South African luxury goods magnate Johann Rupert has ascended to the position of Africa’s wealthiest individual, surpassing Nigeria’s Aliko Dangote, who previously held the top spot for years. Rupert, aged 74, controls Cie Financiere Richemont, the world’s largest luxury watchmaker, through a family trust. This Switzerland-based company is the parent to prestigious brands such as Jaeger-LeCoultre and Cartier.
According to the latest data from the Bloomberg Billionaires Index, Rupert’s fortune has surged to $14.3 billion, edging out Dangote, whose net worth has declined to $13.4 billion. The Nigerian tycoon, known for his leadership of the Dangote Group, has seen his wealth diminish by approximately $1.69 billion this year. The downturn is primarily attributed to Nigeria’s challenging economic environment, which has significantly impacted his extensive business holdings.
Dangote’s fortune is heavily tied to his 86% stake in Dangote Cement, which is publicly listed. His diverse investments also span sectors such as sugar, food manufacturing, fertilizer production, oil, and the massive Dangote Refinery in Lagos.
In the rankings of Africa’s wealthiest, South African billionaire Nicky Oppenheimer follows in third place with a net worth of $11.3 billion. He is trailed by Egyptian businessman Nassef Sawiris with $9.37 billion and South African investor Natie Kirsh, who rounds out the top five with a net worth of $9.14 billion.
