South African billionaire Johan Rupert, chairman of Richemont, has now been named Africa’s richest man, overtaking Aliko Dangote.
The Bloomberg Billionaires Index (BBI) reports that Rupert’s net worth has reached $14.3 billion, outstripping Dangote’s $13.4 billion. This shift comes as Dangote’s wealth has decreased by over $1 billion this year.
According to the BBI, Rupert’s fortune has grown by $1.87 billion year-to-date, while Dangote’s wealth has shrunk by approximately $1.69 billion. The decline in Dangote’s net worth is attributed to several challenges faced by his conglomerate, Dangote Group, including production delays at its refinery, supply chain issues, and local currency devaluation.
As a result, Dangote’s global ranking has dropped from 145th to 160th in the past two weeks.
