South Africa’s richest man Johann Rupert loses another $600 million
Despite this recent setback, Rupert retains his status as South Africa’s richest man, ahead of Nicky Oppenheimer.
Despite this recent setback, Rupert retains his status as South Africa’s richest man, ahead of Nicky Oppenheimer.
Remgro Limited is a leading investment holding company led by South Africa’s richest man Johann Rupert.
Despite this recent setback, Rupert retains his status as South Africa’s wealthiest individual, surpassing fellow South African magnate Nicky Oppenheimer.
Rupert expressed his worries during Richemont’s annual meeting in Geneva on Wednesday.
Despite the latest slump in his fortune, Rupert still retains his position as South Africa’s richest man, ahead of Nicky Oppenheimer.
Caroline Rupert, the only daughter of South Africa’s richest man, is the founder of Kathaka Advisers Limited, a single family office.
With his net worth presently standing at $11 billion, the disparity in wealth between Dangote and Rupert becomes evident.
Rupert, who had briefly conceded the top spot, managed to secure his lead again with a net worth of $10.6 billion.
Despite the latest slump in his fortune, Rupert still retains his position as South Africa’s richest man.
Rupert, who serves as Richemont’s chairman, holds a significant interest in the company through Compagnie Financiere Rupert.
The rivalry between Dangote and Rupert has become fierce, with the wealth gap shrinking from $1.2 billion in mid-June to a mere $100 million.
The decline in Rupert’s fortune and the surge in Nigerian billionaire Aliko Dangote’s net worth set the stage for a potential shift in the rankings of Africa’s richest individuals.
Finalized in a private transaction, the deal marks a significant step for Richemont.
Rupert holds a 24.9-percent stake in Reinet Investments, contributing to his status as Africa’s richest man.
The substantial $800-million loss in Rupert’s wealth can be directly attributed to the recent decrease in the market value of his 9.14-percent stake in Richemont.
Despite the impressive financial performance, Richemont experienced an unexpected drop in share price on the Swiss Exchange.