Africa: South African Billionaire Replaces Dangote As Africa’s Richest Man

August 28, 2024

[ad_1]

South African billionaire Johann Rupert has overtaken Nigerian industrialist Aliko Dangote as Africa’s richest person, according to data from the Bloomberg Billionaires Index, published on Wednesday, August 28.

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

His net worth has surged by $1.9 billion to $14.3 billion, placing him at 147th position globally, 12 places ahead of Dangote.

ALSO READ: Top 10 richest people in Africa at the start of 2024

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

The downturn in Dangote’s wealth underscores Nigeria’s challenging economic environment, where his conglomerate primarily operates, according to the BBC.

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 per cent.

Africa’s richest man says he doesn’t own a home outside Nigeria

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.