South African billionaire Johann Rupert has surpassed Nigerian industrialist Aliko Dangote as Africa’s richest person, according to the latest Bloomberg Billionaires Index.
Rupert’s net worth has surged by $1.9bn to $13.65bn, catapulting him to the 154th position globally, 2 places ahead of Dangote. The Nigerian businessman’s fortune has declined by $10bn in six months, bringing his net worth to $13.6bn, a difference of $50m from Rupert.
The decline in Dangote’s wealth is attributed to Nigeria’s challenging economic environment, including high inflation and the devaluation of the Nigerian naira.
His conglomerate, Dangote Group, has faced production delays at its refinery and supply chain disruptions, further contributing to the decline.
On the other hand, Rupert’s wealth surge is driven by the strong performance of Richemont’s shares, which have risen by 19.6 per cent this year. The Switzerland-based luxury goods firm owns iconic brands such as Cartier and Montblanc.
Rupert, the chairman of Swiss luxury goods conglomerate Richemont, has his fortune surge by $134m in 24 hours. His stake in the company, valued at approximately $9.41bn, has been the primary driver of his wealth increase.
Richemont, which houses luxury brands such as Cartier, Chloé, and Van Cleef & Arpels, currently boasts a market capitalization of $82bn.
Dangote, the founder and chairman of the Dangote Group—Africa’s largest diversified industrial conglomerate—has faced significant financial challenges due to the devaluation of the naira, coupled with a pullback in the share prices of his publicly listed companies.
While the share price of Dangote Cement, the flagship of his business empire, has risen by over 84 per cent in local currency terms this year, the currency devaluation has effectively wiped out these gains when measured in US dollars.