Johann Rupert, a South African luxury goods mogul, has surpassed Nigeria’s Aliko Dangote as Africa’s wealthiest person.
Rupert owns the world’s largest luxury watchmaker, Cie Financière Richemont, through a family trust. This Switzerland-based corporation owns prominent brands such as Jaeger-LeCoultre and Cartier.
According to the most recent Bloomberg Billionaires Index figures, Rupert’s net worth has risen to $14.3 billion, surpassing Dangote’s fortune, which has fallen to $13.4 billion.
Dangote, the head of the Dangote Group, has lost around $1.69 billion in fortune this year. The downturn is mostly the result of Nigeria’s terrible economic conditions, which have had a substantial impact on his business empire.
Dangote’s wealth is mostly derived from his 86% share in Dangote Cement, which is publicly traded. His holdings also include Dangote Sugar, Nascon Allied Industries, United Bank for Africa, and interests in food manufacturing, fertiliser production, oil, and the Dangote Refinery in Lagos.
South African billionaire Nicky Oppenheimer is ranked third, with a net worth of $11.3 billion. He is followed by Egyptian billionaire Nassef Sawiris with $9.37 billion, and South African investor Natie Kirsh comes in fifth with $9.14 billion.
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