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South Africa’s wealthiest man Johann Rupert has seen a $590-million growth in his net worth in the past 14 days.
Data retrieved from Bloomberg revealed that his net worth has increased from $9.61 billion on July 19 to $10.30 billion as of press time, 9:20 AM (UTC), Aug. 2.
Rupert controls Compagnie Financiere Richemont SA (Richemont). He derives the majority of his wealth from his ownership stake in the Switzerland-based company, which controls brands such as Jaeger-LeCoultre and Cartier.
The increase in the billionaire’s net worth, which is more than half a billion dollars, follows a nine-percent gain in the shares of his luxury goods holding company, which he founded in 1988.
The near double-digit growth in the company’s shares was triggered by investor buying interest following the release of Richemont’s Q1 sales report.
Richemont’s Q1 sales beat analyst expectations, as the company’s sales during the period grew by triple digits in almost all regions.
The company also recorded a 129-percent growth in sales spurred by the performance of Richemont’s Jewellery Maisons and its Specialist Watchmakers, as sales from these segments grew by 142 percent and 143 percent, respectively, at constant exchange rates.
At the beginning of 2021, Bloomberg estimated Rupert’s net worth at $8.02 billion. However, the bullish sentiment that caused shares in the leading luxury maker to surge by 40 percent since the start of the year has propelled his net worth above the $10-billion mark.
Impressive growth in Rupert’s investments in Reinet and Remgro Limited has also triggered a rise in the billionaire’s net worth.
While shares in Reinet have increased from R279.49 ($19.29) on July 19 to R285.72 ($19.72) as of press time, 9:30 AM (UTC), Aug. 2.
Remgro shares have increased from R108.56 ($7.49) to R111.76 ($7.71) between July 19 and Aug. 2.
