In an interesting turn of events in the first week of the new year, Johann Rupert, South African luxury goods tycoon, and his family have out-sat Nigerian business magnate, Aliko Dangote, as the continent’s richest man. The shift marks the end of Dangote’s 12-year tenure as Africa’s wealthiest person.
According to Forbes’ latest billionaire ranking, Rupert and his family now hold the 201st position globally, while Dangote has slipped to 219th place.
The primary factor influencing this change is the significant devaluation of the Nigerian naira, which experienced a 40% decline in June of the previous year, eventually emerging as one of the worst-performing currencies globally in 2023.
The devaluation notably impacted Dangote’s wealth, which is tied to businesses in Nigeria.
Dangote’s fortune, primarily linked to cement, sugar, and flour ventures in Nigeria, saw a nearly one-third reduction to $9.5 billion in the past year.
In contrast, Johann Rupert, the 73-year-old South African, witnessed a steady growth in wealth.
As the chairman of Swiss luxury goods company Compagnie Financiere Richemont and South African investment holding company Remgro, Rupert’s net worth, along with his family’s, increased from $7.1 billion in 2021 to a peak of $11.1 billion in 2023, propelling him to the 157th spot in Forbes’ World Billionaire Ranking.
Rupert also co-owns the Saracens English rugby team and manages Anthonij Rupert Wines, named after his late brother.
Notably, he missed the opportunity to acquire 50% of Gucci for $175 million which would have increased his overall net worth.
