Dangote’s wealth declines, as South Africa’s Johann Rupert threatens his spot as Africa’s richest

South African billionaire, Johann Rupert, is gradually closing in on Nigeria and Africa’s richest person, Aliko Dangote, the founder of Dangote Cement and Sugar brands.

This comes as Rupert gained N58.20 billion ($140 million) on Wednesday during trading hours, while Dangote lost N8.73 billion ($21 million), wiping off 0.15% from his wealth during the same period.

Rupert benefited from a family fortune, taking over from his father’s fashion & retail business, Compagnie Financiere Richemont, known for the brands, Cartier and Montblanc.

In 2012, Rupert was fourth on Africa’s richest list, with $5.1 billion to his name, while Dangote stood high at number one, with a networth estimated at $11.2 billion in the same year.

Within the last ten years, Rupert’s wealth has grown 105.8%, however, Dangote’s networth has experienced a slow growth of $25.8%, when compared to the South African businessman, Ripples Nigeria calculation shows.

Rupert’s gain in a decade has seen the billionaire take second position behind Dangote, after adding $5.4 billion to his fortune, which is now placed at $10.5 billion by Forbes Billionaire Index.

Dangote on his part, was only able to gain $2.9 billion to his wealth during the same timeframe, as the soon-to-be refinery owner is now worth $14.1 billion thanks to his cement and sugar businesses.