Table of Contents
Following a remarkable 2023 that propelled his wealth beyond $12 billion, Johann Rupert, South Africa’s richest man and the second-richest man in Africa, has seen his net worth decline by over $600 million in the first 12 days of 2024, 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, Rupert’s net worth has slumped by $618 million over the past 12 days — declining from $12.4 billion on Jan. 1 to $11.8 billion on Jan. 12.
Richemont stake plunge: Catalyst behind $51.5 million daily wealth drain
Since the start of the year, his net worth has consistently dropped by an average of $51.5 million per day. This decline has pulled his wealth below the $12.4-billion mark, mainly due to the decrease in the market value of his investment portfolio, which includes a stake in Remgro, and a 25-percent stake in Reinet Investments.
The key factor behind this plunge is the recent decline in the market value of his 10.18-percent stake in Richemont, a luxury conglomerate known for brands like Cartier, Montblanc, and Van Cleef & Arpels. The stake dropped from CHF115.65 ($135.252) on Jan. 1 to CHF110.45 ($129.197).
Market turbulence shaves off $480 million from Rupert’s Richemont holdings
Over the past 10 days, Richemont’s shares, traded on the SIX Swiss Exchange, have experienced a notable 4.5-percent plunge. This pushed the group’s market cap below the $70-billion mark, with the market value of Rupert’s stake in Richemont falling below $7 billion.
According to Bloomberg data, Rupert’s Richemont holdings have declined by $480 million, falling from $8.43 billion on Jan. 1 to $7.95 billion. Furthermore, his investments in Reinet Investments and Remgro have seen decreases of $40 million and $25 million, leaving them with present values of $1.16 billion and $394 million, respectively.
Despite this recent setback, Rupert retains his status as South Africa’s richest man, surpassing fellow South African magnate Nicky Oppenheimer. With a net worth of $11.8 billion, he is the second-richest person in Africa and ranks 170th among the world’s richest individuals.
The intelligence satisfies curiosity. The paid briefings satisfy strategy.
Every Monday, Elite subscribers receive an Investor Memo breaking down the deal, the structure and the positioning behind the week's most consequential African wealth story - the kind of analysis that doesn't appear anywhere else.
Twice a month, a Wealth Intelligence brief profiles a single billionaire's holdings, cash flows and expansion pipeline in detail no public source matches.
→ Executive ($25/mo): Daily newsletter + Deep-Dive Reports
→ Elite ($75/mo): Everything above + Investor Memos + Wealth Intelligence + Quarterly Analyst Briefings
Subscribe now
