|
LISTEN TO THIS THE AFRICANA VOICE ARTICLE NOW
Getting your Trinity Audio player ready...
|
South African billionaire Johann Rupert has now surpassed Nigerian industrialist Aliko Dangote as Africa’s wealthiest person, as per the most recent Bloomberg Billionaires Index. Rupert, who controls Richemont, a leading global luxury goods company that owns renowned brands like Cartier and Montblanc, saw his net worth soar by $1.9 billion, reaching $14.3 billion. This placed him at 147th in the global ranking, 12 spots ahead of Dangote.
In contrast, Dangote’s fortune experienced a decline of $1.7 billion this year, reducing his net worth to $13.4 billion. The downturn in Dangote’s wealth reflects the tough economic climate in Nigeria, where his conglomerate, the Dangote Group, primarily operates. The country has been grappling with high inflation, now over 30%, exacerbated by economic reforms introduced by President Bola Tinubu since taking office last year. These reforms include the removal of fuel subsidies, which the president justified as necessary for cutting government spending and fostering long-term growth.
The depreciation of the Nigerian naira has significantly impacted Dangote, whose wealth is heavily tied to assets denominated in the local currency. At 66, the businessman built his fortune in the cement and sugar industries and launched an oil refinery in Lagos last year. Despite these efforts, his business empire has faced several setbacks, including production delays at the refinery and supply chain disruptions. Dangote, who was named Africa’s richest man by Forbes magazine for the 13th consecutive year in January, now ranks second on the continent and 159th globally according to the latest Bloomberg index.
Rupert’s rise to the top was fueled by robust performances in the luxury goods sector. Besides Richemont, he holds stakes in over 30 companies through Remgro, a South African investment firm. Rupert inherited the family business from his father, Anton Rupert, and transformed it from a tobacco enterprise into a multi-billion-dollar luxury goods conglomerate. Though he left his studies at the University of Stellenbosch to join his father’s business in 1984, he has since been recognized with several awards for his business accomplishments and his vocal stance on political and environmental issues in South Africa.
Living in a lavish mansion in Cape Town, Rupert also owns properties in Geneva and London. Another South African billionaire, Nicky Oppenheimer, ranks third among Africa’s richest, with a net worth of $11.3 billion, followed by Egyptian businessman Nassef Sawiris with $9.48 billion, and South African investor Natie Kirsh, who completes the top five with $9.22 billion. Like Forbes, Bloomberg’s index tracks daily changes in the net worth of the world’s wealthiest individuals, suggesting the title of Africa’s richest person may continue to change hands as market conditions shift and businesses navigate ongoing challenges.
LEAVE A COMMENT
You must be logged in to post a comment.