South African Billionaire Overtakes Dangote, Becomes Africa’s Richest

South African billionaire, Johan Rupert has reclaimed his title as Africa’s richest man.

This comes after Aliko Dangote, the Nigerian industrialist and owner of the Dangote Group, saw his net worth decline by over $1 billion.

Rupert who is the chairman of Richemont, the luxury goods conglomerate, according to the latest data from the Bloomberg Billionaires Index, has a net worth of $14.3 billion, surpassing Dangote’s $13.4 billion.

Year-to-date, Rupert has gained $1.87 billion, while Dangote has lost approximately $1.69 billion.

Dangote’s losses, according to report, are largely attributed to Nigeria’s challenging macroeconomic environment, where his conglomerate primarily operates.

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The Dangote Group, which has faced setbacks at its refinery due to production delays and other industrial issues, has been further impacted by the Nigerian naira’s steep depreciation.

Two weeks ago, Bloomberg ranked Dangote as the 145th richest person globally, but he has since dropped to the 160th position.