Johann Rupert of South Africa has overtaken Aliko Dangote, the President of Dangote Group, to become Africa’s richest person.
Dangote, who had held the top spot for several years, experienced a $1.7 billion decline in his wealth so far this year, according to the latest Bloomberg Billionaires Index.
In contrast, Rupert’s fortune increased by $1.87 billion during the same period.
The Bloomberg Billionaires Index provides 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’s brands, headquartered in Bellevue, Switzerland, include Jaeger-LeCoultre and Cartier.
In addition, Rupert has interests in Remgro, an investment company based in Stellenbosch, South Africa, with stakes in over 30 firms.
On the other hand, Dangote’s wealth is largely tied to his 86% stake in the publicly traded Dangote Cement.
He holds these shares 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 across various sectors, including food manufacturing, fertilizers, 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), who ranks third with a net worth of $11.3 billion, Nassef Sawiris (Egypt) with $9.37 billion, and Natie Kirsh (South Africa) with $9.14 billion.
According to the Bloomberg Billionaires Index, the top 10 richest people in the world are:
1. Elon Musk (United States) — $236 billion
2. Bernard Arnault (France) — $198 billion
3. Jeff Bezos (United States) — $197 billion
4. Mark Zuckerberg (United States) — $185 billion
5. Bill Gates (United States) — $160 billion
6. Larry Ellison (United States) — $153 billion
7. Larry Page (United States) — $149 billion
8. Warren Buffett (United States) — $145 billion
9. Steve Ballmer (United States) — $144 billion
10. Sergey Brin (United States) — $140 billion
