South African billionaire Johann Rupert, the chairman of luxury goods conglomerate Richemont, has surpassed Nigeria’s Aliko Dangote to become Africa’s richest person, according to the latest data from the Bloomberg Billionaires Index.
Rupert’s net worth has surged to $14.3 billion, while Dangote’s fortune has declined to $13.4 billion. The data reveals that Rupert’s wealth has increased by $1.87 billion year-to-date, whereas Dangote’s net worth has fallen by $1.69 billion.
Nicky Oppenheimer, another South African billionaire, ranks third on the list with a net worth of $11.3 billion. Egyptian businessman Nassef Sawiris follows with $9.37 billion, and South African investor Natie Kirsh rounds out the top five with $9.14 billion.
The decline in Dangote’s wealth is largely attributed to Nigeria’s challenging macroeconomic environment. Since President Bola Tinubu assumed office in 2023, the naira has significantly depreciated following the partial removal of petrol subsidies and the easing of currency controls aimed at attracting foreign investment.
Dangote Industries Limited, which operates predominantly in Nigeria, has also faced production delays and other industrial issues at its refinery. The steep depreciation of the naira has had a significant impact on Dangote, whose wealth is heavily tied to assets denominated in the local currency.
Despite these challenges, the Dangote Group has ambitious plans to generate approximately $30 billion in revenue by 2025, with a focus on expanding its influence in the foreign exchange market.