No Kenyan is on the list of Africa’s top five richest people, according to a new report.

The latest data from the Bloomberg Billionaires Index reveals that South African billionaire Johann Rupert has overtaken Nigerian industrialist Aliko Dangote as Africa’s richest person.

The data is not entirely unexpected as the Africa Wealth Report had in April this year showed that 500 Kenyans had fallen off the exclusive list of dollar millionaires in 2023 as a weak shilling cut the valuation of their liquid investible wealth in dollar terms.

The report showed that the super rich were also affected by instability in the property market and a bear run at the stock exchange.

The report showed that the number of dollar millionaires – individuals with liquid investable wealth of more than $1 million (Sh131.5 million) – in Kenya dropped from 7,700 in 2023.

Africa’s new richest person, 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 Dangote, according to the Bloomberg Billionaires Index.

The Nigerian’s fortune has fallen by $1.7bn (£1.3bn) this year, giving him a net worth of $13.4bn, Bloomberg reports.

The downturn in 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%.

Tinubu said the reforms were necessary to cut government spending and stimulate long-term growth.
The sharp fall in the value of the naira has significantly affected Dangote, whose wealth is largely tied to assets denominated in the local currency.

The 66-year-old businessman made his wealth in the cement and sugar industries – and last year opened an oil refinery in Nigeria’s economic hub, Lagos.

His business empire, the Dangote Group, has also faced numerous setbacks in recent months due to production delays at its refinery and supply chain disruptions.

He was listed by Forbes magazine in January as Africa’s richest man for the 13th year in a row despite the country’s economic difficulties.

But the latest Bloomberg index places him second in Africa and 159th globally.

The rise in Rupert’s net worth was buoyed by strong performances in the luxury goods sector.

As well as the Switzerland-based Richemont, his other holdings include Remgro, a South African investment vehicle with stakes in more than 30 companies, Bloomberg reports.

He inherited the family business from his father, Anton Rupert, and has expanded it from mostly tobacco to become a multi-billion-dollar luxury goods venture.

The businessman attended the University of Stellenbosch to study economics but dropped his studies to join his father’s business in 1984.

Rupert has been vocal about political and environmental issues in South Africa and campaigned against white-minority rule. He has received several awards for his business activities.

The billionaire lives in Cape Town, where he owns a lavish mansion, but he also has properties in Geneva and London.

Nicky Oppenheimer, another South African billionaire, was ranked the third richest person in Africa with a net worth of $11.3bn, followed by Nassef Sawiris, an Egyptian businessman, with a fortune of $9.48bn.

South African investor Natie Kirsh completed the top five African billionaires list with $9.22 bn.
Like Forbes, the Bloomberg ranking monitors daily changes in the net worth of the world’s wealthiest individuals.

The title of Africa’s richest person may continue to change hands as market conditions fluctuate and businesses navigate complex challenges.