Johann Rupert, South African billionaire and chairman of Richemont, a luxury goods conglomerate, has overtaken Aliko Dangote, chairman of Dangote Industries Limited, as Africa’s richest person.
According to the latest data from the Bloomberg Billionaires
Index, Rupert’s net worth has surged to $14.3 billion, overtaking Dangote,
whose fortune has declined to $13.4 billion.
The data shows that Rupert’s wealth has increased by $1.87
billion year-to-date, while Dangote’s fortune has declined by $1.69
billion.
Nicky Oppenheimer, another South African billionaire, occupied the third place with $11.3 billion net worth, Nassef Sawiris, an Egyptian businessman, followed with $9.37 billion, and Natie Kirsh, a South African investor, completed the top five with $9.14 billion.
The downturn in Dangote’s net worth is largely attributed to
Nigeria’s challenging macroeconomic environment, where his conglomerate
primarily operates.
Since President Bola Tinubu assumed office in 2023 and
partially removed petrol subsidy while easing currency controls to attract
foreign investment, the naira has lost its value.
The Dangote Group has faced production delays and other
industrial issues at its refinery, compounded by the steep depreciation of the
naira.
The decline has significantly impacted Dangote, whose wealth
is largely tied to assets denominated in naira.
Despite the challenges faced, the Dangote Group plans to
generate roughly $30 billion in revenue by 2025, focusing on expanding its
influence in the foreign exchange market.
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