South Africa’s wealthiest man Johann Rupert sees net worth rise by $2.05 billion

The net worth of South Africa’s wealthiest man Johann Rupert has surged by $2.05 billion so far this year after gains in his shares in the world’s largest luxury watchmaker Compagnie Financiere Richemont and the South African brewery Distell Group.

The Bloomberg Billionaire Index revealed that Rupert, who had an estimated net worth of $8 billion at the start of the year, has recently seen his wealth climb as high as $10.1 billion.

The surge in his net wealth valuation has been linked to gains from his 0.5-percent stake in Compagnie Financiere Richemont.

Shares in the company have been on the rise following a report that its earnings in 2020 outperformed analyst expectations. Its profits increased on the back of 31-percent growth in jewelry sales.

The company’s share price increased from $103.7 (CHF93.48) per share at the close of trading on the Swiss Stock Exchange on May 19 to $121.14 (CHF109.15) per share at the market’s opening this morning.

Moreover, shares in Distell Group and Rupert’s holding company, Remgro Ltd., which has an equity position in Distell, have risen after media reports that Heineken N.V. may be interested in acquiring the brewery.

According to Bloomberg, Rupert’s $10.1-billion net worth makes him the richest South African billionaire ahead of Nicky Oppenheimer, who has a net worth of $7.85 billion.

His net worth in relative terms can buy 5.24 million troy ounces of gold and 146 million  barrels of crude oil and is equivalent to 0.047 percent of the U.S. GDP.