South Africa’s richest man Johann Rupert gains $1.1 billion in 13 days

South African billionaire Johann Rupert, the chairman of luxury giant Compagnie Financiere Richemont, has seen his fortune surge by $1.1 billion in just thirteen days, propelling his net worth to $12.6 billion.

According to the Bloomberg Billionaires Index, which monitors the world’s top 500 billionaires, Rupert’s net worth, now standing at $12.6 billion, reflects an increase from $11.5 billion nearly two weeks ago — this translates to an average daily gain of $84.62 million since Dec. 6.

The $1.1-billion surge in Rupert’s fortune is directly tied to the performance of his 9.14-percent stake in Richemont, a leading luxury group renowned for premium brands such as Cartier, Chloe, Dunhill, Alaia, and Delvaux. The surge in his fortune has seen him climb to the 159th position, marking a significant rise from 169th on Dec. 6, solidifying his status as South Africa’s richest man and the second-wealthiest individual on the African continent.

Richemont rockets: A 4.59-percent surge in 13 days boosts Rupert’s wealth

Over the past 13 days, Richemont’s shares on the SIX Swiss Exchange have experienced a remarkable 4.59 percent surge, climbing from CHF113.25 ($130.447) to CHF118.45 ($136.648) — this surge not only benefits all Richemont shareholders but also significantly contributes to the boost in Rupert’s net worth.

Richemont’s recent upswing is attributed to its unconditional antitrust clearance from the European Commission (EC) for a strategic partnership with Farfetch, the London-based luxury e-retailer. This partnership involves Farfetch acquiring a substantial 47.5 percent stake in Yoox Net-a-Porter, a move expected to enhance Richemont’s online presence and fuel its growth.

Johann Rupert’s controlling stake and market influence

Rupert’s stake in Richemont is held through Compagnie Financiere Rupert, comprising 6,263,000 Richemont “A” shares and 522,000,000 Richemont “B” shares as of March 31, 2023. This includes 10.18 percent of the company’s capital and a controlling majority of 51 percent of its voting rights, solidifying his significant influence within the luxury giant.

With the recent upswing in his net worth, Rupert has extended his lead over South African tycoon Nicky Oppenheimer, reaffirming his position as the country’s wealthiest individual — this boost not only cements Rupert’s prominence in the global luxury goods sector but also positions him as a key figure in Africa.