Johann Rupert, South Africa’s wealthiest individual and the second-richest man in Africa, has experienced a notable surge in his net worth, rebounding from recent significant losses.
According to data from the Bloomberg Billionaires Index, Rupert’s fortune soared by $700 million within the past 24 hours, bringing his total net worth from $10.5 billion on Tuesday, November 14, to $11.2 billion on Wed., Nov. 15.
This substantial increase not only wipes out Rupert’s year-to-date losses of $447 million but also transforms them into year-to-date gains of $253 million. The sudden boost in his wealth is attributed to the recent pullback in the share price of Richemont, a leading luxury goods group where Rupert holds a substantial stake.
Richemont shares surge 5.5%, boosting wealth for shareholders and Johann Rupert
Richemont shares, traded on the SIX Swiss Exchange, experienced a remarkable surge of nearly 5.5 percent in the past 24 hours. Starting at CHF104.55 ($117.63) on Tuesday, November, the shares opened at CHF110.4 ($124.2) on Nov. 15.
This surge not only delivered impressive returns to Richemont’s shareholders, but also significantly augmented Rupert’s net worth.
Rupert’s stake in Richemont, held through Compagnie Financiere Rupert, comprises 6,263,000 Richemont “A” shares and 522,000,000 Richemont “B” shares, constituting 10.18 percent of the company’s capital and a controlling majority of 51 percent of its voting rights.
At the time of this report, his 10.18-percent stake in the luxury goods holding company is valued at $7.61 billion, dominating the majority of his overall fortune.
Diverse investment portfolio: Johann Rupert’s $1.63 billion holdings beyond Richemont
Apart from Richemont, Rupert holds stakes in other ventures, including Remgro Limited, Reinet Investment, and FirstRand Limited, with a combined worth of $1.633 billion.
The recent surge in Rupert’s net worth coincides with Richemont’s financial report, revealing a modest three-percent increase in profits, reaching €2.16 billion ($2.31 billion) in the first half of its 2024 fiscal year.
While the group’s sales also showed a 6 percent increase, climbing from €9.68 billion ($10.35 billion) to €10.22 billion ($10.92 billion), the growth fell short of analysts’ expectations. Inflationary pressures and geopolitical tensions impacting global economic growth and consumer spending were cited as factors influencing the results.
