On Friday, June 15, South African business tycoon Johann Rupert was crowned the richest man in Africa, overtaking Nigeria’s Aliko Dangote who has held the top spot for a dozen years. This was revealed through Forbes’ The Real-time Billionaires List. On the list, which ranks the world’s wealthiest humans, the South African was placed at 145 with a net worth of 11.7 billion dollars ahead of Aliko Dangote who finished 178 with a net worth of 10.4 billion dollars. It is the first time Rupert is named Africa’s richest man despite appearing on Forbes’ list of billionaires for at least 26 years. Dangote’s main source of wealth is linked to his investments in cement and sugar, through which he has monopolized the top position for years. The decline in his fortune is traced to the recent decision of Nigeria’s apex bank, the Central Bank of Nigeria, to float the naira, forfeiting the fixed exchange rate with the U.S. dollar.
Johann Rupert, 73, whose wealth comes from luxury goods, is the chairman of Switzerland-based luxury goods enterprise Compagnie Financiere Richemont. Formed in 1988 through assets owned by Rembrandt Group Limited (now Remgro Limited), which Rupert’s father Anton created in the 1940s, the company is known for brands Cartier, Dunhill, Constantin and Montblanc, Van Cleef & Arpels, Buccellati, Serapian Milano, Peter Millar, among others.
After working for some time with Chaste Bank in Manhattan and Lazard Freres in New York, Rupert launched Rand Merchant in 1979. This was before the formation of Richemont. He also briefly studied Economics and Company Law at the University of Stellenbosch before joining his father’s company Rembrandt in 1984.
In 2008, under the leadership of Rupert, Remgro acquired shares in the English rugby club Saracens. Rupert’s initial aim was to give South Africans the opportunity to play abroad and still be eligible for the Springboks. The club enjoyed tremendous success during Rupert’s administrative involvement, with the club winning the English Premiership on three occasions, in 2011, 2015, and 2016, as well as European Champions Cup titles in 2016 and 2017. Rupert decided to call off his deal with the club after ten years.
In 2013, Rupert decided to take a 12-month sabbatical at Rembrandt, temporarily handing over to deputy chairman Yves-Andre Istel. In 2020, the Rupert-led Richemont acquired 100% of the shares in luxury e-tailer Net-a-Porter in a deal worth over 500 million dollars. Rupert also has a stake in diversified investment firm Remgro, doubles as the company’s chairperson, and owns 26% of Luxembourg-based investment holding company, Reinet. In October 2016, he and Italian entrepreneur Franco Cologni founded the Michelangelo Foundation, a Geneva-based non-profit organization. Tailored to celebrate excellence in craftsmanship, the organization partners with like-minded organizations and network members to recognize outstanding artisans in their regions. They help recommended artisans gain visibility by engaging them in projects and events.
Rupert is the recipient of several accolades, one of which is the 2009 French Legion d’Honneur. He holds honorary doctorates in Law, Economics, and Commerce. He is also the chairman of the Peace Parks Foundation, a non-profit organization based in South Africa. Founded by Rupert’s father, the organization aims to rebuild and protect large ecosystems in Africa. An environmental conservationist, Rupert has strict views on fracking in the Karoo region of South Africa.