Johan Rupert, a South African luxury goods tycoon has become Africa’s richest man, overtaking Nigeria’s Aliko Dangote, president of the Dangote Group.
Through a family trust, Rupert, 74, is the owner of Cie Financiere Richemont, the largest luxury watchmaker in the world. Based in Bellevue, the company owns well-known brands including Cartier and Jaeger-LeCoultre.
Rupert’s net worth has risen to $14.3 billion, more than double Dangote’s $13.4 billion, according to the most recent figures from the Bloomberg Billionaires Index.
Owner of the Dangote Group, Dangote, has suffered huge losses; his net worth has decreased by around $1.69 billion year to date. This is mostly because of the negative effects that Nigeria’s difficult macroeconomic climate has had on his conglomerate.
Dangote’s wealth is mostly derived from his 86% ownership of the publicly traded Dangote Cement, which he holds both directly and through his conglomerate, Dangote Industries. Other investments in the company include Dangote Sugar, Nascon Allied Industries, and United Bank for Africa. Additionally, the portfolio includes a variety of businesses including food manufacturing, fertiliser, oil, and the 650,000 barrels per day Dangote Refinery in Lagos State.
With a net worth of $11.3 billion, South African billionaire Nicky Oppenheimer came in third place, followed by Egyptian businessman Nassef Sawiris ($9.37 billion), and South African investor Natie Kirsh ($9.14 billion) rounding out the top five.
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