In a significant shift among Africa’s wealthiest individuals, South African billionaire Johann Rupert has surged past Nigerian business magnate Aliko Dangote to claim the title of Africa’s richest person. According to Bloomberg’s Billionaire Index, Rupert now boasts a net worth of $14.2 billion, putting him over $1 billion ahead of Dangote, whose fortune currently stands at $13.1 billion.
This change marks a milestone in the ongoing back-and-forth competition between the two billionaires, with Rupert’s fortune seeing substantial growth in recent months. As of the latest data, Rupert’s net worth increased by $874 million in a single day, contributing to a year-to-date gain of $1.83 billion. This rise has propelled Rupert to the 157th position in the global wealth rankings, while Dangote, with a more modest increase of $11.6 million recently, has dropped to the 175th spot.
The rivalry between the two titans of industry has been a rollercoaster in 2023. Just earlier in September, Dangote held the top spot with a net worth of $13.2 billion, narrowly ahead of Rupert at $13.1 billion. However, this brief period of dominance for Dangote followed a steep decline in Rupert’s wealth, rather than any significant gains by the Nigerian billionaire. The competition between the two has been marked by fluctuations, with Dangote experiencing a sharp year-to-date loss of $1.96 billion, while Rupert has enjoyed steady upward momentum.
Rupert’s ascent to Africa’s richest man is not his first time in the spotlight. In August, he briefly surpassed Dangote with a net worth of $13.6 billion, marking his first time topping the list in months. The battle for Africa’s richest title has been particularly fierce this year, with the two billionaires swapping positions multiple times. Earlier in the year, Dangote appeared to be firmly in control with a net worth of $20 billion, a staggering $7 billion lead over Rupert. However, by June, Dangote’s fortune had plummeted to $10.8 billion, coinciding with Rupert’s surge to $12 billion, which set the stage for their current neck-and-neck race.
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Though Dangote briefly regained the top spot, the gap between the two billionaires has remained slim, and their fortunes have fluctuated so frequently that predicting who will be Africa’s richest at any given time has become a near impossibility. Rupert’s recent gains, however, mark a more decisive shift in the balance of wealth between the two men.
Rupert, who built his fortune through his luxury goods empire, which includes brands such as Cartier and Montblanc, continues to ride the wave of global consumer demand. Meanwhile, Dangote, whose wealth is primarily derived from his massive cement empire, has faced challenges that have slowed his financial growth, including economic pressures in Nigeria.
As of now, Rupert holds the upper hand, but given the unpredictable nature of the financial markets and the intense rivalry between these two billionaires, the title of Africa’s richest person could change hands yet again in the near future.
