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Johann Rupert now the richest man in AFRICA

South African billionaire Johann Rupert has overtaken Nigerian industrialist Aliko Dangote as Africa’s richest person.

That’s according to the latest data from the Bloomberg Billionaires Index.

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Rupert, 74, controls Richemont, one of the world’s largest luxury goods firms, which owns brands like Cartier and Montblanc.

According to the BBC website, his net worth has surged in recent weeks to $14.1 billion, placing him at 147th position globally, 11 places ahead of Dangote.

The Nigerian’s fortune has fallen by $1.7 billion this year, giving him a net worth of $13.4 billion.

Johann Rupert inherited the family business from his father

The rise in Johann 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.

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.

Meanwhile, the downturn in Aliko Dangote’s wealth underscores 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%.

In addition, the sharp fall in the value of the naira has significantly affected Dangote, whose wealth is largely tied to assets denominated in the local currency.

The 66-year-old businessman made his wealth in the cement and sugar industries – and last year opened an oil refinery in Nigeria’s economic hub, Lagos.

Top 5

Meanwhile, another South African billionaire, Nicky Oppenheimer, was ranked the third richest person in Africa with a net worth of $11.3 billion, followed by Nassef Sawiris, an Egyptian businessman, with a fortune of $9.48 billion.

South African investor Natie Kirsh completed the top five African billionaires list with $9.1 billion.

The Bloomberg ranking monitors daily changes in the net worth of the world’s wealthiest individuals.

The title of Africa’s richest person will continue to change hands as market conditions fluctuate and businesses navigate complex challenges.

Numbers correct as at the time of publishing on Thursday, 29 August 2024

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