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

Mbeki edmond

Aug 28, 2024

Johann Rupert, a South African billionaire, has surpassed Nigeria's Aliko Dangote to become the richest man in Africa

Johann Rupert, a South African billionaire, has surpassed Nigeria's Aliko Dangote to become the richest man in Africa, according to the latest Bloomberg Billionaires Index. Rupert, the owner of Richemont, a global leader in luxury brands like Cartier and Montblanc, now holds a net worth of $14.3 billion. This marks a significant increase from $1.9 billion, pushing him to 147th place globally, 12 spots ahead of Dangote.

Rupert's Luxury Empire

Rupert's wealth is tied to his ownership of Richemont, which operates some of the world's most prestigious luxury brands. Headquartered in Switzerland, Richemont is a giant in the luxury goods industry, with a focus on jewelry, watches, and accessories. Rupert also has extensive investments through Remgro, a South African holding company with stakes in over 30 industries, including automobiles.

His rise to the top of Africa's wealth list can be attributed to the continued global demand for luxury goods, despite economic uncertainties. Rupert inherited his fortune from his father, Anton Rupert, who started in the tobacco business before expanding into luxury brands. Johann Rupert studied economics at the University of Stellenbosch but left in 1984 to join his father's business. Over the years, he has grown the family fortune, diversifying into different sectors and building a global empire.

Aliko Dangote's Decline

Aliko Dangote, who had held the title of Africa's richest man for years, now ranks second with a net worth of $13.4 billion. Dangote’s wealth has taken a hit due to Nigeria's economic challenges, which have been exacerbated by a series of reforms under President Bola Tinubu. The removal of fuel subsidies, for instance, has led to rising prices, causing strain on businesses operating in Nigeria, including Dangote’s conglomerates.

The heavy devaluation of the Nigerian Naira has also negatively impacted Dangote’s wealth. With most of his operations and assets based in Nigeria, the devaluation has significantly reduced the value of his fortune when converted to global currencies. Dangote’s business empire spans cement, sugar, and most recently, oil, with the launch of his new refinery in Lagos last year.

Despite these challenges, Dangote, 66, had been named Africa's richest person by Forbes for 13 consecutive years prior to this latest shift by Bloomberg.

Africa’s Wealth Landscape

Rupert and Dangote are followed by Nicky Oppenheimer, another South African billionaire, with a net worth of $11.3 billion, and Egypt's Nassef Sawiris, worth $9 billion. These shifts underscore the dynamic nature of wealth distribution in Africa, as economic conditions and market fluctuations continue to reshape the continent's billionaire rankings.

Johann Rupert, who resides in Cape Town, also owns properties in Geneva and London. He is known for his outspoken views on South African politics and his opposition to the former white minority rule. As Rupert's empire continues to grow, his wealth positions him as a significant figure not just in Africa, but on the global stage.