Johann Rupert, the South African luxury goods magnate, has claimed the title of Africa’s richest man, overtaking Nigerian billionaire Aliko Dangote, who previously held the top spot.
The 74-year-old Rupert controls Cie Financiere Richemont, the world’s largest luxury watchmaker, through a family trust. The Bellevue-based company is the parent to prestigious brands such as Jaeger-LeCoultre and Cartier.
Recent data from the Bloomberg Billionaires Index reveals that Rupert’s net worth has climbed to $14.3 billion, outstripping Dangote, whose fortune has declined to $13.4 billion.
Dangote, known for his ownership of the Dangote Group, has seen a significant financial downturn, with his net worth shrinking by approximately $1.69 billion this year alone.
This decline is largely attributed to Nigeria’s difficult macroeconomic conditions, which have adversely affected his business empire.
Dangote’s wealth primarily stems from his 86% stake in the publicly traded Dangote Cement, which is held directly and through his conglomerate, Dangote Industries.
His portfolio also includes investments in Dangote Sugar, Nascon Allied Industries, and United Bank for Africa. Beyond these, his business interests span various sectors, including food manufacturing, fertilizer production, oil, and the massive 650,000 barrels per day Dangote Refinery in Lagos State.
Other notable billionaires on the list include South Africa’s Nicky Oppenheimer, who ranks third with a net worth of $11.3 billion, followed by Egyptian businessman Nassef Sawiris with $9.37 billion. South African investor Natie Kirsh completes the top five with $9.14 billion.
