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South African billionaire Johann Rupert has overtaken Aliko Dangote as Africa’s richest person, with a net worth of $14.3 billion compared to Dangote’s $13.4 billion. Rupert's wealth surged due to favorable market conditions, while Dangote's fortune declined amid Nigeria's economic challenges and currency depreciation.

In a significant shift in the landscape of African wealth, Johann Rupert, the South African billionaire and chairman of luxury goods conglomerate Richemont, has surpassed Aliko Dangote to become the continent's richest person. According to the latest Bloomberg Billionaires Index, Rupert's net worth has surged to $14.3 billion, while Dangote's fortune has declined to $13.4 billion.

Rupert’s wealth increase of $1.87 billion year-to-date contrasts sharply with Dangote’s decrease of $1.69 billion. This change highlights the economic challenges faced by Nigeria, where Dangote’s conglomerate primarily operates. The downturn in Dangote’s fortune is attributed to the country’s struggling macroeconomic environment, exacerbated by the recent policy changes under President Bola Tinubu's administration, including the removal of petrol subsidies and adjustments to currency controls aimed at attracting foreign investment. As a result, the naira has significantly lost value, impacting businesses heavily reliant on naira-denominated assets.

The Dangote Group has encountered various industrial challenges, including production delays at its refinery, contributing to Dangote's financial decline. Despite these setbacks, the conglomerate remains optimistic, with plans to generate approximately $30 billion in revenue by 2025 and expand its influence in the foreign exchange market.

In the updated wealth rankings, Nicky Oppenheimer stands in third place with a net worth of $11.3 billion, followed by Egyptian businessman Nassef Sawiris at $9.37 billion and South African investor Natie Kirsh with $9.14 billion, showcasing the shifting dynamics of wealth in Africa.