According to the Bloomberg Billionaires Index, South African businessman Johann Rupert now ranks as Africa’s richest person, surpassing Nigerian entrepreneur Aliko Dangote.
Mr Rupert owns Richemont, one of the world’s leading luxury goods companies, which includes names such as Cartier and Mont Blanc.
His net worth has increased by $1.9 billion to $14.3 billion, putting him in 147th place globally, 12 places ahead of Mr Dangote.
Bloomberg claims that the Nigerian’s fortune has plummeted by $1.7 billion (£1.3 billion) this year, leaving him with a net worth of $13.4 billion.
The decline in Mr Dangote’s wealth highlights Nigeria’s difficult economic situation, in where his firm mostly works.
Since taking office last year, President Bola Tinubu has implemented significant economic changes in Africa’s most populous country, including the elimination of fuel subsidies, which have contributed to high inflation of more than 30%.
Mr Tinubu stated that the measures were important to reduce government spending and promote long-term growth.
Mr Dangote’s fortune is heavily reliant on assets denominated in the local currency, therefore the steep drop in the naira’s value has had a substantial impact.
The 66-year-old billionaire amassed his money in the cement and sugar industries before opening an oil refinery in Lagos, Nigeria’s economic capital, last year.
His commercial empire, the Dangote Group, has also seen multiple setbacks in recent months as a result of refinery production delays and supply chain bottlenecks.
In January, Forbes magazine named him Africa’s richest man for the 13th year in a succession, despite the country’s economic challenges.
However, the most recent Bloomberg index places him second in Africa and 159th overall.
Mr Rupert’s net worth increased because to solid performances in the luxury goods market.
In addition to Richemont in Switzerland, he owns Remgro, a South African investment vehicle with assets in over 30 companies, according to Bloomberg.
He inherited the family firm from his father, Anton Rupert, and has grown it from tobacco to a multibillion-dollar luxury products venture.
The businessman studied economics at the University of Stellenbosch before dropping out to join his father’s firm in 1984.
Mr Rupert has been outspoken about South Africa’s political and environmental challenges, as well as his opposition to white minority rule. He has garnered numerous honors for his business achievements.
The millionaire currently resides in Cape Town, where he owns a beautiful estate, but he also has properties in Geneva and London.
Nicky Oppenheimer, another South African billionaire, was named the third richest person in Africa, with a net worth of $11.3 billion, followed by Egyptian businessman Nassef Sawiris, who has a fortune of $9.48 billion.
Natie Kirsh, a South African investor, finished the top five African billionaires list with $9.22 billion.
The Bloomberg ranking, like Forbes, tracks daily changes in the net worth of the world’s wealthiest individuals.
The title of Africa’s richest person may continue to change hands as market conditions shift and firms face challenging problems.
