In a significant shift of fortunes, South African billionaire Johann Rupert has lost his position as Africa’s richest man to Nigerian billionaire industrialist Aliko Dangote.
In just 24 hours, Rupert’s net worth experienced a significant slump, losing $200 million and dropping below the $11 billion threshold, paving the way for Dangote’s ascent to the top spot.
This development comes nearly two months after global finance publication Forbes recalibrated its ranking of the wealthiest individuals on the African continent.
This followed the devaluation of Nigeria’s currency, the naira, which substantially impacted the financial standing of Dangote, a renowned figure in the industrial sector. At the time, Rupert secured the top position with a net worth of $12 billion as of June 16.
However, Rupert’s net worth has sharply declined since then. In nearly two months, his net worth has declined by over $1.3 billion, from $12 billion on June 16 to $10.7 billion at the time of writing.
This slump in his net worth is linked to the decline in the market value of his stake in Richemont, the Swiss luxury conglomerate behind iconic brands such as Cartier, Montblanc, and Van Cleef & Arpels.
Rupert’s influence over Richemont is substantial, with his private company, Compagnie Financiere Rupert, holding a significant interest in the luxury holding group. As of March 31, 2023, his portfolio encompassed 6,263,000 Richemont “A” shares and 522,000,000 Richemont “B” shares.
Collectively, these shares constitute 10.18 percent of the company’s overall capital and 51 percent of its voting rights.
The sustained slump in Rupert’s fortune is linked to the decline in the shares of Richemont on the SIX Swiss Exchange. Since June 16, the company’s shares have experienced a downturn exceeding 16 percent, declining from CHF150.45 ($171.39) to CHF126.35 ($143.93).
Despite the latest slump in his fortune, Rupert still retains his position as South Africa’s richest man, ahead of fellow South African tycoon Nicky Oppenheimer.
Rupert’s immediate financial outlook also remains promising.
He is anticipated to receive a significant dividend payout of CHF204.62 million ($233.2 million) from his stake in Richemont, which is scheduled for disbursement on Sept. 6.
The distribution, however, hinges on shareholders’ approval during the upcoming annual general meeting of the luxury goods conglomerate.
