Africa’s second-richest man Johann Rupert gains $400 million as investors react to Richemont’s sales

South African billionaire Johann Rupert’s net worth skyrocketed by millions of dollars in the two days following the release of his luxury holding’s sales report, as investors rushed to buy the Richemont shares in response to the announcement.

As of Jan. 20, Rupert’s net worth was $12.2 billion, making him the wealthiest individual in South Africa and the second-richest man in Africa after Nigerian billionaire businessman Aliko Dangote, who is worth $19.8 billion as of the time of writing this report.

Since the start of business and trading on Jan. 18, his fortune has grown by more than $400 million, putting him far beyond the $12-billion wealth mark.

The multimillion-dollar increase in his fortune can be linked to a bump in the share price of his Swiss-based luxury goods holding, which resulted in an increase in the market value of his stake.

The Swiss luxury goods firm reported revenues of €5.66 billion ($6.42 billion) in the three months between October and December 2021 thanks to a boost from consumer spending over the holiday season.

When compared to the €4.19 billion ($4.75 billion) achieved by Richemont in the same quarter last year, sales increased by 32 percent, driven by double-digit gains in all regions, channels and business sectors in a generally favorable economic environment.

In response to the rise in sales, the company’s shares surged by more than 5.5 percent, expanding from R227.44 ($15.04) at the opening of the Johannesburg Stock Exchange on Jan. 18 to R232.18 ($15.35) at the time of writing, driven by investor purchasing activity.

According to data from the Bloomberg Billionaires Index, Rupert’s net worth has increased from $11.8 billion to $12.2 billion in three days, resulting in a $400-million gain for the tycoon.