South Africa’s richest man Johann Rupert’s wealth jumps $500 million in 6 days

South African billionaire Johann Rupert, chairman of luxury goods giant Richemont, has seen his wealth surge by $500 million in just six days, solidifying his position as the country’s richest person and pushing his net worth to an impressive $12.7 billion.

The Bloomberg Billionaires Index, which tracks the world’s top 500 billionaires, ranks Rupert as South Africa’s wealthiest and the second-richest on the African continent, trailing only Nigerian tycoon Aliko Dangote. His net worth has risen to $12.7 billion, up from $12.2 billion on May 2.

Richemont stake fuels Johann Rupert’s $12.7-billion fortune

The surge in Rupert’s wealth, an average gain of $83.3 million per day since May 2, is attributed to the performance of his 9.14 percent stake in Richemont. The leading luxury group owns premium brands like Cartier, Chloé, Dunhill, Alaïa, and Delvaux.

Richemont shares have seen a modest 3.71-percent increase in the past six days, reaching new heights on the SIX Swiss Exchange and propelling the luxury goods behemoth’s market cap past $70 billion. This surge has benefited shareholders, particularly Compagnie Financière Rupert, the investment vehicle of the South African tycoon.

Rupert, a titan of the global luxury industry, 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 $8.96 billion, constituting the bulk of his $12.7-billion fortune.

Diversified empire beyond Richemont

While his Richemont stake is the bedrock of his fortune, Rupert has diversified his investments across various sectors. Beyond Richemont, his holdings in Remgro Limited, Reinet Investments, and FirstRand contribute an estimated $1.64 billion to his net worth.

With his net worth now at $12.7 billion, Rupert ascends to the 168th spot on the list of the world’s wealthiest individuals. This recent surge cements his position as South Africa’s richest person and underscores his prominent position as a titan in the global luxury goods industry.