South African billionaire Johann Rupert has slipped behind Nigerian billionaire Aliko Dangote in the race for Africa’s richest, as his net worth further slumped below $11 billion to $10.2 billion, while Dangote’s wealth rebounded to $11 billion.
The recent resurgence in Dangote’s fortune and the decline in Rupert’s wealth came after Billionaires.Africa reported on Mon., Aug. 14, that the two billionaires, who have been 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.
On Tuesday, Dangote, the founder of Dangote Group, Africa’s most diversified manufacturing conglomerate, reclaimed his position as Africa’s richest man, nearly two months after losing the title to Johann Rupert.
However, this was short-lived as Johann Rupert swiftly regained his position as the richest man on the African continent less than 24 hours later, despite a $100-million decline in a single day. Meanwhile, Dangote’s net worth slumped back to $10.3 billion due to the $538 million blow he suffered on Wednesday.
With his net worth presently standing at $11 billion, securing his position as Africa’s richest man according to Forbes, the disparity in wealth between Dangote and Rupert becomes evident. With Rupert’s net worth at $10.2 billion at the time of writing, this $800-million gap underscores his uphill task in reclaiming his status as Africa’s top billionaire.
Amid the aftermath of these financial setbacks, Rupert is set to receive a substantial dividend payout of CHF 204.62 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 significant stake in the Swiss luxury holding group.
As of March 31, 2023, his portfolio includes 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.
