South African luxury goods magnate Johann Rupert has reclaimed his position as Africa’s second-richest person, overtaking Nigerian industrialist Abdul Samad Rabiu after a rally in Richemont shares boosted his fortune close to the $20 billion mark.
- +Luxury stock surge propels SA’s Rupert past Nigeria’s Rabiu on billionaire list
- +Jewellery demand drives Richemont growth
According to the Bloomberg Billionaires Index, Rupert’s net worth rose to $19.9 billion as of June 15, up from $18.8 billion a week earlier, driven largely by gains in Richemont, the Swiss luxury group behind Cartier, Van Cleef & Arpels and Montblanc.
According to the Bloomberg Billionaires Index, Rupert’s net worth rose to $19.9 billion as of June 15, up from $18.8 billion a week earlier, driven largely by gains in Richemont, the Swiss luxury group behind Cartier, Van Cleef & Arpels and Montblanc.
The surge places Rupert $2.4 billion ahead of Rabiu, whose fortune is estimated at $17.5 billion, underscoring how recent movements in African and global equity markets have reshaped the continent’s billionaire rankings.
The reversal comes five weeks after Rabiu briefly overtook Rupert. In early May, the Nigerian businessman saw his net worth rise to $18.6 billion, surpassing Rupert’s $17.9 billion at the time.
Rupert’s wealth has been buoyed by a nearly 15 percent rally in Richemont shares in recent weeks, lifting the value of his indirect stake in the luxury group to roughly $14.2 billion. Strong investor appetite for high-end jewellery and resilient demand across key markets have helped support the stock’s performance despite broader uncertainty in global consumer spending.
By contrast, Rabiu’s fortune has come under pressure from declines in the share prices of his flagship listed companies. The BUA Group founder owns 95.78 percent of BUA Cement and 92.64 percent of BUA Foods, making his wealth closely tied to movements in the Nigerian Exchange Limited.
Shares of BUA Foods, Nigeria’s second-most valuable listed company, fell to N939 on June 11 from N967 on the fourth of the same month. BUA Cement also declined to N378 from N420 on May 29, reducing the value of Rabiu’s holdings and weighing on his overall net worth.
The latest shift in rankings comes amid a broader reshuffling of Africa’s billionaire wealth tables.
Last week, BusinessDay reported that South African businessman Nathan Kirsh emerged as the continet’s fastest wealth creator in 2026 after a landmark $29.1 billion transaction boosted his fortune. Data from the Bloomberg Billionaires Index showed Kirsh’s wealth rose 46.2 percent between February 20 and June 8, making him the continent’s biggest gainer during the period.
Despite the movement among Africa’s wealthiest individuals, Nigerian billionaire Aliko Dangote remains firmly at the top of the rankings with an estimated fortune of $36.5 billion.
Jewellery demand drives Richemont growth
Rupert remains Richemont’s controlling shareholder through family interests, holding a 10.18 percent economic stake and 51 percent of voting rights.
For the year ended March 31, Richemont reported net profit of €3.48 billion ($4.04 billion), supported by robust jewellery sales that offset softer demand in parts of its watch business. Revenue rose to €22.4 billion ($26 billion), reflecting continued strength in luxury spending despite currency headwinds and a challenging global economic backdrop.
Earnings per share increased 27 percent to €5.91, while operating cash flow reached €4.88 billion. The company ended the year with net cash of €8.5 billion and proposed a 10 percent increase in its ordinary dividend to CHF3.30 per share, alongside a special dividend of CHF1 per share.
The strong earnings performance and improving investor sentiment toward luxury stocks have helped propel Richemont shares higher, providing the foundation for Rupert’s return to the number two spot among Africa’s richest individuals.
