South African billionaire Johann Rupert has overtaken Nigerian industrialist Aliko Dangote as Africa’s richest person, according to the latest data from the Bloomberg Billionaires Index.
Mr Rupert controls Richemont, one of the world’s largest luxury goods firms, which owns brands like Cartier and Montblanc.
His net worth has surged by $1.9bn to $14.3bn, placing him at 147th position globally, 12 places ahead of Mr Dangote.
The Nigeria’s fortune has fallen by $1.7bn (£1.3bn) this year, giving him a net worth of $13.4bn, Bloomberg reports.
The downturn in Mr Dangote’s wealth underscores Nigeria’s challenging economic environment, where his conglomerate primarily operates.
Since President Bola Tinubu assumed office last year, he has introduced several economic reforms in Africa’s most populous nation, including the removal of fuel subsidies, which have contributed to high inflation, currently over 30%.