19 days into 2023, South Africa’s richest billionaire already $1.2-billion richer

Just 19 days into 2023, South Africa’s richest billionaire Johann Rupert is enjoying a meteoric rise in his wealth this year, with a bumper $1.2-billion increase in his net worth thanks to the impressive performance of his stake in Richemont.

Rupert, not only South Africa’s wealthiest billionaire, but also Africa’s second-richest man, derives the majority of his wealth from his 9.14-percent stake in Richemont, which owns a diverse portfolio of premium brands such as Chloe, Dunhill, Alaa, Cartier, and Delvaux.

According to the Bloomberg Billionaires Index, which tracks and compares the fortunes of the world’s 500 wealthiest people, the leading South African billionaire’s net worth has increased by $1.21 billion since the start of the year, rising from $10.9 billion to $12.1 billion.

The increase in Rupert’s net worth, which cements his position as South Africa’s richest billionaire, can be attributed to the recent surge in Richemont’s shares, as the luxury goods company recently released its trading update for the third quarter of 2023, revealing robust sales driven by positive momentum from the first half of the fiscal year.

The market value of Rupert’s 9.14-percent stake in the company has increased from $7.71 billion to $9.06 billion as a result of the recent increase in the market value of Richemont shares on the Swiss and Johannesburg stock exchanges.

The group’s sales in the first nine months of its 2023 fiscal year surpassed €15 billion ($16.3 billion), up from €12.77 billion ($13.9 billion) in the first nine months of its 2022 fiscal year, thanks to an increase in sales in Japan from less than €855 million ($929 million) in 2022 to nearly €1.29 billion ($1.4 billion).

Richemont’s biggest market, Asia-Pacific, which includes sales from mainland China, took a seven-percent hit at constant rates as a result of the COVID-19 pandemic, which swept through China’s largest city, causing millions of people to be locked down in major financial centers and hubs such as Shanghai.