- Safiu Kehinde
The era of Nigerian businessman, Aliko Dangote, as Africa’s richest man has come to an end as South African billionaire Johann Rupert overtakes him as Africa’s richest person, according to the latest data from the Bloomberg Billionaires Index.
South African industrialist, Rupert, controls Richemont, one of the world’s largest luxury goods firms, which owns brands like Cartier and Montblanc.
According to Bloomberg, his net worth has surged by $1.9bn to $14.3bn, placing him at 147th position globally, 12 places ahead of Dangote.
The Nigerian’s fortune has fallen by $1.7bn (£1.3bn) this year, giving him a net worth of $13.4bn, Bloomberg reports.
This was attributed to 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%.
Coupled with high rate of inflation , the sharp fall in the value of the naira significantly affected Dangote, whose wealth is largely tied to assets denominated in the local currency.
Listed by Forbes magazine in January as Africa’s richest man for the 13th year in a row despite the country’s economic difficulties, the latest Bloomberg index, however, placed him second in Africa and 159th globally.
Meanwhile, 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.
According to report, 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.