Dangote loses Africa’s richest man position

• Africa’s richest man title has been claimed by South African businessman Johann Rupert($12 billion) surpassing the long-standing champion Aliko Dangote($10.8 billion).
• Rupert’s ascent to the top spot signifies a remarkable shift in fortunes. The recent devaluation of the Nigerian naira played a role in recalibrating Dangote’s net worth, ultimately propelling Rupert to claim the coveted number-one position.
• Rupert’s wealth primarily emanates from his ownership in Cie Financiere Richemont, a prominent luxury goods manufacturer and retailer, along with strategic investments in Remgro and Reinet.

The Chairman of the Dangote Group and Nigeria’s foremost billionaire, Aliko Dangote, is no longer Africa’s richest man. Aliko Dangote has now been dethroned by South African businessman Johann Rupert.

The new title holder of Africa’s richest man, Johann Rupert, was named by Forbes Magazine in its Real-time global Billionaires Ranking. Rupert currently boasts a $12 billion net worth. Meanwhile, Dangote trails behind with a net worth of $10.8 billion.

Rupert initially followed Dangote closely, maintaining the number 2 spot. However, this recent development marks a turnaround for the luxury business Tycoon, Rupert.

In the last 12 years, the 66-year-old billionaire. Dangote had held on tightly to the top spot as Africa’s richest man.

Remember, Dangote’s net worth first took a hit after the Central Bank of Nigeria decided to loosen its grip on the official exchange market. Hence, the billionaire’s worth dropped by $4.12 billion.

How did Rupert clinch Africa’s richest man status? 

The 73-year-old billionaire, Rupert is currently ranked 157 on the list of Forbes real-time billionaires list while Aliko Dangote trudges behind at 172. Rupert gained this position as a result of the initial further devaluation of the naira to unify the parallel and official markets. Thus Dangote’s net worth had to be re-adjusted to fit into the current situation.

Although Bloomberg offers varying data on Rupert as opposed to Forbes, the majority of Rupert’s earnings as a billionaire is generated from,

• “Cie Financiere Richemont, a publicly traded luxury goods manufacturer and retailer, and the world’s largest luxury watchmaker”, Bloomberg Intelligence data reveals.

He also owns an estimated

• “7% of diversified investment firm Remgro, which he chairs, as well as 26% of Reinet, an investment holding company based in Luxembourg,” Forbe adds.

Rupert emerges as one of the first South African businessmen to have taken over the number one spot.

Earlier in 2022, Forbes said that Rupert had jumped to the number 2 spot which was a leap from the initial number 4 spot in 2021.

Also Read: NNPC Grants Dangote License To Import Fuel

Forbes attributed his acceleration in 2022 to a spike in the share prices of his company.

• “A more than 60% surge in the share price of his luxury goods firm Compagnie Financiere Richemont – maker of Cartier watches and Montblanc pens – pushed his fortune to $11 billion, up from $7.2 billion a year ago, making him the biggest gainer on the list”