Table of Contents
Key Points
- South Africa’s Johann Rupert loses $600 million as Richemont sales miss and share price falls.
- Net worth dips to $13.3 billion, but still up $935 million for the year.
- Rupert joins others like Oppenheimer and Kirsh with significant wealth gains in 2024.
Johann Rupert, South Africa’s richest person and a global luxury goods leader, has seen his wealth fluctuate significantly in the past week. After a brief rebound, his net worth has declined by $600 million, according to the Bloomberg Billionaires Index.
As of July 19, 2024, Rupert’s net worth sits at $13.3 billion, down from $13.9 billion on July 14. This follows a surge last week that pushed his wealth close to $14 billion. The decline has caused him to slip from 151st to 160th on the global wealth ranking.
Richemont sales miss, share rice slumps, impacting Johann Rupert’s stake
The dip is attributed to investor reaction to Richemont’s Q1 2024 sales figures. The Swiss luxury goods conglomerate, controlled by Rupert, missed analyst expectations. This led to a recent decline in Richemont’s share price, consequently shrinking the market value of Rupert’s stake.
Richemont reported sales of €5.27 billion ($5.74 billion) for the three months ending June 30, 2024, a slight decrease from €5.32 billion ($5.8 billion) in the same period last year. The company’s share price has fallen 5.6 percent this week, dropping from CHF143 ($161.7) to CHF133 ($152.3).
Rupert holds a significant stake in Richemont, with 6.26 million “A” shares and 522 million “B” shares, translating to a 10.18 percent ownership stake and 51 percent voting rights. Due to the recent share price decline, the market value of his Richemont holding is estimated at $9.3 billion.
Johann Rupert still up for the year despite recent setback
Despite this short-term loss, Rupert remains among the African billionaires who have seen substantial wealth gains in 2024. Year-to-date (YTD), his net worth has increased by $935 million.
Other African billionaires with similar gains include Nicky Oppenheimer, whose fortune has grown by $1.33 billion, and Eswatini’s richest man Natie Kirsh, whose net worth has climbed $1.2 billion since the beginning of the year.
