S’African Johann Rupert Overtakes Dangote To Become Africa’s Richest Man

Confidence UbaniAugust 29, 20241 Mins read1k

S’African Johann Rupert Overtakes Dangote To Become Africa's Richest Man

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South African billionaire Johann Rupert has overtaken Nigeria’s Aliko Dangote to become Africa’s richest person. This is according to the latest Bloomberg Billionaires Index published on Wednesday. Rupert is the owner of the luxury goods giant Richemont. His net worth rose by $1.9 billion this year, reaching $14.3 billion. This growth placed him 147th globally and 12 spots ahead of Dangote.

On the other hand, Dangote’s wealth declined by $1.7 billion in 2024. This drop brought his net worth down to $13.4 billion. His cement and sugar empire recorded significant hikes in operating costs. Recently also, the billionaire faced a backlash from the government over allegations of business monopoly. The drop in Dangote’s wealth is related to Nigeria’s challenging economic conditions, worsened by President Bola Tinubu’s reforms. These reforms include the removal of fuel subsidies, which have driven inflation above 30 per cent.

The devaluation of the naira has also hit Dangote hard, as much of his wealth is tied to assets denominated in local currency. His business group has faced setbacks, including production delays at his newly opened oil refinery in Lagos. Dangote had been Africa’s richest man for 13 consecutive years until Rupert’s recent surge. As of August 28, Dangote is ranked 159th globally, with a net worth of $13.4 billion.

Rupert’s wealth boost comes from the strong performance of Richemont, which owns luxury brands like Cartier and Montblanc. His other investments include stakes in over 30 companies through his South African investment firm, Remgro.

The list of Africa’s top billionaires now features Rupert, followed by South African Nicky Oppenheimer with $11.3 billion, Egyptian Nassef Sawiris with $9.48 billion, and South African Natie Kirsh with $9.22 billion.

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