South African billionaire Johann Rupert has regained his position as Africa’s richest person, surpassing Nigerian industrialist Aliko Dangote. Rupert, who chairs the luxury goods company Richemont, now holds a net worth of $14.3 billion, outpacing Dangote’s $13.4 billion, according to the latest data from the Bloomberg Billionaires Index.
Rupert’s rise comes as Dangote’s fortune has taken a significant hit, with his net worth dropping by over $1 billion this year. The decline is largely due to the challenging economic conditions in Nigeria, where Dangote’s conglomerate, the Dangote Group, faces mounting pressures. The company has been grappling with production delays at its refinery and the sharp depreciation of the Nigerian naira, which has lost more than 70% of its value since President Bola Tinubu took office.
Dangote, who had previously held the top spot as Africa’s richest person, has seen his wealth tied to the naira’s performance, making him particularly vulnerable to the currency’s fluctuations. His net worth has been further impacted by a $1.07 billion foreign exchange loss in 2023, coupled with supply chain disruptions and a downgrade by Fitch Ratings. Despite these challenges, Dangote has outlined an ambitious plan to generate $30 billion in revenue by 2025, with a focus on expanding foreign exchange earnings and reducing reliance on the Central Bank of Nigeria.
In contrast, Rupert’s wealth has been bolstered by the continued success of Richemont, which owns luxury brands such as Cartier and Montblanc. His net worth has increased by $1.87 billion this year, securing his place as the continent’s wealthiest individual.
The competition between Rupert and Dangote has been intense, with both billionaires frequently trading places at the top of Africa’s rich list. However, the recent economic shifts have tipped the scales in Rupert’s favor, making him the current leader in the ongoing battle of fortunes.
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