South Africa's Johann Rupert declared richest man in Africa, surpassing Nigeria's Dangote

John Rupert named richest man in Africa. [Courtesy]

Johann Rupert, a South African man, has been named the richest man in Africa with a net worth of $12 billion.

This translates to about Sh1.68 trillion as of Wednesday, June 21.

According to Bloomberg Billionaire Index (BBI), Rupert has replaced Aliko Dangote from Nigeria who held the position for about 10 years.

Rupert short to the top position in the list of the rich individuals in the continent after his shares from Richemont appreciated by 33.2 per cent in 2023.

On June 14, the Central Bank of Nigeria (CBN) floated the Naira making Dangote lose $3.12 billion in one day leaving his net worth at a total of $10 billion.

Rupert was born on June 1, 1950, to Anton Rupert, a renowned business tycoon, and his wife, Hubert.

His father established Rembrandt Group Limited, now called Remgro Limited, in the early 1940s.

He studied economics and company law at the University of Stellenbosch, South Africa. Although he did not finish his studies for the sake of his business career, in 2004 the university awarded him an honorary degree in economics.

Afterward, he worked for Chase Manhattan popularly known as Chase Bank and Lazard Freres.

In 1979, he went back to South Africa and started Rand Merchant Bank (RMB).

He served as Chief Executive Officer (CEO) of RMB until 1984 when it changed to RMB holdings incorporating Rand Consolidated Investments. At this point, he left to join his father's company.

In 1988, he spun off assets from his father's company to form Compagnie Financiere Richemont, a luxury goods firm based in Switzerland.

Richemont produces and sells Jewellery, watches, leather goods, writing materials, and other accessories. The company deals with affluent brands like Cartier, Buccellati, Panerai, and many more.

Still, in the same year, Rupert was honored by the Sunday Times as the "Businessman of the Year" and in 2000, he was appointed CEO and chairman of his father's company.

In total, Rupert chairs at least three companies which are Remgro, Richemont and Reinet Investments.