South African billionaire Johann Rupert, chairman of luxury goods giant Richemont, saw his net worth surge by $800 million in a single day, solidifying his position as one of Africa’s richest individuals. The recent increase in his wealth figures, driven by a sharp rise in Richemont’s share price, trimmed his year-to-date losses to $442 million.
Richemont shares soared 43 basis points on Fri., Jan. 19, buoyed by strong holiday sales figures that exceeded analyst expectations. The group’s flagship brands, including Cartier and Van Cleef & Arpels, saw robust demand, particularly in Asia and the Americas.
The rally pushed Rupert’s net worth to $12 billion, according to the Bloomberg Billionaires Index, up from $11.2 billion on Thursday. The surge offers a glimmer of solace after a turbulent year for the luxury industry, which has grappled with inflation and geopolitical uncertainties.
Richemont’s meteoric rise: Shares surge five percent in a week, crossing $71-billion market cap
Richemont shares have soared over 5 percent in the past week, scaling new heights on the SIX Swiss Exchange and propelling the luxury goods behemoth’s market cap past $71 billion. This upswing has showered windfalls on shareholders, particularly Compagnie Financiere Rupert, the South African billionaire’s investment vehicle.
Rupert, a titan of the global luxury landscape, holds a formidable stake in Richemont — 6.26 million “A” shares and 522 million “B” shares, translating to 10.18 percent of the company’s capital and a commanding 51 percent of voting rights.
Bloomberg estimates this stake’s current value at a staggering $8.22 billion, accounting for the bulk of his $12 billion fortune. The Richemont rally has propelled Rupert further up the wealth rankings, solidifying his position as Africa’s second-richest man. He trails only Nigerian cement magnate Aliko Dangote, whose net worth surpasses $17 billion.
Rupert’s $1.68-billion portfolio boost and soaring fortune in luxury and beyond
While his stake in luxury giant Richemont remains the cornerstone of his wealth, Rupert has woven a broader tapestry of investments across diverse sectors.
Remgro Limited, Reinet Investment, and FirstRand are just some gems in his portfolio, adding an estimated $1.68 billion to his net worth at the time of writing. This strategic diversification, coupled with a recent surge in his Richemont holdings, has propelled Rupert to new heights.
His net worth now stands at a dazzling $12 billion, catapulting him to the 163rd spot on the list of the world’s wealthiest individuals. The $800-million surge in his fortune solidifies his position as one of the leading titans of the luxury goods industry.