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South African billionaire Johann Rupert, the chairman of Compagnie Financiere Rupert, has solidified his position as one of the wealthiest businessmen on the African continent as his fortune surged by $900 million in just eight days, pushing his net worth back above the $11 billion mark.
The Bloomberg Billionaires Index, which tracks and compares the wealth of the world’s top 500 billionaires, ranks Rupert as the wealthiest man in South Africa and the second-richest on the African continent, trailing only Nigerian billionaire Aliko Dangote. His net worth stands at an impressive $11.2 billion, a significant increase from the $10.3 billion reported on Oct. 30.
The latest $900-million surge in his fortune, translating to an average gain of $112.5 million per day since Oct. 30, is primarily attributed to the performance of his 9.14-percent stake in Richemont, a leading luxury group that owns premium brands such as Cartier, Chloe, Dunhill, Alaa, and Delvaux.
Johann Rupert’s wealth soars amid solid gains for Richemont’s shares
Richemont’s shares on the SIX Swiss Exchange have experienced a remarkable surge of nearly 6.35 percent over the past eight days, rising from CHF104.75 ($116.25) on Oct. 30 to CHF111.40 ($123.64). This surge has not only returned impressive gains to Richemont’s shareholders but also boosted Johann Rupert’s net worth significantly.
Rupert’s stake in Richemont is held through Compagnie Financiere Rupert and, as of March 31, 2023, 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.
Johann Rupert retains South Africa’s richest title
With this latest increase in his net worth, Rupert has solidified his status as South Africa’s richest individual, surpassing fellow South African magnate Nicky Oppenheimer. With a net worth of $11.2 billion, he now ranks 169th among the world’s richest individuals, firmly establishing himself as one of the most prominent figures in the global billionaire landscape.
Rupert’s remarkable rise in wealth exemplifies the resilience of South Africa’s business elite and the continued growth of the African business landscape, with Rupert’s contributions to the luxury industry playing a pivotal role in his financial success.
His move from a net worth below the $10.5-billion mark to over $11 billion in a matter of days is a testament to the dynamism of the global economy and the opportunities that exist for visionary entrepreneurs.
