South African billionaire Johann Rupert has overtaken Nigerian industrialist Aliko Dangote as Africa’s richest particular person, in line with the most recent information from the Bloomberg Billionaires Index.
Mr Rupert controls Richemont, one of many world’s largest luxurious items corporations, which owns manufacturers like Cartier and Montblanc.
His internet price has surged by $1.9bn to $14.3bn, putting him at 147th place globally, 12 locations forward of Mr Dangote.
The Nigerian’s fortune has fallen by $1.7bn (£1.3bn) this yr, giving him a internet price of $13.4bn, Bloomberg experiences.
The downturn in Mr Dangote’s wealth underscores Nigeria’s difficult financial surroundings, the place his conglomerate primarily operates.
Since President Bola Tinubu assumed workplace final yr, he has launched a number of financial reforms in Africa’s most populous nation, together with the removing of gasoline subsidies, which have contributed to excessive inflation, presently over 30%.
Mr Tinubu mentioned the reforms had been essential to chop authorities spending and stimulate long-term progress.
The sharp fall within the worth of the naira has considerably affected Mr Dangote, whose wealth is basically tied to belongings denominated within the native forex.
The 66-year-old businessman made his wealth within the cement and sugar industries – and final yr opened an oil refinery in Nigeria’s financial hub, Lagos.
His enterprise empire, the Dangote Group, has additionally confronted quite a few setbacks in current months as a result of manufacturing delays at its refinery and provide chain disruptions.
He was listed by Forbes journal in January as Africa’s richest man for the thirteenth yr in a row regardless of the nation’s financial difficulties.
However the newest Bloomberg index locations him second in Africa and 159th globally.
The rise in Mr Rupert’s internet price was buoyed by sturdy performances within the luxurious items sector.
In addition to the Switzerland-based Richemont, his different holdings embrace Remgro, a South African funding car with stakes in additional than 30 corporations, Bloomberg experiences.
Nicky Oppenheimer, one other South African billionaire, was ranked the third richest particular person in Africa with a internet price of $11.3bn, adopted by Nassef Sawiris, an Egyptian businessman, with a fortune of $9.48bn.
South African investor Natie Kirsh accomplished the highest 5 African billionaires record with $9.22 bn.
Like Forbes, the Bloomberg rating displays every day modifications within the internet price of the world’s wealthiest people.
The title of Africa’s richest particular person might proceed to vary palms as market circumstances fluctuate and companies navigate complicated challenges.
