South African billionaire Johann Rupert has overtaken Nigerian industrialist Aliko Dangote as the richest person in Africa, according to the latest data from Bloomberg Billionaires Index.
Mr Rupert controls Richemont, one of the world’s largest luxury goods companies, which owns brands such as Cartier and Montblanc.
His net worth rose by $1.9bn to $14.3bn, placing him 147th in the world, 12 places ahead of Mr Dangote.
The Nigerian footballer’s fortune has fallen by $1.7bn (£1.3bn) this year, giving him a net worth of $13.4bn, Bloomberg reports.
The decline of Mr. Dangote emphasizes the challenging economic situation in Nigeria, where his conglomerate operates.
Since President Bola Tinubu came to power last year, he has introduced several economic reforms in the most populous African country, including the removal of fuel subsidies, which have contributed to inflation, which is over 30%.
Mr. Tinubu said these reforms are necessary to reduce government spending and promote long-term growth.
The sharp decline in the value of the naira has hit hard for Mr Dangote, whose wealth is largely tied up in local currency assets.
The 66-year-old businessman made his fortune in the cement and sugar industries – and last year opened an oil refinery in Nigeria’s economic hub, Lagos.
His business empire, the Dangote Group, has also faced many setbacks in recent months due to production delays at its refinery and supply chain disruptions.
He was listed by Forbes magazine in January as the richest person in Africa for the 13th year in a row despite the country’s economic difficulties.
But the latest Bloomberg index ranks him second in Africa and 159th globally.
Mr Rupert’s rise in value has been fueled by strong performance in the luxury goods sector.
Along with Switzerland-based Richemont, his other holdings include Remgro, an investment company in South Africa that owns shares in more than 30 companies, Bloomberg reported.
He inherited the family business from his father, Anton Rupert, and has expanded it from the tobacco era into a multi-billion dollar luxury goods business.
This businessman studied at the University of Stellenbosch to study economics but dropped out of his studies and joined his father’s business in 1984.
Mr Rupert has been outspoken on political and environmental issues in South Africa and is campaigning against white supremacy. He has received many awards for his business activities.
The millionaire lives in Cape Town, where he owns a luxury home, but also has properties in Geneva and London.
Nicky Oppenheimer, another South African billionaire, is ranked the third richest person in Africa with a net worth of $11.3bn, followed by Nassef Sawiris, an Egyptian businessman, with a fortune of $9.48bn.
South African investor Natie Kirsh completed the list of the top five African billionaires with $9.22 bn.
Like Forbes, Bloomberg’s ranking monitors daily changes in the number of the world’s richest people.
The title of Africa’s richest man may continue to change hands as market conditions change and businesses face tough challenges.
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