Johann Rupert, a South African billionaire, has surpassed Nigerian industrialist Aliko Dangote as Africa’s richest individual, according to the latest Bloomberg Billionaires Index.
Rupert, who heads Richemont—a leading luxury goods company with brands like Cartier and Montblanc—has seen his net worth rise by $1.9 billion to $14.3 billion, placing him 147th globally, and 12 spots ahead of Dangote.
Dangote’s wealth has decreased by $1.7 billion to $13.4 billion this year, reflecting Nigeria’s tough economic climate.
The country has been struggling with high inflation, exceeding 30%, partly due to recent economic reforms introduced by President Bola Tinubu.
These reforms, including the removal of fuel subsidies, aim to reduce government spending and foster long-term growth but have contributed to the naira’s significant depreciation, impacting Dangote’s assets.
Dangote’s conglomerate, which has recently faced production delays and supply chain issues, still saw him listed by Forbes as Africa’s richest person for the 13th consecutive year, despite the economic challenges. However, the Bloomberg Index now ranks him second in Africa and 159th globally.
Rupert’s increased wealth is attributed to strong performance in the luxury goods sector.
Beyond Richemont, Rupert’s investment vehicle, Remgro, holds stakes in over 30 companies.
He inherited his family’s business from his father, Anton Rupert, and has diversified it from tobacco into a major luxury goods enterprise.
Rupert, who started his business career in 1984 after leaving the University of Stellenbosch, is also known for his political and environmental activism. He owns properties in Cape Town, Geneva, and London.
The third and fourth spots among Africa’s richest are held by Nicky Oppenheimer, with $11.3 billion, and Nassef Sawiris, with $9.48 billion. Natie Kirsh rounds out the top five with $9.22 billion.
The Bloomberg rankings reflect daily fluctuations in the net worth of the world’s wealthiest individuals.
