Africa’s richest title returns to Johann Rupert, as Dangote loses $538 million

Less than 24 hours after Forbes updated its list, South African billionaire Johann Rupert has swiftly regained his position as the richest man on the African continent.

This shift in fortunes comes as Nigerian billionaire industrialist Aliko Dangote experienced a staggering loss of $538 million in a single day. Rupert, who had briefly conceded the top spot, managed to secure his lead again with a net worth of $10.6 billion.

His resurgence follows a $100-million decline in a single day, driven by the slump in the market value of his stake in Swiss luxury goods holding company Richemont. Despite a 3.3-percent dip in Richemont shares on the SIX Swiss Exchange on Tues., Aug. 15, Rupert’s financial standing has propelled him ahead of his Nigerian counterpart.

In contrast, Dangote, renowned as the founder of Dangote Group, a conglomerate spanning various sectors of Africa’s manufacturing landscape, now occupies the second position on the continent’s richest list. His net worth currently stands at $10.3 billion due to the $538 million blow.

The latest development comes after Billionaires.Africa on Mon., Aug. 14, reported that the two billionaires, competing for the top spot since Forbes revised its richest list due to turbulent currency fluctuations in June, had seen their fortunes drop below $11 billion.

Adding to the $200 million slump that he suffered on Monday, which saw him lose his title as Africa’s richest man to Dangote, Rupert has suffered another significant decline in his net worth, as his fortune slipped from $10.7 billion to $10.6 billion.

This week alone, he has lost $300 million.

Amid the aftermath of these financial setbacks, Rupert is set to receive a substantial dividend payout of CHF204.62 million ($233.2 million) from his stake in Richemont. This disbursement is scheduled for Sept. 6, contingent upon shareholders’ approval during the impending annual general meeting of the luxury goods conglomerate.

Rupert’s influence over Richemont remains significant, with his private company, Compagnie Financiere Rupert, holding a considerable interest in the luxury holding group.

As of March 31, 2023, his portfolio encompasses 6,263,000 Richemont “A” shares and 522,000,000 Richemont “B” shares, collectively constituting 10.18 percent of the company’s total capital and 51 percent of its voting rights.