South African billionaire Johann Rupert loses $1.1 billion in 23 days

Johann Rupert, South African billionaire and Africa’s most affluent man after Nigerian billionaire Aliko dangote, has recently endured a notable decline of more than $1 billion in net worth.

According to Forbes magazine, Rupert’ net worth has slumped by $1.1 billion in 23 days, declining from $11.3 billion on Aug. 3 to $10.2 billion at the time of writing this report.

This slump in his net worth is linked to the sustained decline in his stake in Richemont, the Swiss luxury conglomerate behind iconic brands such as Cartier, Montblanc, and Van Cleef & Arpels.

Data gathered by Billionaires.Africa revealed that Rupert’s stake in Richemont has decreased by CHF621.18 million ($775.61 billion) since Aug. 3 as investors on the SIX Swiss Exchange continue to reduce their stakes in the luxury holding group.

Compagnie Financière Richemont SA, headquartered in Bellevue, Switzerland, is a luxury goods company located in various countries, including France, the UK, Italy, Switzerland, and Europe.

Rupert’s significant influence over Richemont is evident in his portfolio, which comprises 6,263,000 Richemont “A” shares and 522,000,000 Richemont “B” shares, accounting for 10.18 percent of the company’s capital and 51 percent of voting rights.

Since Aug. 3 on the SIX Swiss Exchange, the company’s shares have experienced a single-digit downturn, declining from CHF134.90 ($152.52) to CHF123.00 ($139.05).

As a result of this 8.82-percent decline in Richemont shares, the market value of Rupert’s stake has slumped from CHF7.04 billion ($8.03 billion) on Aug. 3 to CHF6.42 billion ($7.26 billion) at the time of writing.

Despite the latest slump in his fortune, Rupert still retains his position as South Africa’s richest man, ahead of fellow South African tycoon Nicky Oppenheimer.