Rupert's equity stake in Richemont accounts for the majority of his $10.3-billion fortune.
Rupert still ranks among those African billionaires who have lost a significant portion of their wealth since the start of the year.
The group’s financial performance in the first half of 2023 builds on previous results.
Rupert is South Africa's richest businessman.
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.
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.