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Despite a promising beginning this year, Johann Rupert, South Africa’s richest individual, has seen a notable decrease in his wealth over the last 10 weeks. The billionaire’s fortunes have been impacted by continuous sell-offs in the shares of Richemont, the Swiss luxury goods company for which he acts as chairman.
Bloomberg Billionaires Index, which monitors the wealth of the world’s wealthiest individuals, says Johann Rupert’s net worth has dropped by $3.4 billion in the past ten weeks. This decrease is directly linked to the sustained decline in the market value of his significant stake in Richemont
In the span of approximately 10 weeks, starting from July 14, Johann Rupert’s net worth has tumbled from an impressive $14.4 billion to its current level of $11 billion. This significant decline has drastically reduced his year-to-date wealth gains, going from $3.5 billion to just $122 million in a mere 70 days.
Continuous drop in Richemont contributes to the decline
The notable $3.3-billion reduction in his wealth is closely linked to the continuous drop in the market value of his 10.18-percent stake in Richemont. The shares of Richemont have slipped from CHF153.95 ($170.05) on July 14 to CHF115.2 ($127.25) as of the time of this report.
Johann Rupert’s substantial interest in Richemont is held through Compagnie Financiere Rupert. As of March 31, 2023, this stake included 6,263,000 Richemont “A” shares and 522,000,000 Richemont “B” shares, collectively representing 10.18 percent of the company’s capital and a controlling majority of 51 percent of its voting rights.
Due to the recent decline in Richemont’s shares, the market value of Johann Rupert’s stake in the company now stands at $7.87 billion. Additionally, his holdings in Reinet Investments and Remgro are valued at $1.01 billion and $384 million, respectively.
Despite this recent setback, Johann Rupert maintains his position as South Africa’s wealthiest individual, surpassing fellow South African magnate Nicky Oppenheimer.
Boasting a net worth of $11 billion, he holds the title of the second-wealthiest individual in Africa and secures the 174th spot among the world’s richest people.
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