South Africa’s businessman and investor Johann Rupert have secured the top position of Africa’s richest person, surpassing Nigeria’s Aliko Dangote who held the top spot until Nigeria’s local currency devaluation eviscerated part of his wealth value.
According to the most recent Forbes billionaire ranking, Mr. Rupert and his family now occupy the 201st position among the world’s wealthiest individuals with Dangote slipping down a few positions to the 219th spot.
Dangote remained Africa’s richest man for over 12 years. His wealth is mostly domiciled in Nigeria and built from government subsidies and support. When his wealth is measured in dollar terms, it plummeted to about $9.5 billion – a decline from the 2022 market value, weakened by the 40% Naira devaluation since June last year due to monetary policies of the current administration of President Bola Tinubu.
In contrast, although Mr. Rupert’s wealth experienced a 34.3% slump in the two preceding years, his wealth rose to $7.1 billion in 2021 from $4.6 billion the previous year. It further increased to $8.9 billion in 2022, reaching a record high of $11.1 billion in 2023, propelling Rupert to the 157th position on the current Forbes World Billionaire Ranking.
Johann Rupert, now 73 was born in Stellenbosch, South Africa. He is the chairman of the Swiss-based luxury goods company Compagnie Financiere Richemont which boasts iconic brands like Cartier and Montblanc, and the South Africa-based investment holding company Remgro. The family’s net worth, estimated at $10 billion, is derived from various sources, including a 26% stake in Reinet, a Luxembourg-based investment holding company.
In addition to his business ventures, Rupert is also a part-owner of the Saracens English rugby team and oversees Anthonij Rupert Wines, named in honour of his late brother.
Despite his success, Mr. Rupert still regrets a missed opportunity over not acquiring a 50% stake in Gucci when he had the chance to purchase it for a mere $175 million.
The global personal luxury goods giant, Gucci, is now worth over $400 billion.
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