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South African billionaire Johan Rupert has overtaken Nigerian industrialist Aliko Dangote as Africa’s richest man, according to new data. Bloomberg Billionaires Index.
Rupert controls Richemont, one of the world’s largest luxury goods companies, which owns brands such as Cartier and Montblanc.
His net worth surged by $1.9 billion to $14.3 billion, ranking him 147th in the world, 12 spots higher than Dangote.
According to Bloomberg, the Nigerian’s wealth has fallen by $1.7bn (£1.3bn) this year, leaving him with a net worth of $13.4bn.
The decline in Dangote’s wealth highlights the tough economic environment in Nigeria, where his conglomerate operates primarily.
Since President Bola Tinubu took office last year, he has introduced a number of economic reforms in Africa’s most populous country, including eliminating fuel subsidies, which have contributed to high inflation, which is currently above 30%.
Mr Tinubu said the reforms were necessary to cut government spending and stimulate long-term growth.
The sharp fall in the value of the naira has had a significant impact on Mr Dangote as his wealth is largely tied to assets denominated in the local currency.
The 66-year-old businessman, who made his fortune in cement and sugar, last year opened an oil refinery in Lagos, Nigeria’s economic hub.
His business empire, Dangote Group, has also suffered setbacks in recent months from refinery delays and supply chain disruptions.
He was listed by Forbes magazine in January as Africa’s richest man for the thirteenth consecutive year, despite the country’s economic difficulties.
But the latest Bloomberg index puts him second in Africa and 159th in the world.
Mr Rupert’s net worth grew thanks to a strong performance in the luxury goods sector.
Besides Switzerland-based Richemont, his other holdings include South African investment firm Remgro, which owns stakes in more than 30 companies, according to Bloomberg.
Another South African billionaire, Nicky Oppenheimer, is Africa’s third richest person with a net worth of $11.3 billion, followed by Egyptian businessman Nassef Sawiris with $9.48 billion.
South African investor Natie Kirsh has made the list of Africa’s top five billionaires with a net worth of $9.22 billion.
Like Forbes, the Bloomberg Billionaires Index monitors daily changes in the net worth of the world’s richest people.
The title of Africa’s richest man is likely to continue to change hands as market conditions fluctuate and businesses face complex challenges.
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