The net worth of South African billionaire businessman Johann Rupert declined by $440 million in June. The decline followed a drop in the value of his stakes in Reinet Investment and Remgro Limited.
Rupert is the chairman of Compagnie Financiere Richemont, a publicly traded luxury goods manufacturer and retailer and the world’s largest luxury watchmaker.
He holds a 0.5-percent stake in Compagnie Financiere Richemont, 25-percent stake in Reinet Investments and a one-percent stake in Remgro Limited, a holding with investments in more than 30 companies.
Bloomberg Billionaire Index revealed that Rupert, who had an estimated net worth of $10.3 billion in early June, saw his wealth decline to $9.86 billion on June 30.
According to Bloomberg, his net worth has fallen from $10.3 billion on June 1 to $9.86 billion on June 30, translating to a loss of $440 million for the billionaire in 29 days.
A decline in the companies’ market value triggered $440 million in losses for the billionaire.
The share price of Reinet Investment declined from $19.82 (R283.90) to $19.57 (R280.23) per share, while Remgro’s share price dropped from $8.61 (R123.27) to $8.00 (R114.60) between June 1 and 30.
According to Bloomberg, Rupert’s $9.86-billion net worth makes him the wealthiest South African billionaire ahead of Nicky Oppenheimer, who has a net worth of $7.95 billion.
Rupert derives a substantial percentage of his wealth from his stake in Compagnie Financiere Richemont, as well as from his stake in Reinet Investments and Remgro.