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Johan Rupert, South Africa’s wealthiest person and Africa’s second-richest man, has seen his net worth fall by $690 million in the last seven days as shares in Richemont, the dual-listed Swiss luxury goods holdings, continue to fall on the Swiss and Johannesburg stock exchanges.
Rupert, who derives the majority of his wealth from his 9.14-percent stake in Richemont, a luxury goods company that owns a diverse portfolio of premium brands including Chloe, Dunhill, Alaa, Cartier, and Delvaux, has seen his net worth fall by $3.1 billion year-to-date.
According to data from the Bloomberg Billionaires Index, his net worth has dropped by $690 million in the past seven days, from $9.53 billion on Sept. 12 to $8.84 billion at the time of writing.
Despite his year-to-date wealth loss, Rupert remains not only one of Africa’s richest men, but also one of the world’s wealthiest billionaires. According to Bloomberg, he is the world’s 216th richest person.
The $3.1-billion slump in his net worth since the start of the year can be attributed to a sustained decline in Richemont shares on the Swiss Stock Exchange and Johannesburg Stock Exchange, as investors continue to sell down stakes in the luxury goods companies to preserve wealth.
Richemont shares have dropped more than eight percent in the past week, from CHF109.55 ($11.7) to CHF100.3 ($103.54), extending the stock’s year-to-date loss to more than 27 percent. Meanwhile, the market value of Rupert’s 9.14-percent stake in the luxury goods business has decreased below $6.5 billion.
Richemont has announced plans to sell 47.5 percent and 3.2 percent of its YNAP holdings to Farfetch, a British-Portuguese online luxury garments retail platform, and Symphony Global, one of the investment firms owned by Mohamed Alabbar, the man behind the Dubai Mall, as part of its move to unlock value for shareholders and sell stakes in its loss-making segments.
