Johann Rupert, South Africa’s wealthiest billionaire and chairman of Swiss-based luxury goods holding company Richemont has experienced a significant decline in his net worth over the past 11 days, having lost $800 million.
According to the Bloomberg Billionaires Index, his fortune dropped from $13.8 billion to $13 billion.
What led to the decline in his net worth?
The decline in Rupert’s net worth can be attributed to profit-booking activities among investors in Richemont shares. This trend has impacted the luxury group’s share price on both the Johannesburg Stock Exchange and the SIX Swiss Exchange, leading to a decrease in the market value of Rupert’s 9.4-percent stake in the conglomerate.
Richemont’s shares on the SIX Swiss Exchange have fallen by almost 4.8 percent, going from CHF 155.65 ($172.1) to CHF 148.30 ($164) Since May 15.
This caused Johann Rupert’s 9.4-percent stake in Richemont to experience a decline from over $10 billion to $9.7 billion.
The recent setback has not hindered Rupert’s net worth to surge further. His net worth has still seen a remarkable increase of $2.05 billion since the beginning of the year. This surge has solidified his position as South Africa’s richest individual and also one of the wealthiest billionaires in Africa.
The key factor behind his soaring net worth
A 16 percent surge in Richemont shares throughout the year propelled his fortune from $10.9 billion at the start of the year to $13 billion at the time of this report. This depicts the impressive growth in his fortune.
His recent decline in his net worth may be a temporary setback as Rupert’s entrepreneurial acumen and the performance of Richemont‘s luxury brands continue to contribute significantly to his overall wealth.
Johann Rupert’s influence and success in the luxury goods industry are clearly well-established. As the chairman of Richemont, he oversees a diverse portfolio of luxury labels, including renowned brands such as Cartier, Montblanc, and Van Cleef & Arpels.
Source: Business Elites Africa
