Johann Rupert, the South African luxury goods magnate, has ascended to the position of Africa’s wealthiest individual, surpassing Nigeria’s Aliko Dangote, who previously held the top spot.
Rupert, 74, controls Cie Financiere Richemont, the world’s largest luxury watchmaker, through a family trust. Based in Switzerland, Richemont is renowned for its prestigious brands, including Jaeger-LeCoultre and Cartier. According to the latest figures from the Bloomberg Billionaires Index, Rupert’s net worth has surged to $14.3 billion, placing him ahead of Dangote, whose fortune has decreased to $13.4 billion.
Dangote, chairman of the Dangote Group, has experienced a decline in wealth amounting to approximately $1.69 billion this year. This decrease is primarily attributed to challenging economic conditions in Nigeria, which have adversely impacted his extensive business interests.
Dangote’s wealth is largely derived from his 86% stake in Dangote Cement, a publicly traded company. His investment portfolio also includes significant holdings in Dangote Sugar, Nascon Allied Industries, United Bank for Africa, and ventures in food manufacturing, fertilizer production, oil, and the Dangote Refinery in Lagos.
In the updated rankings, South African billionaire Nicky Oppenheimer is positioned third with a net worth of $11.3 billion. Egyptian businessman Nassef Sawiris follows in fourth place with $9.37 billion, while South African investor Natie Kirsh is fifth with $9.14 billion.
