A prominent South African businessman, Johann Rupert, has officially surpassed Nigerian industrialist Aliko Dangote to become the richest man in Africa, according to Bloomberg’s latest rankings. Rupert’s wealth has soared to $13.65 billion, placing him as the 154th richest person globally.
Aliko Dangote, who has held the title of Africa’s richest person for several years, now has a net worth of $13.6 billion, $50 million below Rupert’s. This places Dangote as the 156th richest person in the world as of Friday, August 2, 2024.
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From January to August 2024, Rupert’s fortune saw a significant increase of $1.21 billion. This growth can be attributed primarily to his stake in Compagnie Financière Richemont, the world’s largest luxury watchmaker, which also deals in various high-end luxury goods.
In contrast, Dangote’s net worth has experienced a decline, largely due to the devaluation of the Nigerian naira. The majority of Dangote’s wealth is tied to his 86% stake in Dangote Cement, a major player in the construction industry listed on the stock market.
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Recently, Alhaji Dangote refinery project in Nigeria has faced a downturn, accusing the International Oil Companies (IOCs) of frustrating their operations by refusing to sell crude to them.
However, President Tinubu, in his intervention, directed the Nigerian National Petroleum Company Limited to sell crude to Dangote Refinery.
Rupert’s rise to the top of Africa’s wealth hierarchy underscores the dynamic nature of global wealth and market fluctuations, influenced by both industry performance and macroeconomic factors.