South African luxury goods magnate Johann Rupert has ascended to the position of Africa's richest person, surpassing Nigeria's Aliko Dangote, who had long held the top spot. Rupert, 74, controls the world's largest luxury watchmaker, Cie Financiere Richemont, through a family trust. The Switzerland-based company owns prestigious brands such as Jaeger-LeCoultre and Cartier.
According to the latest figures from the Bloomberg Billionaires Index, Rupert's net worth has surged to $14.3 billion, placing him ahead of Dangote, whose fortune has declined to $13.4 billion.
Dangote, the head of the Dangote Group, has seen his wealth diminish by approximately $1.69 billion this year due to challenging economic conditions in Nigeria, which have adversely impacted his diverse business empire. His fortune is largely tied to his 86% stake in Dangote Cement, along with investments in Dangote Sugar, Nascon Allied Industries, United Bank for Africa, and other ventures, including the massive Dangote Refinery in Lagos.
In the latest rankings, South African billionaire Nicky Oppenheimer ranks third with a net worth of $11.3 billion, followed by Egyptian businessman Nassef Sawiris with $9.37 billion, and South African investor Natie Kirsh in fifth place with $9.14 billion.
This shift in wealth dynamics highlights the volatility of the economic landscape in Africa and the growing influence of South Africa's luxury goods sector on the continent's wealth distribution.
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