Nigerian billionaire Aliko Dangote is no longer Africa’s richest man. The billionaire industrialist has lost the top position that he has held for years to South African billionaire Johann Rupert.

According to data from Forbes, as at August 28, 2024, Aliko Dangote’s real time net worth stood at USD11.4 billion. This was down 4.18 per cent, an equivalent of USD498 million.

On the same day, Johann Rupert & Family were quoted by Forbes as having a real time net worth of USD11.8 billion.

Johann controls Richemont, one of the world’s largest luxury goods firms, which owns brands like Cartier and Montblanc.

Data from Bloomberg placed him further ahead of Dangote. The data from the Bloomberg Billionaire Index placed Johann at a net worth of USD14.3 billion.

Hersi: Safaricom trying to stop Starlink same way banks tried to stop M-Pesa

This put him in the 147th position globally, which was 12 places ahead of Dangote.

Bloomberg stated that Dangote’s net worth had fallen by USD1.7 billion in 2024 to place him at a net worth of USD13.4 billion. In contrast, Johann had gained USD1.9 billion.

According to Forbes, Johann’s company, Compagnie Financiere Richemont, was formed in 1998 through a spinoff of assets owned by Rembrandt Group Limited (now Remgro Limited), which his father Anton formed in the 1940s.

“Johann owns 7 per cent of diversified investment firm Remgro, which he chairs, as well as 27 per cent of Reinet, an investment holding company based in Luxembourg,” states Forbes.

“He also owns part of the Saracens English rugby team and Anthonij Rupert Wines, named after his deceased brother.”