The richest man from South Africa, Johann Rupert has surpassed Nigeria’s Aliko Dangote as the richest person in Africa, according to Bloomberg Billionaires Index magazine.
Mr. Rupert is the owner of Richemont which is one of the largest companies that produce luxury goods including Cartier and Montblack stores that sell perfumes and watches and others.
The wealth of the billionaire increased to 14.3 billion dollars from 1.9 billion dollars, making him the 147th richest man in the world, 12 people ahead of Dangote of Nigeria.
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Dangote’s wealth has decreased by one billion seven hundred million dollars ($1.7 billion) in the year 2024, making his total wealth 13.4 billion dollars, according to Bloomberg magazine.
The Cause of Dangote’s Downfall.
The loss of Dangote’s wealth reflects the economic downturn in Nigeria, where most of his companies are located.
Since the ascension of President Bola Tinubu last year, his administration has introduced economic policies in Africa’s most populous country, including the removal of fuel subsidies that have fueled the current high inflation. 30 percent.
President Tinubu said the plans are necessary to reduce government spending by shifting their focus to national development in the future.
The decline in the value of the naira affects Aliko Dangote, whose wealth is mainly based on assets whose value is determined by the value of the naira.
Dangote, 66 years old, made his fortune in the sugar and cement industry and last year he established an oil refinery in Lagos.
In recent months, his group of companies called Dangote Group has faced some problems due to delays in his new oil refinery.
In the month of January, Forbes magazine published his name as the richest man in Africa for the 13th time in a row despite the economic downturn that his country has faced.