Home » South Africa’s richest man Johann Rupert gains $400 million in 9 days

South Africa’s richest man Johann Rupert gains $400 million in 9 days

Rupert's wealth soars: A $400-million gain fueled by luxury group Richemont's rally

by Feyisayo Ajayi
Johann Rupert

South African billionaire Johann Rupert, the chairman of Compagnie Financiere Richemont, has solidified his position as one of the wealthiest businessmen on the African continent as his fortune surged by $400 million in just nine days, propelling his net worth to $11.6 billion.

The Bloomberg Billionaires Index, which tracks the fortune of the world’s top 500 billionaires, ranks Rupert as the richest man in South Africa and the second-richest on the African continent, trailing only Nigerian billionaire Aliko Dangote. His net worth stands at $11.6 billion—reflecting a notable $400 million bump from the $11.2 billion reported on Nov. 28.

Johann Rupert’s wealth soars: A $400 million gain fueled by luxury group Richemont’s rally

The $400-million surge in his fortune, translating to an average daily gain of $44.4 million since Nov. 28, is linked 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.

Richemont’s shares on the SIX Swiss Exchange have experienced a remarkable surge of nearly 4.38 percent over the past nine days, rising from CHF 108.50 ($124.037) on Nov. 28 to CHF 113.25 ($129.462). This surge has not only returned impressive gains to Richemont’s shareholders but also boosted Rupert’s net worth significantly.

This surge comes as Richemont received an unconditional antitrust clearance from the European Commission (EC) for a partnership with London-based online luxury retailer Farfetch — this partnership involves Farfetch acquiring a 47.5-percent stake in Yoox Net-a-Porter.

Behind the numbers: Johann Rupert’s commanding presence in Richemont revealed

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.

With his latest net worth increase, Rupert has cemented his status as South Africa’s richest individual, maintaining his edge over fellow South African magnate Nicky Oppenheimer. His net worth now stands at $11.6 billion, propelling him to 168th on the global ranking of the world’s richest individuals and solidifying his position as a leading figure in the luxury goods sector.

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