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The number one billionaire in South Africa, Johan Rupert, has experienced a significant increase in his net worth by an astounding $1.69 billion due to the recent surge in the market value of his stake in the Swiss-based luxury goods group, Richemont.
According to figures tracked by Billionaires.Africa, Johan Rupert has seen his net worth increase by $1.69 billion since the start of the year, from $10.9 billion at the start of the year to $12.6 billion at the time of drafting this report.
Thanks to recent gains that boosted his net worth to $12.6 billion, Rupert – South Africa’s wealthiest man and the second-richest in Africa – has now secured the 153rd spot among the world’s wealthiest individuals, according to the Bloomberg Billionaires Index.
The recent surge in his net worth can be linked to the outstanding performance of his 9.14 percent stake in Richemont, a Swiss luxury goods company with a diverse portfolio of premium brands including Chloe, Dunhill, Alaa, Cartier, and Delvaux.
The market value of his stake in the luxury goods company has seen a significant increase from $7.71 billion to $9.52 billion, as Richemont’s share price surged by more than 12 percent since the beginning of the year, from CHF127.3 ($136.5) to CHF143.55 ($154).
Investor optimism is believed to be the driving force behind the recent surge in Richemont’s stock prices, which was sparked by the group’s trading update for Q3 of the 2023 fiscal year. The update revealed strong sales figures that not only showcased the group’s ability to maintain its performance in the first half of the fiscal year but also demonstrated its potential for growth.
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).
