South African Billionaire 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 believed to be $12 billion, was listed by Forbes Magazine in its Real-time Global Billionaires ranking, while Dangote is a distant second with a net worth of $10.8 billion.

Rupert’s fortune stems mainly from his ownership of Cie Financiere Richemont, a significant luxury goods manufacturer, and retailer, as well as key interests in Remgro and Reinet.

Dangote’s net worth is said to have plummeted due to the naira devaluation induced by the Central Bank of Nigeria’s decision to auction the dollar at a rate lower than the official market price.