Dangote loses number one richest spot in Africa, see list

Johann Rupert of South Africa has overtaken Aliko Dangote, the President of the Dangote Group, to become Africa’s richest person.

Dangote, who had held the top spot for several years, experienced a $1.7 billion decline in his wealth this year, according to the latest Bloomberg Billionaires Index released on Wednesday. Meanwhile, Rupert's wealth surged by $1.87 billion during the same period.

The Bloomberg Billionaires Index provides a daily ranking of the world's wealthiest individuals.

Rupert, 74, controls Cie Financière Richemont, the world’s largest luxury watchmaker, through a family trust. The Switzerland-based company, headquartered in Bellevue, owns prestigious brands such as Jaeger-LeCoultre and Cartier.

In addition to Richemont, Rupert's investments include Remgro, a South African investment firm based in Stellenbosch, which holds stakes in over 30 companies.

On the other hand, Dangote’s wealth primarily comes from his 86% ownership in Dangote Cement, a publicly traded company. He holds these shares both directly and through his conglomerate, Dangote Industries.

Dangote’s other publicly traded assets include shares in Dangote Sugar, Nascon Allied Industries, and United Bank for Africa. His investments span a range of industries, from food manufacturing to fertilizers, oil, and other sectors.

He is also the owner of the Dangote Refinery, a 650,000 barrels-per-day integrated refinery located in Lagos State.

Other African billionaires rounding out the top five include Nicky Oppenheimer (South Africa) with a net worth of $11.3 billion, Nassef Sawiris (Egypt) with $9.37 billion, and Natie Kirsh (South Africa) with $9.14 billion.

According to the Bloomberg Billionaires Index, the top 10 richest men in the world are:

Elon Musk (United States) — $236bn
Bernard Arnault (France) — $198bn
Jeff Bezos (United States) — $197bn
Mark Zuckerberg (United States) — $185bn
Bill Gates (United States) — $160bn
Larry Ellison (United States) — $153bn
Larry Page (United States) — $149bn
Warren Buffett (United States) — $145bn
Steve Ballmer (United States) — $144bn
Sergey Brin (United States) — $140bn