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Key Points:
- Johann Rupert, South Africa’s richest man, saw his net worth rise by $1.19 billion in the first half of 2024, bolstered by Richemont’s strong performance.
- Richemont, led by Rupert, achieved record sales of $22.4 billion for fiscal 2024, marking an 8% increase at constant exchange rates.
- Rupert’s stake in Richemont grew to $9.56 billion as the luxury conglomerate’s share price surged over 25% on the SIX Swiss Exchange.
Building on a strong 2023 that saw his net worth increase by nearly $1.5 billion, Johann Rupert, South Africa’s richest person, added a further $1.19 billion to his fortune in the first half of 2024. This solidifies his place among the world’s wealthiest individuals.
Johann Rupert’s net worth jumps on strong performance by Richemont
The South African businessman, chairman of Swiss luxury goods group Richemont, and a global luxury magnate saw his net worth increase by $1.19 billion in the first six months of 2024, pushing his wealth figures to $13.6 billion on June 30, up from $12.4 billion on Jan. 1, 2024.
The surge in Rupert’s fortune is linked to the performance of his stake in Richemont. This leading luxury conglomerate houses prestigious brands like Cartier, Chloé, and Van Cleef & Arpels. The $1.19 billion gain adds to the impressive $1.49 billion increase he saw in 2023, which took his net worth from $10.91 billion on Jan. 1 to $12.4 billion on Dec. 31.
Rupert climbs Bloomberg ranking, solidifies position as South Africa’s richest
A significant portion of Johann Rupert’s wealth is held in Richemont. He owns 6.26 million “A” shares and 522 million “B” shares, granting him a 10.18 percent stake and 51 percent voting rights. Since the year began, Richemont’s share price on the SIX Swiss Exchange has risen over 25 percent, climbing from CHF112 ($124.18) on January 1 to CHF140.35 ($155.62) at the time of writing. This has pushed the group’s market capitalization to $84.5 billion.
As a result of the double-digit share price increase, Rupert’s stake in Richemont grew from $8.52 billion to $9.56 billion. This surge cemented his position as Africa’s second-richest person and South Africa’s wealthiest individual. Additionally, his global ranking on the Bloomberg Billionaires Index improved from 162nd at the start of the year to 151st as of June 30.
Richemont overcomes headwinds to deliver record sales of $22.4 billion
Under Johann Rupert’s guidance, Richemont capped off a strong fiscal 2024 with record sales exceeding $20 billion. Despite macroeconomic and geopolitical headwinds, sales climbed to €20.6 billion ($22.4 billion) from €19.95 billion ($21.67 billion) the prior year. This represents an 8 percent increase at constant exchange rates and a 3 percent rise at actual rates.
Gross profit also rose, reaching €14.04 billion ($15.22 billion) from €13.72 billion ($14.88 billion) in 2023. Aligning with its growth strategy and recent jewelry acquisitions, the company expanded its portfolio further with the purchase of Italian jeweler Vhernier S.p.A.
