Africa’s Richest Person: SA’s Johann Rupert topples Dangote from his throne

Vanguard of billionaire rankings Forbes Magazine declared South African billionaire businessman Johann Rupert ”Africa’s Richest Person” on Friday 16 June, ending the 12-year reign of Nigeria’s Aliko Dangote.

Rupert is now ranked the 145th richest person in the world and Dangote 170th. 

Clash of the Titans: Johann Rupert vs Aliko Dangote

The net worth of the chairman of Swiss luxury goods giant Richemont, which includes Cartier and Montblanc, is estimated at $12 billion (about R218 billion), earning him the top spot on the Forbes Real-time Global Billionaires ranking.

Rupert’s wealth has skyrocketed by R40 billion in 2023 due to the rise in Richemont’s share price.

The 73-year-old Rupert also boasts strategic investments in Stellenbosch-based investment holding company Remgro and Luxembourg-based Reinet Investments.

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Devaluation of naira

Aliko Dangote’s real-time net worth of $10.8 billion (about R197 billion) reportedly suffered a significant blow due to the naira taking a nosedive against the dollar recently.

The depreciation of the currency was caused by the Central Bank of Nigeria’s decision to auction the dollar at a lower rate than the official market price.

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Will Dangote rise from the ashes?

Despite the setback, the powerhouse businessman and industrialist is expected to make a comeback with the upcoming launch of the $20 billion (about R364 billion) Dangote Refinery, according to Business Insider.

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Johann Rupert background: Mighty mogul in the making

According to Forbes, Rupert said his biggest regret was not buying half of Gucci when he had the opportunity to do so for “just” $175 million.

Let’s take a look at the mighty mogul’s meteoric rise in the world of business and his philanthropic work:

• Rupert, who celebrated his birthday on 1 June, is the eldest son of Anton Rupert who founded the Rembrandt Group, a tobacco company, in 1948, according to Nairametrics.
• He studied economics and company law at Stellenbosch University, but dropped out to pursue a business career.
• In 2004, the same university ironically honoured Rupert with an honorary degree in economics. In 2008, he received another honorary doctorate from Nelson Mandela Metropolitan University.
• He worked for Chase Manhattan and Lazard Freres, in New York, before returning to South Africa in 1979 to establish Rand Merchant Bank (RMB) where he remained CEO until 1984 when the company merged to form RMB Holdings.
• Upon leaving RMB, Rupert joined his father’s Rembrandt Group.
• In 1988, the business tycoon founded Compagnie Financiere Richemont. In the same year, he was appointed non-executive director of Rothmans International plc.
• In 1989, Rupert became vice chairman of his father’s Rembrandt Group and chairman in 1991.
• In 1992, he was recognised as one of the “Global Leaders of Tomorrow” by the World Economic Forum in Davos, Switzerland.
• In 1997, he became the non-executive chairman of Gold Fields South Africa.
• Rupert is well known for his love of golf. In 1990, he established the Laureus Sport for Good Foundation aimed at addressing social issues through sports.
• He is a council member of the South Africa Foundation, the Southern African Nature Foundation, the Institute of Directors in Southern Africa, Business South Africa, as well as Die Suid-Afrikaanse Akademie vir Wetenskap en Kuns.
• Furthermore, he serves as a managing trustee and member of the investment committee for the Nelson Mandela Children’s Fund.
• Forbes reports that Rupert is also part-owner of the Saracens English rugby team and Anthonij Rupert Wines, named after his late brother who died in a car accident in 2001.

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