Johann Rupert, 74, who controls the world’s largest luxury watchmaker, Cie Financière Richemont, has surpassed Aliko Dangote to become Africa's richest person.
Rupert’s net worth has risen to $14.3 billion, according to the Bloomberg Billionaires Index, while Dangote's fortune has dropped to $13.4 billion.
Richemont, based in Bellevue, Switzerland, owns prestigious brands like Jaeger-LeCoultre and Cartier, strengthening Rupert's financial standing.
Dangote, the owner of the Dangote Group, has experienced significant losses, with his net worth dropping by around $1.69 billion year-to-date, largely due to the severe impact of Nigeria’s challenging macroeconomic environment on his conglomerate.
Dangote’s fortune primarily comes from his 86% stake in publicly traded Dangote Cement, held directly and through his conglomerate, Dangote Industries, and includes investments in Dangote Sugar, Nascon Allied Industries, and United Bank for Africa, as well as a diverse portfolio spanning food manufacturing, fertilizer, oil, and the 650,000 barrels per day Dangote Refinery in Lagos State.