Aliko Dangote's Error As The Richest Man In Africa Comes To An End

74 Year old South African billionaire Johann Rupert has broken the standing record of the richest person in the African Continet after overtating Nigerian industrialist Aliko Dangote

This is according to the latest data from the Bloomberg Billionaires Index.

Johann Ruperts Networth has surged by $1.9bn to $14.3bn, placing him at 147th position globally, 12 places ahead of Mr Dangote.

He controls Richemont, one of the world's largest luxury goods firms, it owns brands like Cartier and Montblanc.

 Mr Rupert's new postion in the richest person's index has been attributed to exoberant performances in the luxury goods sector.

He owns high end holdings including  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 since  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.

Mr 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.

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

The Nigerian's fortune has fallen by $1.7bn (£1.3bn) this year, giving him a net worth of $13.4bn, Bloomberg reports, he is second in Africa and 159th globally.