In a significant shift atop Africa’s wealth rankings, South Africa’s Johann Rupert has overtaken Aliko Dangote, the President of Dangote Group, to become the continent’s richest man. Dangote, who had held the top position for several years, saw his wealth decline by $1.7 billion year-to-date, according to the latest Bloomberg Billionaires Index released on Wednesday. Meanwhile, Rupert’s fortune surged by $1.87 billion year-to-date, propelling him to the top spot.
The Bloomberg Billionaires Index is a daily ranking of the world’s wealthiest individuals. Rupert, 74, controls the world’s largest luxury watchmaker, Cie Financière Richemont, through a family trust. The Switzerland-based company, headquartered in Bellevue, boasts prestigious brands like Jaeger-LeCoultre and Cartier under its umbrella. Beyond luxury watches, Rupert’s portfolio includes Remgro, a Stellenbosch, South Africa-based investment vehicle with stakes in over 30 companies.
As for Dangote, his wealth is largely tied to his 86% stake in the publicly traded Dangote Cement. In addition, he holds significant investments in Dangote Sugar, Nascon Allied Industries, and United Bank for Africa, reflecting his diversified interests across food manufacturing, fertilizer, oil, and other sectors. One of his most notable ventures is the Dangote Refinery, a 650,000 barrels-per-day integrated refinery located in Lagos State.
Other African billionaires rounding out the top five include South Africa’s Nicky Oppenheimer, with a net worth of $11.3 billion, Egypt’s Nassef Sawiris at $9.37 billion, and South Africa’s Natie Kirsh with $9.14 billion.
