South African billionaire Johan Rupert has overtaken Nigeria’s Aliko Dangote to claim the title of Africa’s richest man, reflecting a significant shift in the continent’s wealth rankings.
Johann Rupert, the prominent figure in South African luxury goods industry, has surpassed Aliko Dangote of Nigeria to become Africa’s richest individual.
At the helm of Cie Financiere Richemont, which is responsible for prestigious brands such as Jaeger-LeCoultre and Cartier, is Rupert. The 74-year-old controls this Switzerland-based luxury watchmaker through a family trust.
Dangote’s net worth has fallen to $13.4 billion, while Rupert’s latest figures from the Bloomberg Billionaires Index show his fortune rising to $14.3 billion and nudging him ahead of Dangote.
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Due to the challenging economic circumstances in Nigeria that have had a notable impact on his business, Dangote Group’s leader, Dangote’s net worth has decreased approximately $1.69 billion this year.
Most of Dangote’s riches are linked to his 86% share in the publicly traded firm, Dangote Cement. Furthermore, he has invested in other enterprises such as Nascon Allied Industries and Dangote Sugar; holds interests in food manufacturing, oil production and fertilizer production; along with a stake in United Bank for Africa. He also owns the renowned Dangote Refinery situated at Lagos.
Ranked third in terms of net worth at $11.3 billion is South African billionaire Nicky Oppenheimer, followed by Egyptian entrepreneur Nassef Sawiris with a fortune amounting to $9.37 billion; and securing the fifth spot on the list is another affluent investor from South Africa, Natie Kirsh who possesses an impressive wealth valued at $9.14 billion.
