Rupert, the chairman of the Swiss-based luxury goods company Richemont and the South Africa-based company Remgro, made headlines in late August after toppling Dangote, who had topped the list for years.
However, the latest Billionaires Index published by Bloomberg on September 8, 2024, shows that Dangote has reclaimed the top spot with a total net worth of $13.2 billion, compared to Rupert's $13.1 billion.
The Bloomberg Billionaires Index is a daily ranking of the world's richest people. The figures are updated at the close of every trading day in New York. Another popular ranking platform is Forbes magazine, which ranked Dangote as Africa's richest man for the 13th year in a row in January this year.
Before overtaking Dangote last month, Bloomberg reported that Rupert's net worth had surged by $1.9 billion to $14.3 billion over the past year, placing him 147th globally, 12 places ahead of Dangote.
The latest ranking, however, shows that both billionaires' wealth has fallen, with the Nigerian's fortune dropping by $1.84 billion this year. He currently ranks 159th globally, while the South African ranks 163rd.
The decline in Dangote's wealth over the past year has been attributed to Nigeria's challenging economic environment, where his conglomerate primarily operates.
Nigeria is grappling with a high inflation rate, which stood at over 30% in August. The removal of fuel subsidies by President Bola Tinubu when he assumed office in 2023 is said to have contributed to the high inflation and the sharp fall in the value of the naira, which has significantly affected Dangote, whose wealth is largely tied to assets denominated in the local currency.
Dangote, 66, made his wealth in the cement and sugar industries. In recent years, he has expanded his empire with investments in oil, gas, and fertilizer plants.
On the other hand, Rupert and his family are known for their company Richemont, which deals in luxury goods such as jewellery, watches, fashion, and accessories. The company owns various brands, including Cartier, Montblanc, Vacheron Constantin, and IWC Schaffhausen.
Additionally, the South African's Remgro Ltd has interests in healthcare, consumer products, financial services, infrastructure, industrial, and media sectors.
Besides Dangote and Rupert, other African business magnates listed among the top five include Nicky Oppenheimer (South Africa), Nassef Sawiris (Egypt), and Natie Kirsh, with fortunes of $11.1 billion, $9.42 billion, and $9.14 billion, respectively.
Wycliffe Nyamasege
