…Forbes Magazine’s Real-time Billionaires Ranking unveils new leader in Africa’s wealth race.
Nigerian billionaire Aliko Dangote has been dethroned as Africa’s richest man by South Africa business tycoon, Johann Rupert.
Forbes Magazine’s latest Real-time Billionaires Ranking revealed on Saturday, 17 June.
With a current net worth of $12 billion, Rupert has surpassed Dangote’s $10.8 billion fortune, marking a significant shift in the African business landscape.
For over a decade, Aliko Dangote had firmly held the top spot as Africa’s wealthiest individual, solidifying his empire as Chairman of the Dangote Group.
However, recent market fluctuations and economic developments have reshaped the leaderboard, catapulting Johann Rupert to the pinnacle of African wealth.
The 73-year-old magnate, currently ranked 157 on Forbes’ prestigious real-time billionaires list, built his financial empire primarily through his involvement in the luxury goods industry.
Rupert’s primary source of wealth stems from his ownership of “Cie Financiere Richemont,” a publicly traded luxury goods manufacturer and retailer.
Rupert is also the world’s largest luxury watchmaker, according to Bloomberg Intelligence data.
In addition to his stake in Richemont, Rupert holds an estimated 7% ownership in the diversified investment firm Remgro, where he also serves as chairman.
Moreover, he possesses a substantial 26% share in Reinet, an investment holding company based in Luxembourg, as reported by Forbes.
Rupert’s ascent to the top of Africa’s wealth hierarchy can be attributed to the recent devaluation of the Nigerian Naira and subsequent market fluctuations.
The Central Bank of Nigeria’s decision to loosen its grip on the official exchange market had a significant impact on Dangote’s net worth, causing it to plummet by $4.12 billion.
Forbes’ data reveals that Rupert’s climb to the number one spot was propelled by the surge in share prices of his luxury goods firm, Compagnie Financiere Richemont.
The substantial 60% increase in Richemont’s share price resulted in a remarkable spike in Rupert’s fortune, from $7.2 billion to $11 billion in just one year.
This exceptional gain secured his position as the biggest gainer on the Forbes billionaires list.
This achievement makes Johann Rupert one of the first South African businessmen to claim the coveted title of Africa’s richest man.
In 2022, Rupert had already made substantial progress, advancing from the fourth position in 2021 to the second spot on the list.