Johann Rupert Surpasses Aliko Dangote as Africa’s Richest Person

South African billionaire and chairman of Richemont conglomerate, Johann Rupert, has overtaken Nigerian businessman, Aliko Dangote, to emerge as the richest person in Africa.

According to the latest data released by 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.

With the report, Dangote is currently the second-richest person in Africa, but still maintains his number-one position in Nigeria.

The decline in Dangote’s fortune is linked to the macroeconomic environment and challenges in Nigeria.

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

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

These factors have significantly impacted Dangote’s business operations, with his wealth primarily tied to assets denominated in naira.  Meanwhile, the Bloomberg report also showed that another South African billionaire, Nicky Oppenheimer, occupied the third position in Africa with $11.3 billion net worth, Nassef Sawiris, an Egyptian businessman, follows with $9.37 billion, and Natie Kirsh, a South African investor, completes the top five with $9.14 billion.