South African’s Johann Rupert Surpasses Aliko Dangote As Richest Man In Africa

Johann Rupert, a South African billionaire and chairman of the luxury goods company Richemont, has become the richest man in Africa.

The 74-year-old surpassed Nigerian billionaire Aliko Dangote, the chairman of Dangote Industries Limited, to become Africa’s richest person.

According to the latest Bloomberg Billionaires Index, Rupert’s net worth has risen to $14.3 billion, while Dangote’s has dropped to $13.4 billion.

Rupert’s wealth has increased by $1.87 billion this year, while Dangote’s fortune has decreased by $1.69 billion.

Nicky Oppenheimer, another South African billionaire, is in third place with a net worth of $11.3 billion.

Egyptian businessman Nassef Sawiris follows with $9.37 billion, and South African investor Natie Kirsh rounds out the top five with $9.14 billion.

Dangote’s decline in wealth is mainly due to Nigeria’s tough economic conditions, where his business operates.

Since President Bola Tinubu took office in 2023, he has partially removed the petrol subsidy and relaxed currency controls to attract foreign investment, causing the naira to lose value.

The Dangote Group has also faced production delays and other challenges at its refinery, made worse by the naira’s steep depreciation.

This has greatly affected Dangote, whose wealth is mostly tied to naira-based assets.

Despite these difficulties, the Dangote Group aims to generate around $30 billion in revenue by 2025 by expanding its role in the foreign exchange market.

KanyiDaily recalls that Nigerian artist, Portable recently claimed that he is wealthier and more philanthropic than billionaire businessman, Aliko Dangote.