Wealth Of Richest Man In South Africa Decrease By $229 Million Within 24 Hours
Johann Rupert, the richest man in South Africa, saw a $229 million decrease in his wealth within 24 hours.
According to the Bloomberg Billionaires Index, his net worth dropped by $229 million, going from $13.6 billion to $13.4 billion due to the decline in the market value of his 9.14% stake in Richemont. Richemont is a Swiss-based luxury goods group that owns premium brands like Cartier, Chloe, and Dunhill, making up most of Rupert’s fortune.
This decline in net worth is linked to the decrease in Richemont’s market value, which fell 2.44% from CHF151.65 ($170.3) to CHF147.95 ($166.1) within 24 hours, bringing the group’s market capitalization to below CHF80 billion ($90 billion) and Rupert’s stake below $10 billion.
Johann Rupert remains the richest man in South Africa and the second-richest man in Africa, with a net worth of $13.4 billion, putting him among the world’s richest.
He has gained $2.47 billion in net worth year-to-date, making him the only African billionaire with a net worth gain of over $2 billion this year.
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Aside from his Richemont stake, Rupert is a major shareholder in Remgro, which has investments in over 30 companies, including FirstRand, Unilever South Africa, and RMB Holdings.
He also has a 25% stake in Reinet Investments, a holding entity for Richemont’s stake in British American Tobacco, through Anton Rupert Trust.
