South African luxury goods magnate, Johann Rupert has surpassed Nigeria’s Aliko Dangote as Africa’s richest billionaire.
Rupert, aged 74, controls Cie Financiere Richemont, the world’s largest luxury watchmaker, through a family trust.
This Bellevue-based company owns esteemed brands such as Jaeger-LeCoultre and Cartier.
Recent data from the Bloomberg Billionaires Index reveals Rupert’s net worth has risen to $14.3 billion, exceeding Dangote’s fortune, which has declined to $13.4 billion.
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Dangote, owner of the Dangote Group, has faced substantial losses, with his net worth decreasing by approximately $1.69 billion year-to-date.
This decline is largely attributed to the challenging macroeconomic environment in Nigeria, significantly impacting his conglomerate.
Dangote’s wealth primarily stems from his 86% stake in publicly traded Dangote Cement, as well as investments in various sectors, including food manufacturing, fertilizer, oil, and the Dangote Refinery in Lagos State.
In the latest rankings, Nicky Oppenheimer, another South African billionaire, secured the third position with a net worth of $11.3 billion.
Egyptian businessman Nassef Sawiris followed with $9.37 billion, while South African investor Natie Kirsh completed the top five with $9.14 billion.
