South African billionaire Johann Rupert has displaced Nigeria’s Aliko Dangote on Forbes’ real-time Global Billionaires List. The list pegs Rupert’s net worth at $11.9 billion and Dangote’s at $10.7 billion as of Monday.
Nigerian media The Punch reports that Dangote’s net worth took a hit following the naira depreciation caused by the decision of the Central Bank of Nigeria to auction the dollar at a relatively lower rate than the official market price.
73-year-old Rupert, who was born in Stellenbosch, South Africa, to business magnate Anton Rupert and his wife, Hurberte, is chairman of Swiss luxury goods firm Compagnie Financiere Richemont. The company was formed in 1998 through a spinoff of assets owned by Rembrandt Group Limited (currently Remgro Limited), which Rupert’s father Anton formed in the 1940s, Forbes said.
Rupert owns 7% of diversified investment firm Remgro, and he chairs it. The South African businessman also owns 26% of Reinet, an investment holding company based in Luxembourg.
Dangote, who has held the top spot consecutively for 12 years, is the founder and chair of Dangote Cement, Africa’s largest cement producer. Dangote Cement, which operates in 10 countries across Africa, has the capacity to produce 48.6 million metric tons annually.
Dangote owns 85% of publicly-traded Dangote Cement through a holding company. The Nigerian billionaire’s refinery, which is Africa’s biggest oil refinery, opened in Nigeria last month and is expected to help address fuel shortages in the country. Experts say that Dangote may soon bounce back to the top spot on the billionaire list for Africa thanks to his refinery.