South African billionaire Johann Rupert has now lost $3.15 billion since beginning of 2022

South African billionaire and luxury magnate Johann Rupert has lost $3.15 billion in wealth since the start of the year, owing to a sustained decline in the market capitalization of his Swiss luxury goods holding company, Compagnie Financiere Richemont (Richemont).

Rupert, one of Africa’s wealthiest billionaires, has a net worth of $8.8 billion at the time of writing, putting him ahead of fellow billionaire Nicky Oppenheimer, who is presently worth $8.58 billion.

The South African billionaire owns a significant stake in Richemont, as well as Remgro, a South African investment vehicle with equity positions in more than 30 companies, and Reinet Investment.

The Swiss luxury goods holding company reported a 61-percent increase in profit from €1.289 billion ($1.36 billion) in 2021 to €2.08 billion ($2.2 billion) at the end of its 2022 fiscal year. This is more than double what it made in 2020.

According to data gathered by Billionaires.Africa, Rupert’s net worth has dropped from $11.9 billion at the start of the year to $8.8 billion at the time of writing this report. This amounts to a $3.15-billion loss for the South African billionaire since the beginning of the year.

In comparison, the South African businessman’s loss of $3.15 billion since the start of the year is greater than the annual GDP of 11 African countries, including Liberia, Lesotho, Gambia, Guinea-Bissau, Seychelles, and South Sudan.

Despite the $3.15-billion loss in his net worth, South Africa’s luxury magnate remains the country’s second-richest man and one of Africa’s richest billionaires.

The decline in his net worth can be attributed primarily to a drop in the market value of his Richemont stake, as investors continue to sell down stakes in luxury goods holdings as part of a shift to focus on capital preservation and investment in core assets.