South Africa’s richest man loses $1.1 billion in just 15 days

Feyisayo Ajayi -

South Africa’s richest man Johann Rupert has seen his net worth plummet by $1.1 billion over the past two weeks, a decline largely attributed to the recent plunge in the share price of Compagnie Financière Richemont (Richemont) on the SIX Swiss Exchange.

According to the Bloomberg Billionaires Index, Rupert’s net worth has declined by $1.1 billion, from $14.3 billion on March 14 to $13.2 billion — eroding his year-to-date gains to $758 million.

Luxury mogul Johann Rupert sees $1.1-billion wealth dip as Richemont shares slide

The $1.1-billion plunge in Rupert’s fortune — averaging a daily loss of $73.33 million since March 14 — is directly linked to the market value of his 9.14 percent stake in Richemont.

A prominent figure in the luxury industry, Rupert holds a significant stake in Richemont, which includes 6.26 million “A” shares and 522 million “B” shares. This translates to a 10.18-percent ownership stake and control of 51 percent of voting rights.

The luxury goods giant, known for brands like Cartier and Chloe, has seen its share price on the SIX Swiss Exchange drop 7.22 percent over the same period, falling from CHF 148.20 ($164.34) to CHF 137.50 ($152.48).

Johann Rupert’s wealth takes a hit, but maintains top spot in South Africa

According to Bloomberg, Johann Rupert’s Richemont holdings are now worth $9.34 billion, making up most of his $13.2-billion net worth. While Richemont’s value has dropped significantly, Rupert’s stake in Remgro has also taken a hit.

His interest in Reinet Investments stays steady at $1.17 billion, but his stake in Remgro has fallen from $350 million to $300 million in the last 15 days. This drop aligns with Remgro’s recent financial report, showing half-year revenue of R25.41 billion ($1.35 billion) but a notable 40.1 percent decrease in headline earnings to R2.11 billion ($112.2 million).

Despite these challenges, Rupert remains South Africa’s richest person, surpassing Nicky Oppenheimer ($10.7 billion). He holds the title of Africa’s second-wealthiest individual and ranks 162nd globally, even with the recent decline in his net worth.