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In a recent update by Forbes Real-Time Billionaires, South African business tycoon Johann Rupert has claimed the title of Africa's richest individual for the year 2024, dethroning Nigerian billionaire Aliko Dangote from the top spot.
Forbes Real-Time Billionaires, a platform monitoring the daily fluctuations in the net worth of the world's wealthiest individuals, reported that Dangote, founder of the Dangote Group conglomerate, slipped to the second position as his wealth experienced a significant decline. Dangote's net worth dropped from $13.5 billion in 2023 to $9.7 billion on Thursday, January 4, 2024, marking a notable loss of $3.8 billion.
Johann Rupert, the chairman of Swiss luxury goods firm Compagnie Financiere Richemont, secured the coveted position despite a slight dip in his net worth from $10.7 billion in 2023 to $10 billion in the corresponding period of 2024.
Rupert, known for steering the success of brands like Cartier and Montblanc under Richemont, holds a 7% stake in the diversified investment firm Remgro, of which he is also the chairman. Additionally, he owns a 26% share in Reinet, an investment holding company based in Luxembourg. The roots of Compagnie Financiere Richemont can be traced back to its formation in 1998 through a spinoff of assets from Rembrandt Group Limited, founded by Rupert's father Anton in the 1940s.
Johann Rupert has been an outspoken critic of plans to permit fracking in the Karoo, a region in South Africa where he holds extensive land holdings.
The billionaire shuffle extended beyond Dangote, with Abdul Samad Rabiu, chairman of BUA Group, and Mike Adenuga, chairperson of Globacom, witnessing changes in their billionaire rankings. According to Forbes, Adenuga's wealth plummeted from $6.3 billion in 2023 to $3.1 billion on Thursday, causing him to slide from the 6th to the 10th position. In contrast, Rabiu's wealth increased from $7.6 billion to $5.7 billion, leading to a move from the 4th to the 6th position on the billionaire list.
The dynamic shifts in wealth underline the ever-changing landscape of Africa's business elite.
