A stunning turn of events has catapulted South African magnate Johann Rupert to the top of Africa's rich list, overtaking Nigeria's formidable mogul Aliko Dangote, according to Forbes magazine.
Rupert, chairman of Richemont, a luxury goods company that owns brands such as Cartier and Montblanc, boasts an impressive net worth of $12 billion, edging out Dangote, who lags behind with $10.8 billion in his vault.
The South African businessman also owns stakes in Remgro, a diversified investment firm, and Reinet, a Luxembourg-based holding company.
The shift in the rankings is attributed to the recent turmoil on Nigeria's financial markets. Dangote's fortune took a major hit due to regulatory measures imposed on the foreign exchange market by the Central Bank of Nigeria.
As a result, Dangote, along with other prominent Nigerian billionaires such as Abdul Samad Rabiu, the visionary founder of BUA Cement, who is one of Africa's top five most affluent individuals, and Mike Adenuga, the formidable chairman of Globacom Limited, have seen significant losses in their accumulated wealth.
However, Dangote has a ray of hope as the much-anticipated Dangote Refinery, which was inaugurated on May 22 in Lekki, Nigeria, is expected to play a key role in the billionaire's comeback.
The massive $20 billion project, which is the world's largest single-train refinery, is designed to replenish Dangote's coffers and possibly return him to his coveted spot at the top of Africa's billionaire hierarchy.
While Forbes now crowns Johann Rupert as Africa's richest, Bloomberg's assessment still ranks Dangote as the continent's undisputed champion.
Bloomberg's estimate puts Dangote's net worth at a whopping $16.8 billion, while Rupert's fortune is valued at an impressive $13.3 billion. This discrepancy highlights the complexity of the methodologies used by these high-porfile publications to determine the net worth of billionaires.
Aliko Dangote had consistently held the title of Africa's richest person for over a decade, with a staggering net worth of approximately $13.5 billion. He is also the richest black man in the world.
Dangote's journey to affluence, began with selling commodities such as sugar, salt and flour. However, his fortune was primarily solidified through his company, Dangote Cement.