Key Points:
- Johann Rupert’s net worth swings, peaking at $14.2 billion in early June, then dips $300 million due to Richemont’s share decline.
- Rupert’s 10.18 percent stake in Richemont, hit by a 4 percent dip, saw his wealth fall below $14 billion.
- Despite recent losses with Richemont shares, Johann Rupert and select African billionaires have seen substantial wealth gains in 2024.
Johann Rupert, South Africa’s richest person, has experienced a volatile swing in his net worth this month. After a strong start to June that saw his wealth climb $500 million to $14.2 billion, Rupert’s fortune has retreated, dipping back below the $14 billion mark.
According to the Bloomberg Billionaires Index, which tracks the wealth of the world’s 500 richest billionaires, Rupert’s net worth currently sits at $13.9 billion. This represents a $300 million decline from his peak this month, reached on June 7. The recent drop follows a $500 million increase in his net worth during the first week of June.
Johann Rupert loses $300 million on Richemont dip
Richemont, a prestigious Swiss conglomerate specializing in luxury goods, boasts renowned brands like Cartier, Chloe, Dunhill, Alaia, and Delvaux. Aligning with its growth strategy and recent move to deepen its jewelry holdings, the company expanded its portfolio with the acquisition of Italian jeweler Vhernier S.p.A.
The recent $300 million decline in Johann Rupert’s wealth is tied to the performance of his 10.18 percent stake in Richemont. Shares in the Swiss luxury goods giant tumbled over 4 percent in a week, falling from CHF150.1 ($168.2) on June 7 to CHF143.6 ($161). This pushed the group’s market cap below $90 billion and the market value of his stake to $10 billion.
Rupert holds a significant portion of his fortune in Richemont, owning 6.26 million “A” shares and 522 million “B” shares. This grants him a 10.18 percent stake and 51 percent voting rights. According to Bloomberg, his Richemont stake is currently valued at $10 billion, down from $10.3 billion on June 7.
Richemont shares down, but Rupert bucks trend among African billionaires
Despite a recent decline in Richemont’s share price, Johann Rupert remains among Africa’s billionaires who’ve seen their fortunes rise impressively this year. Rupert’s net worth has climbed $1.54 billion in 2024.
Other African billionaires enjoying significant wealth gains this year include Nicky Oppenheimer, whose net worth has also grown by over $1 billion. Egyptian brothers Nassef and Naguib Sawiris have seen their fortunes increase by $410 million and $323 million, respectively. Notably, Aliko Dangote, Africa’s richest person, has only added $45.4 million to his net worth in 2024.
