South African billionaire Johann Rupert has surpassed Nigerian business magnate Aliko Dangote to become the richest person on the continent.
According to Bloomberg, Rupert's net worth increased to $13.65 billion, placing him 154th globally. In contrast, Dangote's net worth was reported at $13.6 billion, ranking him 156th worldwide.
Rupert's wealth primarily stems from his holdings in Cie Financière Richemont, the world's largest luxury watchmaker and a publicly traded company specializing in luxury goods.
This substantial growth in Rupert's fortune, which saw an increase of $1.21 billion from January to August 2024, signifies the robust performance of the luxury goods sector.
On the other hand, Dangote's wealth is largely tied to his 86% stake in Dangote Cement, a major player in the construction materials industry.
However, the devaluation of the Naira massively impacted Dangote's net worth, highlighting the vulnerability of wealth to currency fluctuations. As noted in the article, "Dangote’s wealth dropped by a lot because the Naira lost a lot of value."
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