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SOUTH AFRICAN JOHANN RUPERT OVERTAKES DANGOTE AS AFRICA’S RICHEST

SOUTH AFRICAN JOHANN RUPERT OVERTAKES DANGOTE AS AFRICA’S RICHEST
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Faith Nyasuguta

South African businessman Johann Rupert has reclaimed the title of Africa’s richest man, surpassing Nigerian billionaire Aliko Dangote. Rupert’s resurgence marks his return to the top spot for the first time since the beginning of the year when he had a net worth of $10.3 billion compared to Dangote’s $9.5 billion.

According to Bloomberg’s Billionaire Index, Rupert’s net worth now stands at $13.6 billion, placing him two spots higher than Dangote, who also holds a net worth of $13.6 billion. 

Despite having the same net worth, Rupert’s recent financial performance has given him the edge over Dangote on the global rankings. Rupert is currently listed as the world’s 154th richest person, while Dangote is in the 156th position.

A closer look at their financial trajectories reveals significant differences in their year-to-date (YTD) performance. Rupert’s last change in valuation was an increase of $134 million, and his YTD change is a remarkable +$1.21 billion. 

Aliko Dangote /Dangote Industries/


In contrast, Dangote’s last change in valuation was a modest +$27 million, and his YTD change is a substantial -$1.53 billion. This stark contrast in performance may explain why Rupert has edged out Dangote despite their identical net worth.

Recent reports indicate that Dangote has experienced a significant decline in his net worth over the past year, losing over $1 billion. This is despite the opening of his much-anticipated oil refinery earlier this year, which many had expected to boost his earnings substantially. 

However, the refinery has faced numerous challenges, prompting Dangote to propose relinquishing control of the multibillion-dollar facility to Nigeria’s state-owned energy corporation, NNPC.

Additionally, ongoing protests in Nigeria have disrupted economic activities, potentially contributing to the marginal decline in Dangote’s business operations and revenue. Since late July, Dangote’s net worth has decreased slightly from $13.8 billion to $13.6 billion. In contrast, Rupert’s net worth has increased from $13.4 billion to $13.6 billion during the same period.

Johann Rupert’s return to the top spot as Africa’s richest man highlights the dynamic nature of wealth and business success on the continent. As the chairman of Swiss luxury goods company Richemont, Rupert’s fortune is largely derived from his stakes in high-end brands such as Cartier and Montblanc. His strategic investments and robust performance in the luxury goods sector have played a crucial role in his financial ascendance.

Meanwhile, Aliko Dangote remains a formidable force in the business world, with interests spanning cement, sugar, and oil. Despite recent setbacks, Dangote’s entrepreneurial spirit and resilience continue to make him a key figure in Africa’s economic landscape.

The rivalry between Rupert and Dangote highlights the competitive nature of global business and the fluctuating fortunes of the world’s wealthiest individuals. As economic conditions evolve and new opportunities arise, the rankings of Africa’s richest people are likely to see further shifts in the coming months.

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Faith Nyasuguta

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