South Africa’s richest man Johann Rupert loses $1.1 billion, net worth drops below $16 billion

Key Points

• The South African billionaire lost $1.1 billion in March as Richemont’s share price declined, reducing his year-to-date gains to $2.05 billion.
• Rupert’s holdings in the Swiss luxury group fell amid an 11% stock drop, cutting his stake’s value from $12.5 billion to $11.5 billion.
• The decline pushed him from the 127th to the 138th spot on Bloomberg’s real-time billionaire rankings.

After a strong start to the year, South Africa’s richest man, Johann Rupert, has seen his net worth drop by $1.1 billion in March, bringing it below $16 billion.

Johann Rupert’s net worth drops to $15.7 billion

According to the Bloomberg Billionaires Index, Rupert—Africa’s second-richest person after Nigerian billionaire Aliko Dangote—has seen his fortune shrink from $16.8 billion on March 1 to $15.7 billion as of this report.

The decline is tied to the drop in Richemont’s share price. The Swiss luxury group, which owns Cartier, Van Cleef & Arpels, and Chloé, has taken a hit in March, reducing the market value of Rupert’s stake in the company.

Rupert’s Richemont stake loses $1 billion

This follows a $520 million gain in February, when Rupert’s net worth rose from $16.3 billion to $16.8 billion by the end of the month. However, his year-to-date gains have now fallen from $3.19 billion at the end of February to $2.05 billion.

Despite the recent dip, Rupert remains firmly in control of Richemont. He holds a 10.18 percent equity stake and controls 51 percent of its voting rights through 6.26 million “A” shares and 522 million “B” shares. Since the start of March, Richemont’s shares have dropped more than 11 percent, bringing the value of his stake down from $12.5 billion to $11.5 billion.

Holdings in Reinet, Remgro, FirstRand

Beyond Richemont, Rupert also has substantial holdings in Reinet Investments, Remgro, and FirstRand, valued at $1.24 billion, $410 million, and $149 million, respectively. These assets contribute $1.8 billion to his net worth, while his cash holdings—estimated at $2.35 billion—make him one of Africa’s billionaires with the largest liquid assets.

Rupert falls to 138th richest globally

The recent $1.1 billion drop in his fortune has also affected his global ranking. At the start of March, Rupert was the world’s 127th-richest person. He has now slipped to 138th place, according to Bloomberg’s real-time billionaire rankings.