South Africa’s richest man Johann Rupert loses $3.4 billion in just 10 weeks

After a strong start earlier this year, South Africa’s wealthiest individual Johann Rupert has faced a significant decline in his net worth over the past 10 weeks.

The billionaire’s fortunes have been eroded by sustained selling pressures in the shares of the Swiss luxury goods giant, Richemont, where he serves as the chairman.

According to data tracked by the Bloomberg Billionaires Index, which monitors the wealth of the world’s most affluent individuals, Rupert has seen his net worth decline by $3.4 billion over the last ten weeks. The decline is attributed to the ongoing slump in the market value of his substantial stake in Richemont.

Since July 14, roughly 10 weeks ago, Rupert’s net worth has plummeted from a remarkable $14.4 billion to its current standing at $11 billion. This substantial drop has significantly reduced his year-to-date wealth gains from $3.5 billion to $122 million in 70 days.

The recent $3.3-billion decrease in his wealth is closely tied to the continued decline in the market value of his 10.18-percent stake in Richemont. Richemont’s shares have fallen from CHF153.95 ($170.05) on July 14 to CHF115.2 ($127.25) as of the drafting of this report.

Rupert’s substantial interest in Richemont is owned through Compagnie Financiere Rupert. As of March 31, 2023, his stake comprised 6,263,000 Richemont “A” shares and 522,000,000 Richemont “B” shares, collectively representing 10.18 percent of the company’s capital and a controlling majority of 51 percent of its voting rights.

With the recent downturn in Richemont shares, the market value of Johann Rupert’s stake in the company now stands at $7.87 billion. Additionally, his holdings in Reinet Investments and Remgro are valued at $1.01 billion and $384 million, respectively.

Despite this recent setback, Rupert retains his status as South Africa’s richest individual, surpassing fellow South African magnate Nicky Oppenheimer.

With a net worth of $11 billion, he is the second-richest person in Africa and ranks 174th among the world’s richest individuals.