South African luxury Tycoon dethrones Nigeria’s Dangote as Africa’s wealthiest

In a surprising shift atop Africa’s wealth pyramid, South African business magnate Johann Rupert has claimed the title of the continent’s richest person, surpassing long-time leader Aliko Dangote of Nigeria. This changing of the guard reflects the volatile nature of global markets and regional economies.

Rupert, the 74-year-old mastermind behind the world’s largest luxury watchmaker, has seen his fortune swell to an impressive $14.3 billion,  according to the latest data from the Bloomberg Billionaires Index. His company, Cie Financiere Richemont, boasts an impressive portfolio of high-end brands that have proven resilient in the face of economic uncertainties.

Meanwhile, Dangote, once the undisputed king of African wealth, has experienced a significant setback. His net worth has dwindled to $13.4 billion, a decline of nearly $1.7 billion this year alone. This downturn is largely attributed to Nigeria’s economic woes, which have cast a long shadow over Dangote’s diverse business empire.

The reshuffling at the top has also highlighted other African billionaires making waves. South African Nicky Oppenheimer, Egyptian businessman Nassef Sawiris, and another South African, Natie Kirsh, round out the top five wealthiest individuals on the continent.

This shift in fortunes serves as a stark reminder of the economic challenges facing many African nations, as well as the resilience of certain sectors in the face of global uncertainty.