18.2 C
Kampala
November 7, 2024
News

Just In: South Africa’s Billionaire, Johann Rupert, Overtakes Dangote As Africa’s Richest Man

By Our Reporter

South African luxury goods magnate Johann Rupert has become Africa’s wealthiest person, overtaking Nigeria’s Aliko Dangote, who previously held the top position.

Rupert, 74, controls the world’s largest luxury watchmaker, Cie Financiere Richemont, through a family trust. This Switzerland-based company owns prestigious brands like Jaeger-LeCoultre and Cartier.

According to the latest figures from the Bloomberg Billionaires Index, Rupert’s net worth has climbed to $14.3 billion, pushing him ahead of Dangote, whose fortune has dropped to $13.4 billion.

Dangote, who heads the Dangote Group, has seen his wealth shrink by about $1.69 billion this year. The decline is largely attributed to the difficult economic conditions in Nigeria, which have significantly affected his business empire.

Dangote’s wealth is largely tied to his 86% stake in Dangote Cement, which is publicly traded. His investments also include stakes in Dangote Sugar, Nascon Allied Industries, United Bank for Africa, as well as interests in food manufacturing, fertilizer production, oil, and the Dangote Refinery in Lagos.

In the rankings, South African billionaire Nicky Oppenheimer comes in third with a net worth of $11.3 billion. He is followed by Egyptian businessman Nassef Sawiris with $9.37 billion, while South African investor Natie Kirsh is fifth with $9.14 billion.

 

Related posts

Red Eye Disease Outbreak Confirmed In Kampala Schools

KAFUPDATES

Urgent Call For Affordable Oxygen As Lung Diseases Surge In Uganda

KAFUPDATES

8 Killed, 50 Injured As Bus Carrying Church Members Catches Fire On Busy Highway

KAFUPDATES

UEFA Champions League Draws Out: See Who Faces Who & Those In Group Of ‘Death’

KAFUPDATES

Speke Resort Convention Centre To Be Handed Over To Summit Organizers By January 10th, Says Dr Sudhir

KAFUPDATES

“People Going To Do Slavery In Arabs Lack Vision, We’ve Enough Jobs Here” – Museveni

KAFUPDATES

Leave a Comment