South African billionaire Johann Rupert gains $220 million in October, as Richemont shares rebound
Rupert is South Africa’s richest businessman.
Rupert is South Africa’s richest businessman.
Rupert and Oppenheimer remain the two wealthiest billionaires in South Africa.
Grindrod Limited is owned in part by Remgro Limited, Rupert’s investment holding.
Despite the slump in his net worth, Oppenheimer still ranks as the second-richest man in South Africa.
The billion-dollar drop in his net worth brings his year-to-date wealth loss to $3.55 billion.
Grindrod is a freight logistics and shipping services company owned in part by Remgro.
Remgro has also completed the sale of a 30-percent stake in South Africa’s largest wine and spirits producer, Distell Group.
Despite his year-to-date wealth loss, Rupert remains not only one of Africa’s richest men, but also one of the world’s richest billionaires.
The recent drop in his net worth brings his year-to-date wealth loss to $2.79 billion.
Richemont will examine the fair value write down pertaining to its investment in YNAP at $2.7 billion.
The multimillion-dollar drop in his net worth can be attributed to the performance of his 9.14-percent stake in Richemont.
Seacom is privately funded and 75 percent African-owned.
Rupert’s investment firm, Remgro, owns 44.6 percent of Mediclinic, South Africa’s largest hospital operator.
The majority of Rupert’s fortune stems from his stake in Richemont.
This statement comes nearly a week after Richemont reported a double-digit increase in sales in Q1 2023.
The increase in Rupert’s net worth follows a surge in Richemont shares from $10 on July 15 to $11 today.