South Africa’s Johann Rupert has displaced the President of the Dangote Group, Aliko Dangote, to become the richest man in Africa Dangote, who had maintained the top position for several years, saw his wealth drop by $1.7 billion year-to-date in the latest Bloomberg Billionaires Index, today as Rupert’s wealth increased by $1.87bn year-to-date.
The 74-year-old South African controls the world’s largest luxury watchmaker, Cie Financiere Richemont, through a family trust the Bellevue, Switzerland-based company’s brands include Jaeger-LeCoultre and Cartier. His other holdings include Remgro, a Stellenbosch, South Africa-based investment vehicle with stakes in more than 30 companies.
However, for Dangote, the majority of his fortune is derived from his 86% stake in publicly traded Dangote Cement he holds the shares in the company directly and through his conglomerate, Dangote Industries.
Dangote’s other publicly-traded assets include stakes in Dangote Sugar, Nascon Allied Industries and United Bank for Africa.His investments range from food manufacturing to fertiliser, oil and other industries he also owns the Dangote Refinery — a 650,000 barrels per day integrated refinery based in Lagos State.
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