South African billionaire Johann Rupert has surpassed Nigerian industrialist Aliko Dangote as Africa’s richest man, according to the latest data from the Bloomberg Billionaires Index.

Mr Rupert controls Richemont, one of the world’s largest luxury goods companies, which owns brands such as Cartier and Montblanc.

His net worth has risen by $1.9bn to $14.3bn, putting him 147th in the world, 12 places ahead of Mr Dangote.

Mr Dangote’s net worth has fallen by $1.7bn (£1.3bn) this year, to $13.4bn, Bloomberg reports.

Mr Dangote’s decline in wealth reflects Nigeria’s difficult economic environment, where his companies operate.

Since President Bola Tinubu took office last year, he has embarked on a number of economic reforms in Africa’s most populous nation, including the removal of fuel subsidies, which have contributed to high inflation, which is now more than 30%.

Mr Tinubu said the reforms were necessary to reduce government spending and stimulate long-term growth.

The sharp decline in the value of the naira has hit Mr Dangote, whose wealth is largely linked to the assets used in the country’s currency.

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

Its business empire, the Dangote Group, has also faced many problems in recent months due to delays in production and distribution of goods.

BY BBC