South African billionaire Johann Rupert has seen his net worth rise by $1.76 billion since the beginning of November, as his wealth figures rebound sharply above the $10-billion mark as a result of renewed investor interest in his Swiss luxury goods holding company, Richemont.
Rupert, the richest man in South Africa and the second-wealthiest businessman on the African continent, trailing only Nigerian billionaire Aliko Dangote, has seen his net worth rise by $1.76 billion so far in November, from $8.54 billion at the start of the month to $10.3 billion at the time of writing this report.
The performance of his 9.14-percent stake in Richemont, a luxury goods company that owns a diverse portfolio of premium brands such as Chloe, Dunhill, Alaa, Cartier, and Delvaux, can be attributed to his billion-dollar net worth increase.
His equity stake in the Swiss luxury goods holding company, which is presently valued at $7.39 billion, accounts for the majority of his $10.3-billion fortune, ranking him 176th in the world behind Thomas Kwok, the former chairman of Sun Hung Kai Properties, Hong Kong’s largest real estate developer.
The recent increase in the share price of Richemont, which resulted in a $1.76-billion gain for Rupert, comes as the company reported a double-digit increase in profit during the first half of its fiscal year 2023, owing to higher sales as its watch and luxury goods segments continued to shine despite widespread macroeconomic volatility and political tensions.
According to the group’s recently published interim financial statement, profits at the end of the first six months of its 2022 fiscal period rose by more than 40 percent, from €1.5 billion ($1.55 billion) in the same period in 2022 to €2.1 billion ($2.17 billion).
The group’s strong financial performance in the first half of 2023 builds on previous results, particularly in 2022, when profit increased by 61 percent during the reporting period, from €1.289 billion ($1.36 billion) in 2021 to €2.08 billion ($2.2 billion).