The $600-million recent surge in his fortune is linked to the performance of Rupert’s 9.14-percent stake in Richemont.
South Africa’s richest man
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The key factor behind the plunge in Johann Rupert’s fortune is the recent decline in the market value of his 10.18-percent stake …
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Despite this recent setback, Rupert retains his status as South Africa’s richest individual, surpassing fellow South African magnate Nicky Oppenheimer.
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Rupert expressed his worries during Richemont’s annual meeting in Geneva on Wednesday.
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Rupert is the richest man in South Africa and the second-richest billionaire on the African continent.
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The billion-dollar drop in his net worth brings his year-to-date wealth loss to $3.55 billion.
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The multimillion-dollar drop in his net worth can be attributed to the performance of his 9.14-percent stake in Richemont.