Explaining how Johann Rupert became the richest man in Africa

Johann Rupert has overtaken Aliko Dangote as Africa’s richest person with a net worth of $11.9 billion.

1. Rupert’s wealth has increased by R40 billion in 2023 due to the rise in Richemont’s share price.
2. Richemont’s share price has appreciated 33.21% this year.
3. Johann Rupert is the son of Anton Rupert, who founded tobacco company Voorbrand in the 1940s, the foundation of the Rupert family wealth.
4. Johann studied economics before starting Rand Merchant Bank and later joining his father’s company Rembrandt.
5. He spun off Rembrandt’s international assets to form luxury goods company Richemont, where he later became chairman and CEO.