PUNCH
South Africa’s Johann Rupert has displaced the President of the Dangote Group, Aliko Dangote, to become the richest man in Africa.
Dangote, who had maintained the top position for several years, saw his wealth drop by $1.7 billion year-to-date in the latest Bloomberg Billionaires Index, on Wednesday as Rupert’s wealth increased by $1.87bn year-to-date.
The Bloomberg Billionaires Index is a daily ranking of the world’s richest people.
The 74-year-old South African controls the world’s largest luxury watchmaker, Cie Financiere Richemont, through a family trust. The Bellevue, Switzerland-based company’s brands include Jaeger-LeCoultre and Cartier.
His other holdings include Remgro, a Stellenbosch, South Africa-based investment vehicle with stakes in more than 30 companies.
However, for Dangote, the majority of his fortune is derived from his 86% stake in publicly traded Dangote Cement.
