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South African billionaire Johann Rupert has overtaken Nigerian industrialist Aliko Dangote as the richest person in Africa, according to the latest Bloomberg Billionaires Index. Rupert, who controls the luxury goods conglomerate Richemont—known for brands like Cartier and Montblanc—saw his net worth increase by $1.9 billion to reach $14.3 billion. This places him 147th globally, 12 spots ahead of Dangote.
Meanwhile, Dangote’s net worth has declined by $1.7 billion this year, bringing his total wealth to $13.4 billion. The decline reflects the challenging economic environment in Nigeria, where Dangote’s business empire, the Dangote Group, operates. Since President Bola Tinubu took office last year, several economic reforms, including the removal of fuel subsidies, have led to high inflation, currently over 30%. The sharp depreciation of the naira has also significantly impacted Dangote, whose wealth is largely tied to assets in the local currency.
Despite these setbacks, Dangote has been Africa’s richest man for 13 consecutive years, as recognized by Forbes in January. However, the Bloomberg index now ranks him second in Africa and 159th globally.
Rupert’s rise in wealth has been driven by strong performances in the luxury goods sector. Besides Richemont, his other investments include Remgro, a South African investment company with stakes in over 30 businesses.
Nicky Oppenheimer, another South African billionaire, ranks third in Africa with a net worth of $11.3 billion, followed by Egyptian businessman Nassef Sawiris at $9.48 billion, and South African investor Natie Kirsh at $9.22 billion.
The Bloomberg ranking, like Forbes, tracks daily fluctuations in the net worth of the world’s wealthiest individuals, meaning the title of Africa’s richest person may continue to shift as market conditions evolve.
