South Africa's richest man Johann Rupert loses $229 million in 24 hours

Johann Rupert, the richest man in South Africa, has experienced a significant decline in his wealth within a span of 24 hours.

According to the Bloomberg Billionaires Index, which tracks and compares the wealth of the world’s top 500 billionaires, Rupert’s net worth declined by $229 million within the past 24 hours, from $13.6 billion to $13.4 billion.

This decline was attributed to the recent decline in the market value of his 9.14-percent stake in Richemont, a Swiss-based luxury goods group that owns premium brands such as Cartier, Chloe, Dunhill, Alaa, and Delvaux, and represents the bulk of Rupert’s fortune.

The slump in Rupert’s net worth can be linked to the recent decline in the market value of Richemont shares, which fell by 2.44 percent from CHF151.65 ($170.3) to CHF147.95 ($166.1) in the past 24 hours.

This has pushed the group’s market capitalization below CHF80 billion ($90 billion), and the market value of Rupert’s stake below $10 billion.

Despite the decline in his net worth, Johann Rupert remains not only the second-richest man in Africa but also the richest man in South Africa, with a net worth running to a total of $13.4 billion, placing him among the richest men in the world.

His year-to-date net worth gains stand at $2.47 billion, making him the only African billionaire who has experienced a net worth gain of more than $2 billion since the start of the year.

Aside from his stake in Richemont, Rupert is a major shareholder in Remgro, a holding group with investments in more than 30 companies, including FirstRand, Unilever South Africa, and RMB Holdings.

Rupert’s other investments include a 25-percent stake in Reinet Investments, a company founded in 2008 as a holding entity for Richemont’s stake in British American Tobacco, through beneficial ownership of the South Africa-based Anton Rupert Trust.