Johann Rupert's wealth drops by $700 million in October amid Richemont stake decline

Omokolade Ajayi -
Key Points
  • Johann Rupert's net worth fell by $700 million in October, dropping to $13.7 billion after briefly reaching $14.4 billion earlier this month.
  • Rupert's holdings in Richemont include 6.26 million “A” shares and 522 million “B” shares, representing 10.18% of the company.
  • His stake in Richemont has declined from $9.5 billion to $9.09 billion, impacting his overall wealth.

Johann Rupert, South Africa’s richest man and chairman of Swiss luxury conglomerate Richemont, has seen his net worth dip by $700 million in October, according to the Bloomberg Billionaires Index. This decline follows a surge earlier this month that elevated his wealth to an estimated $14.4 billion, briefly making him the richest person on the African continent.

As of the latest estimates, Rupert's fortune has fallen to $13.7 billion, reflecting a decline tied closely to his stake in Richemont, the parent company of high-profile brands such as Cartier, Chloé, and Van Cleef & Arpels.

Rupert's holdings: A wealth overview

His holdings, which include 6.26 million “A” shares and 522 million “B” shares, represent about 10.18 percent of Richemont and 51 percent of its voting rights. The value of his stake has dropped from $9.5 billion on October 1 to $9.09 billion, significantly impacting his overall wealth.

In addition to his Richemont holdings, Johann Rupert's wealth portfolio includes about $2.68 billion in cash, a $168 million stake in FirstRand—Africa's largest lender by market capitalization, $420 million in Remgro Limited, and $1.32 billion in Reinet Investments, which manages Richemont's stake in British American Tobacco.

Dangote reclaims Africa's richest title

Rupert held the title of Africa’s richest person until Oct. 17, when the wealth assessment for Aliko Dangote was revised to include the valuation of his mega-refinery project, the Dangote Oil Refinery.

This recalibration elevated Dangote’s net worth, positioning him as the continent's wealthiest individual and the world’s richest Black man, surpassing Johann Rupert and American tech mogul David Steward.

Richemont’s strategic exit from YNAP

To strengthen Richemont’s operations and enhance its investment value, the company announced the sale of its entire stake in YOOX NET-A-PORTER (YNAP) to MYT Netherlands Parent B.V. (Mytheresa) for €555 million ($609.7 million) in cash, plus a €100 million ($109.9 million) revolving credit facility to support future operations.

This move highlights Richemont's focus on boosting YNAP's profitability amid fierce competition in online luxury retail. The deal, expected to close in the first half of 2025 pending regulatory approvals, will integrate YNAP into Mytheresa's luxury retail framework. 

Following the sale, Richemont will hold a 33 percent equity stake in Mytheresa and will appoint a representative and an observer to its Supervisory Board. However, the company expects a write-down of approximately €1.3 billion ($1.43 billion) related to YNAP's net assets, mainly due to currency fluctuations and changes in Mytheresa's share price.