South African billionaire, Johann Rupert, the chairman of Swiss luxury goods conglomerate Richemont, has soared to the top of the African wealth pyramid, becoming the continent's richest individual and recording the most significant wealth gains this year, according to the Bloomberg Billionaires Index .
Rupert's net worth has surged by $1.62 billion in 2024, climbing from $12.4 billion at the start of the year to $14 billion, as of this report. This remarkable increase has propelled Rupert ahead of Nigerian billionaire Aliko Dangote, who previously held the title of Africa's wealthiest person.
Richemont stake drives wealth growthThe substantial rise in Rupert's fortune is attributed to his investments in Richemont, which boasts prestigious brands including Cartier, Montblanc, and Van Cleef Arpels. Rupert's holdings in Richemont include 6.26 million "A" shares and 522 million "B" shares, representing a 10.18 percent equity stake and 51 percent voting rights.
The increase in Richemont's shares has been robust, with the company's stock on the SIX Swiss Stock Exchange rising nearly 20 percent in 2024, pushing its market capitalization toward $85 billion. Rupert's stake has jumped to $9.63 billion from $8.2 billion at the start of the year.
