South Africa’s richest man Johann Rupert makes $500 million in just 10 days

Omokolade Ajayi -

Key Points:

  • Johann Rupert’s net worth surged by $500 million in early June, solidifying his position as South Africa’s richest man.
  • Richemont’s share price has increased over 32% year-to-date, boosting Rupert’s wealth significantly.
  • Richemont reported record sales of $22.4 billion for fiscal 2024, fueled by strong global sales, particularly in Japan and the Asia-Pacific region.

Building on significant gains from May, South African billionaire Johann Rupert, the chairman of luxury goods giant Richemont, has seen his fortune rise by an additional $500 million in the first ten days of June. This solidifies his position as South Africa’s richest man and Africa’s second-wealthiest individual.

With his net worth pegged at $14.2 billion, Rupert ranks 145th among the world’s wealthiest billionaires, according to the Bloomberg Billionaires Index. The recent surge in his net worth follows a $1.5 billion increase in May, which saw his fortune rise from $12.2 billion to $13.7 billion.

Richemont’s market performance drives wealth increase

The sustained increase in Rupert’s net worth is closely tied to the performance of his 10.18 percent stake in Richemont. Year-to-date, Richemont’s share price on the SIX Swiss Exchange has increased by over 32 percent, driving the company’s market capitalization closer to the $90 billion mark. Rupert’s holdings, which include 6.26 million “A” shares and 522 million “B” shares, have an estimated value of $10.3 billion.

The luxury group’s recent financial performance has been robust, with Richemont reporting record sales of over $20 billion at the end of its 2024 fiscal year. Despite macroeconomic challenges, sales climbed to €20.6 billion ($22.4 billion), up from €19.95 billion ($21.67 billion) the previous year. Gross profit also increased to €14.04 billion ($15.22 billion) from €13.72 billion ($14.88 billion) in 2023.

Strong global sales fuel Richemont’s growth

Richemont’s global sales growth has been driven by strong performances across all regions. Japan led with a 20 percent increase, driven by robust domestic demand and a resurgence in tourism spending. The Asia-Pacific region followed with 10 percent growth, with most markets contributing positively. Europe saw a three percent rise, supported by resilient domestic spending.

Johann Rupert’s commanding 51 percent voting rights in Richemont and his substantial stake in the company have been central to his recent financial success, reflecting the luxury group’s strong market performance and strategic growth in the luxury sector.