South Africa’s richest businessman Johann Rupert has made a remarkable comeback, bouncing back from a $1.09-billion wealth loss in 2022 with a stunning billion-dollar increase in his net worth in January 2023.
According to the Bloomberg Billionaires Index, Johann Rupert, the billionaire chairman of luxury goods group Richemont, who is known for his astute investments and business acumen, saw his wealth figures increase by $1.41 billion in the first month of 2023, more than offsetting the $1.09 billion wealth loss he suffered in 2022.
Johann Rupert’s net worth has increased from $10.9 billion at the start of the year to $12.3 billion thanks to the surge in his 9.14-percent stake in Richemont.
The market value of his stake in the Swiss-based luxury goods group has risen from $7.71 billion to $9.22 billion since the start of the year thanks to a double-digit rise in Richemont shares on the Swiss and Johannesburg stock exchanges.
This significant increase in the market value of his stake has propelled Rupert to the 156th richest person in the world, surpassing Paolo Rocca, an Italian billionaire who is the chairman and CEO of Tenaris, an oil and gas pipe manufacturer.
The recent increase in Richemont stock prices can be attributed to investor optimism in response to the company’s trading update for the third quarter of its 2023 fiscal year.
The trading update featured strong sales figures, demonstrating the group’s ability to maintain and build on its strong performance in the first half of the same fiscal year.
The group’s sales surpassed €15 billion ($16.3 billion) during the period under review, up from €12.77 billion ($13.9 billion) in the first nine months of its 2022 fiscal year, thanks to a rise in sales in Japan from less than €855 million ($929 million) in 2022 to nearly €1.29 billion ($1.4 billion). Meanwhile, sales in Europe performed better than expected despite geopolitical tensions sparked by the Ukraine war.
