South Africa’s Johann Rupert has overtaken Aliko Dangote, President of Dangote Group, to become the richest person in Africa.
Dangote, who had held the top spot for several years, experienced a $1.7 billion decline in his wealth this year, according to the latest Bloomberg Billionaires Index. In contrast, Rupert’s wealth increased by $1.87 billion year-to-date.
The Bloomberg Billionaires Index is a daily ranking of the world’s wealthiest individuals.
Rupert, 74, controls the world’s largest luxury watchmaker, Cie Financiere Richemont, through a family trust. The company, headquartered in Bellevue, Switzerland, owns prestigious brands such as Jaeger-LeCoultre and Cartier.
In addition to Richemont, Rupert’s other holdings include Remgro, an investment company based in Stellenbosch, South Africa, which has stakes in over 30 companies.
On the other hand, the bulk of Dangote’s fortune comes from his 86 percent stake in the publicly traded Dangote Cement, which he holds directly and through his conglomerate, Dangote Industries.
Dangote’s other publicly traded assets include stakes in Dangote Sugar, Nascon Allied Industries, and United Bank for Africa. His investments span a variety of sectors, including food manufacturing, fertilizer, oil, and other industries.
He also owns the Dangote Refinery, a 650,000 barrels-per-day integrated refinery located in Lagos State.
Other African billionaires in the top five include Nicky Oppenheimer (South Africa) in the third place with $11.3bn net worth; Nassef Sawiris (Egypt) with $9.37bn, and Natie Kirsh (South Africa) with $9.14bn.
According to the Bloomberg Billionaires Index, the top 10 richest men in the world are Elon Musk (United States) – $236bn; Bernard Arnault (France) – $198bn; Jeff Bezos (United States) – $197bn; Mark Zuckerberg (United States) – $185bn; Bill Gates (United States) – $160bn; and Larry Ellison (United States) – $153bn.
Others are Larry Page (United States) – $149bn; Warren Buffett (United States) – $145bn; Steve Ballmer (United States) – $144bn; and Sergey Brin (United States) – $140bn.