Johann Rupert Overtakes Dangote As Africa’s Richest Man

73-year-old South African businessman Johann Rupert has displaced Nigeria’s foremost billionaire, Aliko Dangote as the richest man on the continent.

Johann Rupert, whose net worth is estimated at $12 billion was named by Forbes Magazine in its Real-time global Billionaires ranking while Dangote trails behind with a net worth of $10.8 billion.

Rupert’s wealth primarily emanates from his ownership in Cie Financiere Richemont, a prominent luxury goods manufacturer and retailer, along with strategic investments in Remgro and Reinet.

Dangote’s net worth reportedly took a massive dip due to the naira depreciation caused by the Central Bank of Nigeria’s decision to auction the dollar at a relatively lower rate than the official market price.