Johann Rupert of South Africa has surpassed Aliko Dangote, President of the Dangote Group, as Africa’s richest man.
Dangote, who had been at the top of the Bloomberg Billionaires Index for several years, saw his wealth fall by $1.7 billion year-to-date on Wednesday, while Rupert’s wealth grew by $1.87 billion.
The Bloomberg Billionaires Index is a daily ranking of the world’s wealthiest individuals.
The 74-year-old South African owns Cie Financiere Richemont, the world’s largest luxury watchmaker, via a family trust. Jaeger-LeCoultre and Cartier are among the brands owned by the firm headquartered in Bellevue, Switzerland.
Remgro, an investment vehicle situated in Stellenbosch, South Africa, owns shares in over 30 companies.
However, Dangote’s income is primarily derived from his 86% share in publicly traded Dangote Cement.
He has stakes in the company both individually and through his conglomerate, Dangote Industries.
Dangote’s other publicly traded holdings include shares of Dangote Sugar, Nascon Allied Industries, and United Bank for Africa.
His investments cover a wide range of businesses, including food production, fertilizer, and oil.
He also controls the Dangote Refinery, a 650,000 barrel per day integrated refinery in Lagos State.
Other African billionaires in the top five are Nicky Oppenheimer (South Africa) in third place with a net worth of $11.3 billion, Nassef Sawiris (Egypt) with $9.37 billion, and Natie Kirsh (South Africa) with $9.14 billion.
