In a surprising turn of events, South African billionaire Johan Rupert has overtaken Nigerian billionaire and business tycoon Aliko Dangote as the wealthiest individual in Africa.
According to the latest data from the Bloomberg Billionaires Index, Rupert’s net worth now stands at an impressive $14.3 billion, surpassing Dangote’s $13.4 billion.
The shift in the African wealth landscape can be attributed to different factors in both regions.
While Rupert’s net worth has seen a year-to-date increase of $1.87 billion, Dangote has experienced a substantial decline of approximately $1.69 billion in the same period.
Dangote’s conglomerate, the Dangote Group, has been heavily impacted by the challenging macroeconomic environment in Nigeria, where the company primarily operates.
Production delays and other industrial issues at the group’s refinery, coupled with the steep depreciation of the Nigerian naira, have largely contributed to the decline in Dangote’s net worth.
In contrast, Rupert, the chairman of the luxury goods conglomerate Richemont, has managed to maintain a steady increase in his personal wealth, cementing his position as the new richest person in Africa.
This development as sparked interest, buzz and speculation in the African community and amongst netizens online, as both countries continue to witness the rise and fall of its wealthiest individuals.