South African billionaire, Johann Rupert, has emerged as the richest person in Africa, surpassing Nigerian business magnate, Aliko Dangote. Dangote's wealth reportedly decreased by $2.80 billion, causing him to slip from the top spot.
Johann Rupert, the chairman of Swiss luxury goods company Richemont, experienced a significant surge in his net worth, primarily due to Richemont's record-breaking sales of luxury items in the Chinese market. Rupert's fortune now stands at around $7.6 billion, according to the Bloomberg Billionaires Index.
On the other hand, Aliko Dangote, who is the president of Dangote Group and one of the most prominent industrialists in Africa, witnessed a decline in his wealth due to the fall in the stock price of his cement manufacturing company. Dangote's current net worth is estimated at $7.5 billion.
This shift in rankings highlights the volatility of the business world, especially amidst global economic uncertainties caused by the COVID-19 pandemic. However, it is worth noting that both Rupert and Dangote have vast fortunes and continue to be influential figures in their respective industries.