South Africa’s richest man Johann Rupert sees $1.05-billion surge in net worth

Johann Rupert, South Africa’s wealthiest individual, has witnessed a significant surge in his net worth, surpassing $1 billion in gains since the start of 2024. The boost is attributed to the stellar performance of his stake in Swiss luxury goods holding company, Richemont, following the group’s better-than-expected sales figures.

Rupert’s fortunes took a hit early in the year, dropping from $12.4 billion to $11.2 billion within the first eighteen days. However, a strong rebound has propelled his wealth to soar above $13.5 billion, marking a $1.05 billion gain year-to-date. This solidifies his position as Southern Africa’s wealthiest individual and Africa’s second-richest person.

Rupert’s billion-dollar boom: A $1.05-billion surge adds to his $1.49-billion wealth gain in 2023

The $1.05-billion surge in Rupert’s fortune supplements the $1.49-billion wealth gains he achieved throughout 2023, further cementing his status among Africa’s elite billionaires who experienced wealth increments exceeding a billion dollars during the previous year.

The recent increase in his fortune is linked to the performance of his 9.14-percent stake in Richemont, a leading luxury conglomerate owning renowned brands such as Cartier, Chloe, and Dunhill. Richemont’s shares on the SIX Swiss Exchange have seen a surge of nearly 23 percent since the year began, contributing significantly to Rupert’s net worth resurgence.

Rupert, a top figure in the global luxury sector, holds a significant stake in Richemont, estimated at $9.54 billion by Bloomberg. This stake, comprising 6.26 million “A” shares and 522 million “B” shares, accounts for 10.18 percent of the company’s capital and 51 percent of voting rights.

Q3 2024: Richemont’s resilience shines with $6.1-billion sales surge

Richemont’s robust performance in the third quarter of its 2024 fiscal year, amidst a challenging macroeconomic and geopolitical environment, bolstered Rupert’s fortunes further.

Sales for the three months ending Dec. 31, 2023, surpassed $6.1 billion, indicating an eight-percent increase at constant exchange rates and a four-percent rise at actual exchange rates.

The surge in Richemont’s sales was particularly notable in key regions such as Japan, Asia Pacific, and the Americas, with Asia-Pacific experiencing a 13-percent growth driven by a substantial increase in mainland China, Hong Kong, and Macau.