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South African Johann Rupert has surpassed Nigerian Aliko Dangote to become Africa’s richest person, with a net worth of $13.65 billion. Rupert’s wealth surged due to gains in luxury goods, while Dangote's fortune declined due to the Naira's devaluation. Rupert is now ranked 154th globally.

In a notable shift in the African wealth landscape, South African businessman Johann Rupert has dethroned Aliko Dangote as the richest person on the continent. As of August 2, 2024, Rupert’s net worth has surged to $13.65 billion, positioning him as the 154th richest individual globally, according to Bloomberg. This places him slightly ahead of Dangote, whose wealth is reported at $13.6 billion, making him the 156th richest person worldwide.

Rupert’s financial ascent is attributed to a $1.21 billion increase in his wealth from January to August 2024. His wealth predominantly stems from Cie Financière Richemont, a major player in the luxury goods market, known for its high-end watches and jewelry. This robust performance contrasts with Dangote’s situation, whose fortune has been adversely affected by the recent devaluation of the Nigerian Naira.

Dangote’s wealth is largely tied to his substantial stake in Dangote Cement, which has been impacted by fluctuating market conditions. Despite this setback, Dangote remains a significant figure in the African business landscape, with his investments poised for recovery once his new refinery becomes operational.

The shift in rankings highlights the dynamic nature of global wealth distribution and underscores the impact of currency fluctuations on international financial standings.