Table of Contents
Key Point
- Johann Rupert now Africa’s richest person, edging out Aliko Dangote by $50 million, according to Bloomberg.
- Rupert’s fortune surged by $134 million in 24 hours, fueled by the recent increase in Richemont’s share price.
- Aliko Dangote’s fortune shrinks by nearly $10 billion in six months, largely due to the Nigerian naira’s devaluation and declining stock prices.
South African billionaire Johann Rupert has regained the title of Africa’s richest person, surpassing Nigerian billionaire Aliko Dangote, according to the Bloomberg Billionaires Index. This marks a notable comeback for Rupert, who previously held the title briefly over a year ago.
Rupert, the chairman of Swiss luxury goods conglomerate Richemont, has seen his fortune swell to $13.65 billion, positioning him as the 154th richest person in the world. This places him just ahead of Dangote, whose net worth is estimated at $13.6 billion—a difference of $50 million.
Rupert’s wealth surge fueled by Richemont
Rupert’s rise to the top of Africa’s wealth rankings can be attributed to the robust performance of Richemont’s shares, which have surged by 19.6 percent this year.
Richemont, which houses luxury brands such as Cartier, Chloé, and Van Cleef & Arpels, currently boasts a market capitalization of $82 billion.
Rupert’s stake in the company, valued at approximately $9.41 billion, has been the primary driver of his wealth increase. Over the past 24 hours alone, Rupert’s net worth increased by $134 million.
Dangote loses nearly $10 billion in six months
In contrast, Aliko Dangote, the founder and chairman of the Dangote Group—Africa’s largest diversified industrial conglomerate—has faced significant financial challenges.
The devaluation of the Nigerian naira, coupled with a pullback in the share prices of his publicly listed companies, has eroded nearly $10 billion from his fortune over the past six months.
While the share price of Dangote Cement, the flagship of his business empire, has risen by over 84 percent in local currency terms this year, the currency devaluation has effectively wiped out these gains when measured in US dollars.
Dangote’s year-to-date wealth loss amounts to $1.53 billion, making it a difficult year for the Nigerian billionaire, who had previously held the title of Africa’s richest person for much of the past decade.
His current position at 156th on the Bloomberg Billionaires Index is a testament to the nature of his wealth, which is heavily tied to the performance of the Nigerian economy and currency.
Forbes and Bloomberg divergence
Despite the close competition between Rupert and Dangote on the Bloomberg Billionaires Index, there is a discrepancy when compared to the Forbes Billionaire rankings.
According to Forbes, Dangote’s net worth is estimated at $12.4 billion, making him the 159th richest person globally, while Rupert is valued at $11.3 billion, placing him at 184th. This highlights the varying methodologies and sources used by Forbes and Bloomberg.
For now, Rupert’s position as one of Africa’s wealthiest individuals underscores the stability of his investments in the luxury goods sector, a stark contrast to Dangote’s more volatile industrial holdings.
As the economic and currency fluctuations continue to impact fortunes across the continent, the rivalry between these two billionaires remains a focal point.
