The founder of the largest industrial conglomerate in West Africa, Aliko Dangote, 67, has been overtaken as the richest man in Africa by Johann Rupert, a South African businessman.
According to the latest data from Bloomberg Billionaires Index, Rupert’s net worth has increased by $1.9 billion to $14.3 billion, ranking him 147th globally. He is 12 places ahead of Dangote, whose wealth has decreased by $1.7 billion (£1.3 billion) this year, leaving him with a net worth of $13.4 billion.
Bloomberg reports that Dangote is currently the second wealthiest person in Africa and holds 159th position worldwide.
Dangote’s decline in wealth highlights the difficult economic conditions in Nigeria, where his conglomerate is mainly active.
The steep decline in the naira’s value has notably impacted Dangote, as much of his wealth is linked to assets in the local currency.
The Dangote Group, his business empire, has encountered several challenges recently, including production delays at its refinery and supply chain disruptions.
Rupert’s increase in net worth was driven by robust performances in the luxury goods sector.
In addition to his Switzerland-based Richemont, he also holds interests in Remgro, a South African investment firm with shares in over 30 companies.
Rupert, a former cricketer, established the Laureus Sport for Good Foundation in 1990. A foundation which supports 65 projects worldwide, aiming to address social issues through sport, with a special focus on underprivileged children.
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Story by: Gabriel Tecco Mensah | univers.ug.edu.gh
