Nigeria’s Aliko Dangote has been bumped from his position as Africa’s richest person, according to the latest Bloomberg Billionaires Index. South African businessman Johann Rupert, whose family wealth now totals $14.3 billion, has surpassed Dangote.
Rupert’s wealth has surged since 2020, largely due to his stakes in the Swiss-based Richemont group, which owns luxury brands such as Cartier and Mont Blanc. Rupert is both the founder and primary shareholder of this luxury goods giant. In addition to his role with Richemont, the 74-year-old Rupert oversees Remgro Group, a South African asset management firm, and Reinet Investments in Luxembourg.
The shift in rankings is primarily attributed to a decline in Dangote’s fortune, impacted by Nigeria’s challenging economic climate and ongoing disputes with oil industry regulators over his large refinery project. Bloomberg reports that Dangote’s net worth has now dropped below $14 billion.
Despite this change, the two men remain close in the rankings, with Forbes still listing Dangote as the wealthiest African. Another South African, Nicky Oppenheimer, who amassed his fortune in the diamond mining sector, trails behind them.
However, all three businessmen are significantly behind the world’s wealthiest individuals, as they rank below 140th place globally. At the top of the list remains Elon Musk, originally from South Africa but whose fortune is attributed to his American nationality.