South Africa’s Johann Rupert has surpassed Aliko Dangote, President of the Dangote Group, to become the richest person in Africa.
Dangote, who had held the top spot for several years, experienced a $1.7 billion decline in his wealth year-to-date, according to the latest Bloomberg Billionaires Index.
Meanwhile, Rupert’s wealth increased by $1.87 billion over the same period.
The Bloomberg Billionaires Index is a daily ranking of the world’s wealthiest individuals.
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Rupert, 74, controls Cie Financiere Richemont, the world’s largest luxury watchmaker, through a family trust. Based in Bellevue, Switzerland, Richemont owns prestigious brands such as Jaeger-LeCoultre and Cartier.
Rupert also holds significant interests through Remgro, an investment vehicle based in Stellenbosch, South Africa, with stakes in over 30 companies.
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In contrast, Dangote’s wealth is primarily derived from his 86% ownership of publicly traded Dangote Cement, which he holds both directly and through his conglomerate, Dangote Industries.
His investments also include stakes in Dangote Sugar, Nascon Allied Industries, and United Bank for Africa, spanning sectors from food manufacturing to fertilizers and oil.
Additionally, he owns the Dangote Refinery, a 650,000-barrel-per-day integrated refinery located in Lagos State.
Other notable African billionaires in the top five include Nicky Oppenheimer of South Africa, ranked third with a net worth of $11.3 billion; Nassef Sawiris of Egypt with $9.37 billion; and Natie Kirsh of South Africa with $9.14 billion.
