South Africa’s richest man Johann Rupert has seen his net worth increase by $400 million in the past 18 days, bringing his fortune close to a $12-billion valuation, according to Bloomberg.
Rupert’s net worth is valued at $11.7 billion as of press time on Feb. 12, making him the 179th richest man in the world and the second-wealthiest man in Africa.
His net worth has risen by $400 million in the past 18 days, from $11.3 billion on Jan. 25 to $11.7 billion as of the time of writing.
The multimillion-dollar surge in his net worth was driven by a single-digit increase in the shares of his Swiss-based luxury goods holding, Compagnie Financière Richemont, combined with a surge in the stock price of Remgro, a South Africa-based investment vehicle with equity positions in more than 30 companies.
Experts believe the surge in Richemont shares was fueled by investor reactions to Richemont’s 32-percent sales growth in the third quarter of its current fiscal year, 2022, thanks to a boost from consumer purchases during the holiday season.
Recently, a 30-percent owned entity of Remgro, SEACOM, completed the acquisition of Africell’s Ugandan assets. Africell is a fast-growing mobile network operator with a pan-African footprint and more than 12 million subscribers.
Research conducted by Billionaires.Africa revealed that the $400-million wealth gain was also supported by an increase in the shares of Reinet Investments, a Luxembourg-based investment vehicle linked to the leading billionaire businessman.
Reinet Investment was spun off from Rupert’s luxury goods conglomerate Richemont in 2008 as part of a strategic effort to unlock value for existing shareholders.
Despite the recent increase in his wealth, Rupert’s net worth has decreased by $214 million since the start of 2022 due to the volatility of his investments.