South Africa’s richest man Johann Rupert loses another $800 million in 18 days

Johann Rupert, South Africa’s richest man and the second-richest man in Africa, has experienced a significant decline in fortune, losing $800 million in his net worth over the past 18 days, amid sustained selling pressures in the shares of the Swiss luxury goods giant, Richemont, where he owns a substantial stake.

According to data tracked by the Bloomberg Billionaires Index, which monitors the wealth of the world’s most affluent individuals, Johann Rupert’s net worth has slumped by $800 million over the last 18 days.

Since Oct. 12, exactly 18 days ago, Rupert’s net worth has declined from $11.1 billion to its current standing at $10.3 billion. This substantial drop has significantly overturned his year-to-date wealth gains to a loss of $588 million.

The primary driver behind this drastic shift is the substantial decline in the market value of his 10.18-percent stake in Richemont, a Swiss luxury conglomerate renowned for its iconic brands such as Cartier, Montblanc, and Van Cleef & Arpels which fell from CHF108.5 ($120.12) on Oct. 12 to CHF104.40 ($115.6).

Over the past 18 days, Richemont’s shares, traded on the SIX Swiss Exchange, have experienced a notable drop of 3.78 percent. The decline pushed the market capitalization of the company below the CHF 60 billion($60.40 billion) threshold, with the market value of Rupert’s stake in Richemont falling below $7 billion.

According to Bloomberg’s data, Rupert’s stake in Richemont has declined by $630 million, falling from $7.72 billion on Oct. 12 to $7.09 billion. Furthermore, his investments in Reinet Investments and Remgro have decreased by $90 million and $26 million, respectively.

Despite this recent setback, Rupert retains his status as South Africa’s richest individual, surpassing fellow South African magnate Nicky Oppenheimer. With a net worth of $10.3 billion, he is the second-richest person in Africa and ranks 178th among the world’s richest individuals.