Home » South African billionaire Johann Rupert suffers $570-million wealth loss in June

South African billionaire Johann Rupert suffers $570-million wealth loss in June

by Omokolade Ajayi
Johann Rupert

South African billionaire Johann Rupert saw his net worth fall by more than $500 million in June.

The drop in the value of his fortune is linked to the decline in the share price of companies held in his family investment vehicle, as market participants cycle out funds in equities to preserve wealth and reinvest in core assets.

According to data tracked by Billionaires.Africa, Rupert, one of Africa’s wealthiest people, saw his net worth drop by a massive $570 million in June, from $9.71 billion at the start of the month to $9.14 billion at the end of the month.

The $570-million drop in his wealth brought its year-to-date decline to more than $2.81 billion, representing a 23.5-percent decrease in his net worth since the start of the year.

Despite the multimillion-dollar drop in his net worth, Rupert remains South Africa’s richest man, ahead of Nicky Oppenheimer, who has a net worth of $8.5 billion.

The decline in his fortune over the month can be attributed to the performance of his stakes in Remgro Limited, a South African investment holding, and Reinet Investments S.C.A., a Luxembourg-based investment vehicle that demerged from his luxury goods company Richemont in 2008.

According to data obtained from the Johannesburg Stock Exchange, between June 1 and 30, the share price of Remgro fell from R150.54 ($9.22) to R129.13 ($7.9), while the share price of Reinet Investments dropped from R317.48 ($19.46) to R286 ($17.53), resulting in millions of dollars in losses for the businessman.

The decrease in the share prices of Reinet and Remgro reflects a reduced appetite for emerging market shares, as foreign investors sold off stakes in risky assets after a flurry of rate hikes by central banks attempting to cool inflationary pressures caused by hikes in energy and food prices.

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