South Africa’s Johann Rupert Is Africa's Richest Man
South African businessman Johann Rupert, 73, has overtaken Nigerian business mogul Aliko Dangote as the richest man in Africa, according to Forbes Magazine's Real-time global Billionaires ranking, writes Leadership.
Rupert's estimated nett worth is U.S.$12 billion, while Dangote's nett worth is U.S.$10.8 billion. Rupert's wealth primarily comes from his ownership in Cie Financiere Richemont, a leading luxury goods manufacturer and retailer, as well as strategic investments in Remgro and Reinet.
Dangote's fortunes suffered a significant decline due to the depreciation of the Nigerian naira, which was caused by the Central Bank of Nigeria's decision to auction the U.S. dollar at a lower rate, compared to the official market price.
InFocus
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History was made as President Muhammadu Buhari inaugurated the first indigenous refinery in Nigeria, the U.S.$18.5 billion Dangote Petroleum Refinery, in Ibeju-Lekki, Lagos.
Africa's richest man, Aliko Dangote, owns the new refinery, which aims to address the ongoing fuel shortages in Nigeria, Africa's biggest
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Aliko Dangote remains Africa's richest man and the richest black man in the world for nine years in a row, with a net worth of more than U.S.$10 billion. The Nigerian businessman's fortune is primarily built from his company Dangote Cement, although he started his business empire by selling commodities such as sugar, salt, and flour. Dangote Refinery has been under construction since 2016 and is expected to be one of the world's largest oil refineries once complete.
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Johann Rupert, Chief Executive Officer of Compagnie Financiere Richemont and the richest African according to Forbes.
