Johan Rupert, the South African billionaire and chairman of luxury goods conglomerate Richemont, has regained his position as Africa’s richest man.
This shift comes after Nigerian industrialist Aliko Dangote, owner of the Dangote Group, saw his net worth drop by over $1 billion.
According to the latest Bloomberg Billionaires Index, Rupert’s net worth is now $14.3 billion, surpassing Dangote’s $13.4 billion. Year-to-date, Rupert has increased his wealth by $1.87 billion, while Dangote has lost about $1.69 billion.
Two weeks ago, Bloomberg ranked Dangote as the 145th richest person globally, but he has since fallen to the 160th position.
Last year, Forbes named Rupert as Africa’s richest man following significant devaluation of the Nigerian naira and a shift to a free-floating exchange rate. This currency turmoil had a severe impact on Dangote, whose wealth is closely tied to naira-denominated assets.
Dangote’s losses are mainly due to Nigeria’s tough macroeconomic conditions, where his conglomerate is heavily invested. The Dangote Group has faced challenges at its refinery due to production delays and other industrial issues, compounded by the steep depreciation of the Nigerian naira.
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