In a significant shift within the ranks of Africa’s wealthiest individuals, South African businessman Johann Rupert has overtaken Nigeria’s Aliko Dangote to become the continent’s richest person. This marks a notable change, as Dangote has long held the title of Africa’s wealthiest, primarily due to his vast business empire in Nigeria.
Johann Rupert, 74, is the chairman of Swiss-based luxury goods company Cie Financiere Richemont, which is known for its prestigious watch brands like Jaeger-LeCoultre and Cartier. Rupert controls the company through a family trust, and recent financial developments have seen his net worth riose to an impressive $14.3 billion, according to the Bloomberg Billionaires Index.
In contrast, Aliko Dangote’s fortune has taken a hit, with his net worth dropping to $13.4 billion. This decline, amounting to about $1.69 billion this year alone, is largely due to the challenging economic conditions in Nigeria. These economic headwinds have adversely affected Dangote’s vast business interests, which include a majority stake in Dangote Cement—one of the largest cement producers in Africa.
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Beyond cement, Dangote’s investments span various sectors, including sugar, salt, oil refining, food manufacturing, and banking, through his holdings in companies like Dangote Sugar, Nascon Allied Industries, United Bank for Africa, and the Dangote Refinery in Lagos.
The reshuffling of wealth on the continent sees South African billionaire Nicky Oppenheimer, known for his interests in the diamond industry, ranking third with a net worth of $11.3 billion. He is closely followed by Egyptian businessman Nassef Sawiris, whose wealth stands at $9.37 billion, and another South African, Natie Kirsh, who rounds out the top five with a net worth of $9.14 billion.
This shift in rankings shows the dynamic nature of wealth in Africa, influenced by global markets, regional economic challenges, and the strategic moves of these influential business leaders. As Rupert takes the top spot, it signals not just his success in the luxury goods market but also the broader economic shifts happening across the continent.
