South Africa’s richest man Johann Rupert has seen his net worth slump by $500 million in the past 19 days due to a decline in the market value of his stake in his luxury goods holding company, Compagnie Financiere Richemont S.A. (Richemont).
Rupert is one of the top five richest billionaires in Africa, with a fortune amounting to more than $11.8 billion, 46.6-percent lower than his $8.02-billion net-worth valuation at the start of 2021. His net worth recently surged to an all-time high of $12.3 billion on Dec. 8.
Data gathered by Billionaires.Africa revealed that Rupert’s wealth at the opening of business and trading on Dec. 8, 19 days ago, was estimated at $12.3 billion thanks to a bump that saw his net worth surge above the $12-billion mark.
Profit-taking and portfolio-rotation actions by wary investors in recent times, which led to a single-digit drop in Richemont shares, caused the market value of his stake in the Swiss luxury goods holdings to decline.
As a result of the decrease in the valuation of his stake, his net worth slumped from $12.3 billion to $11.8 billion as of the time of the writing of this report.
Despite the half-billion-dollar decline in the market value of his stake in Richemont, Rupert remains the richest billionaire in South Africa and the only African billionaire with a net-worth gain of more than $3 billion in 2021.
Since the start of the year, his net worth has increased by over 46 percent thanks to a 70-percent value hike in his stake in Richemont.
In the first six months of its 2022 financial year, which ended on Sept. 30, Richemont has recorded a strong double-digit increas across Maisons, businesses and channels, leading its sales to increase by 63 percent from €5.48 billion ($6.18 billion) last year to €8.91 billion ($10.05 billion).
The strong double-digit growth across all business segments, channels and regions compared to the prior year and improved profit margins led earnings to surge by 686 percent from €159 million ($179.4 million) to €1.25 billion ($1.41 billion).
With a net worth of $11.8 billion, Rupert is now the 188th richest man in the world.
