South Africa’s richest man Johann Rupert gains $500 million in just 9 days

Mfonobong Nsehe -

South African billionaire Johann Rupert, chairman of luxury goods giant Richemont, has strengthened his position as South Africa’s wealthiest person. His fortune jumped by $500 million in nine days, pushing his net worth to a milestone of $13.4 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 $13.4 billion—marking a substantial increase of $500 million, from the $12.9 billion valuation on Feb. 7.

The $500-million surge in his fortune, translating to an average daily gain of $55.55 million since Feb. 7, 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 rockets: Shares soar 5.9 percent in nine-day surge, boosting Rupert’s fortune

Richemont shares on the SIX Swiss Exchange have experienced a remarkable surge of nearly 5.92 percent over the past nine days, rising from CHF129.15 ($146.55) on Feb. 7 to CHF 136.8 ($155.23). This surge not only yielded significant gains for Richemont’s shareholders but also contributed significantly to the recent surge in Rupert’s net worth.

Rupert, a top figure in 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 present value at $9.49 billion, accounting for the bulk of his $13.4-billion fortune.

Beyond Richemont, a diverse portfolio adds $1.75 billion to Rupert’s fortune

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 $1.75 billion to his net worth.

With the latest bump in his net worth, Rupert has cemented his status as South Africa’s richest individual, maintaining his lead over fellow South African magnate Nicky Oppenheimer. His net worth now stands at $13.4 billion, propelling him to the 149th spot on the global ranking of the world’s richest individuals and solidifying his position as a leading figure in the luxury goods sector.