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Johann Rupert, the South African billionaire who recently surpassed Nigerian magnate Aliko Dangote to become Africa’s richest man, has experienced a notable decrease in his fortune.
According to Forbes’ Real-Time Global Billionaires Ranking, Rupert’s net worth, previously valued at $12 billion on June 16, has now fallen to $11.1 billion, marking a $900-million dip within just 22 days.
The decline in Rupert’s net worth can be attributed to the reduction in the market value of his 9.14-percent stake in Swiss luxury goods company Richemont.
Over the past weeks, Richemont’s shares have witnessed a three-percent drop on the SIX Swiss Exchange, falling from CHF150.45 ($167.8) to CHF143.8 ($161.8) at the time of reporting. Consequently, this led to a significant decline in Rupert’s stake in the company.
Despite this recent setback, Rupert still holds the title of not only South Africa’s richest man but also the wealthiest individual on the entire African continent, according to the latest rankings by Forbes.
Aliko Dangote, who previously held the top position, now trails behind Rupert with a net worth of $9.9 billion, reflecting a decrease of $900 million from his previous net worth of $10.8 billion recorded just 22 days ago.
Rupert’s ascent to the pinnacle of Africa’s wealth pyramid stands as a testament to his exceptional business acumen and success. However, the recent decline in his net worth serves as a stark reminder of the volatility and constant fluctuations experienced even by the world’s wealthiest individuals.
The race for the title of Africa’s richest person remains fiercely contested, with Aliko Dangote in close pursuit of Rupert’s fortune.
The financial world eagerly watches the fortunes of these industry titans, acknowledging the dynamic nature of their wealth and their influential role in shaping Africa’s economic landscape.
