Johan Rupert of South Africa Surpasses Dangote to Become the Richest Man in Africa

Johann Rupert, a South African luxury goods tycoon, has surpassed Aliko Dangote of Nigeria to become the wealthiest person in Africa.

Through a family trust, Rupert, 74, is in charge of Cie Financiere Richemont, the biggest luxury watchmaker in the world. This Swiss-based firm is the owner of high-end brands such as Cartier and Jaeger-LeCoultre.

Rupert has surpassed Dangote, whose wealth has decreased to $13.4 billion, with his net worth rising to $14.3 billion, according to the most recent data from the Bloomberg Billionaires Index.

The head of the Dangote Group, Dangote, has lost almost $1.69 billion in fortune this year. The challenging economic circumstances in Nigeria, which have had a substantial impact on his commercial empire, are mostly to blame for the collapse.

Dangote’s 86% ownership of the publicly traded Dangote Cement is a major contributor to his riches. In addition, he has holdings in United Bank for Africa, Nascon Allied Industries, Dangote Sugar, and the Dangote Refinery in Lagos. He also has interests in the production of oil, food, fertilizer, and other commodities.

With a $11.3 billion net worth, South African billionaire Nicky Oppenheimer ranks third in the rankings. With $9.37 billion, South African investor Natie Kirsh comes in fifth place, followed by Egyptian businessman Nassef Sawiris with $9.14 billion.