South Africa’s Johann Rupert has overtaken the President of the Nigerian Dangote Group, Aliko Dangote, to become the richest man in Africa.
The South African billionaire's wealth grew by $1.87 billion this year, while Dangote’s dropped by $1.7 billion.
Rupert controls the luxury watchmaker Richemont, which owns brands like Cartier and Jaeger-LeCoultre. He also has stakes in over 30 companies through his investment firm, Remgro.
Dangote’s wealth mainly comes from his 86% stake in Dangote Cement, and he also owns shares in Dangote Sugar, Nascon Allied Industries, United Bank for Africa, and the Dangote Refinery in Lagos.
Other top African billionaires include Nicky Oppenheimer ($11.3 billion), Nassef Sawiris ($9.37 billion), and Natie Kirsh ($9.14 billion).