South Africa’s Johann Rupert Overtakes Aliko Dangote as Africa’s Richest Man

South African billionaire Johann Rupert has surpassed Aliko Dangote, the President of the Dangote Group, to become the richest man in Africa. This change in rankings was confirmed by the latest Bloomberg Billionaires Index.

Rupert, who controls the world’s largest luxury watchmaker, Cie Financiere Richemont, saw his wealth increase by $1.87 billion year-to-date, pushing his net worth above that of Dangote. Rupert’s company, based in Switzerland, owns renowned brands like Jaeger-LeCoultre and Cartier.

Meanwhile, Dangote, who had held the top spot for several years, experienced a $1.7 billion decrease in his wealth this year. His fortune largely comes from his 86% stake in Dangote Cement, along with other investments in food manufacturing, fertiliser, oil, and his latest project, the Dangote Refinery in Lagos.

Other billionaires in Africa’s top five include Nicky Oppenheimer from South Africa, Nassef Sawiris from Egypt, and Natie Kirsh from South Africa.

This shift in wealth rankings highlights the dynamic nature of global finance and the significant impact of market changes on the fortunes of the world’s wealthiest individuals.