Johann Rupert has officially claimed the title of Africa’s richest person surpassing Nigerian industrialist Aliko Dangote. This shift is a change in the continent’s wealth with Rupert’s fortune surging to an estimated $14.1 billion as of 29 August 2024, according to the Bloomberg Billionaires Index.
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Johann Rupert has seen his wealth surge to $14.3 billion, according to the data from the Bloomberg Billionaires Index. Rupert exercises control over Richemont through a family trust.
Richemont is headquartered in Bellevue, Switzerland and is a global powerhouse in the luxury goods sector in the luxury watch market.
The company’s portfolio includes some of the most prestigious brands in the world such as Cartier, Jaeger-LeCoultre, Montblanc and others.
Rupert inherited the family business from his father, Anton Rupert and expanded its scope. Originally rooted in the tobacco industry, the Rupert family business evolved into a multi-billion-dollar luxury goods venture under Johann’s leadership.
His decisions in expanding the brand portfolio and maintaining a focus on the luxury market have paid off handsomely in recent years as global demand for high-end goods continues to rise.
Johann Rupert has huge investments in South Africa and internationally. His holdings include Remgro, a South African investment vehicle with stakes in over 30 companies across various sectors.
Rupert’s investments span industries such as banking, healthcare, consumer goods and more.
Aliko Dangote has seen his net worth decrease to $13.4 billion. This decline is attributed to Nigeria’s challenging environment, which has had an impact on his business conglomerate, the Dangote Group.
Nigeria’s economy has faced multiple hurdles including high inflation, currency devaluation and economic reforms under President Bola Tinubu’s administration.
Dangote’s wealth is derived from his 86% stake in Dangote Cement, which is publicly traded. The Dangote Group also has investments in sugar production, food manufacturing, fertilizer and the Dangote Refinery in Lagos.
The economic downturn in Nigeria has strained his business operations leading to a decrease in his overall net worth by approximately $1.69 billion this year.
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The removal of fuel subsidies in Nigeria has led to increased inflation currently over 30%. These changes, while aimed at reducing government spending and promoting long-term growth and have placed immediate pressure on businesses operating in Nigeria including Dangote’s conglomerate.
The fall in the value of the Naira has compounded these challenges as Dangote’s wealth is heavily tied to local currency assets.
Johann Rupert studied economics at the University of Stellenbosch and he joined the family business in 1984. In 1988, Rupert made a move by spinning off Rembrandt’s international assets to create Compagnie Financiere Richemont, a Swiss luxury goods holding company.
This company now includes some of the most prestigious brands in the world such as Cartier and Montblanc. Rupert’s wealth is also tied to holdings in Remgro, a South African investment firm with stakes in more than 30 companies and Reinet Investments, which was formed after the non-luxury-related activities of Richemont were spun off in 2008.
Nicky Oppenheimer ranks third on the list with a net worth of $11.3 billion. His wealth comes from the diamond industry through his family’s ownership of De Beers, which was sold to Anglo American. Oppenheimer has his investments into various sectors including private equity and conservation projects.
Egyptian businessman Nassef Sawiris follows in fourth place with a net worth of $9.37 billion. His wealth is rooted in construction and chemicals with investments in companies like OCI N.V., a global fertilizer producer and Orascom Construction.
South African investor Natie Kirsh rounds out the top five with a fortune of $9.14 billion. Kirsh’s wealth comes from his global real estate empire including holdings in the US, the UK and Australia. His investments are in commercial and residential real estate as well as supply chain logistics.
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