Johann Rupert overtakes Dangote, becomes Africa's wealthiest

South Africa’s Johann Rupert has overtaken Aliko Dangote to become the continent’s richest man.

According to the latest Bloomberg Billionaires Index, Rupert’s fortune surged by $1.87 billion year-to-date, while Dangote, long-standing leader, saw his wealth decline by $1.7 billion.

The 74-year-old Rupert, renowned for his control over the world’s largest luxury watchmaker, Cie Financiere Richemont, through a family trust, has elevated his financial status. Richemont, based in Bellevue, Switzerland, boasts prestigious brands such as Jaeger-LeCoultre and Cartier under its umbrella.

Rupert’s diverse investments also include stakes in over 30 companies through Remgro, a Stellenbosch-based investment vehicle.

Meanwhile, Dangote’s wealth largely stems from his significant stake in Dangote Cement. Despite his vast interests in food manufacturing, fertiliser, oil, and the expansive Dangote Refinery in Lagos, Nigeria, market fluctuations impacted his financial standing.

Other prominent African billionaires include South Africa’s Nicky Oppenheimer, Egypt’s Nassef Sawiris, and South Africa’s Natie Kirsh, who continue to hold significant wealth rankings.

Globally, the top ten richest are dominated by tech and industrial magnates, with Elon Musk leading the list with $236 billion, followed by Bernard Arnault and Jeff Bezos.