South Africa’s wealthiest billionaire Johann Rupert has experienced a significant decline in his net worth in the past 11 days, losing $800 million.
Rupert, who serves as the chairman of Swiss-based luxury goods holding company Richemont, has seen his fortune drop from $13.8 billion to $13 billion, according to the Bloomberg Billionaires Index.
The decline in Rupert’s net worth can be attributed to profit-booking activities among investors in Richemont shares.
This trend has impacted the luxury group’s share price on both the Johannesburg Stock Exchange and the SIX Swiss Exchange, leading to a decrease in the market value of Rupert’s 9.4-percent stake in the conglomerate.
Since May 15, Richemont’s shares on the SIX Swiss Exchange have fallen by almost 4.8 percent, going from CHF155.65 ($172.1) to CHF148.30 ($164) at the time of this report.
Consequently, Rupert’s 9.4-percent stake in Richemont has experienced a decline from over $10 billion to $9.7 billion.
Despite this recent setback, Rupert’s net worth has still seen a remarkable increase of $2.05 billion since the beginning of the year.
The surge has solidified his position not only as South Africa’s richest individual but also as one of the wealthiest billionaires on the African continent.
The impressive growth in his worth can fortune be attributed to a 16 percent surge in Richemont shares throughout the year.
The surge has propelled his fortune from $10.9 billion at the start of the year to $13 billion at the time of this report.
Rupert’s influence and success in the luxury goods industry are well-established.
As the chairman of Richemont, he oversees a diverse portfolio of luxury labels, including renowned brands such as Cartier, Montblanc, and Van Cleef & Arpels.
While the recent decline in his net worth may be a temporary setback, it is clear that Rupert’s entrepreneurial acumen and the performance of Richemont‘s luxury brands continue to contribute significantly to his overall wealth.