africa’s political and environmental issues 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 luxurious mansion, but he also owns properties in Geneva and London.
Another South African billionaire, Nicky Oppenheimer, is Africa’s third richest person with a net worth of $11.3 billion, followed by Egyptian businessman Nassef Sawiris, whose wealth to US$9.48 billion.
South African investor Natie Kirsh ranks among the top five African billionaires with $9.22 billion.
Like Forbes, the Bloomberg rankings monitor daily changes in the net worth of the world’s richest individuals.
The title of Africa’s richest man is likely to continue to change hands as market conditions fluctuate and businesses grapple with complex challenges.
