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South Africa’s richest man, Johann Rupert, added $1.2 billion to his fortune in September as shares of luxury companies gained ground on the back of rising demand for high-end goods and continued global interest in sustainable and experiential luxury.
South Africa’s richest man adds $1.2 billion
According to the Bloomberg Billionaires Index, which tracks the world’s wealthiest individuals, Rupert—chairman of Swiss luxury group Richemont—saw his net worth climb from $16.1 billion on Sept. 1 to $17.3 billion at the end of the month. The increase secured his position as South Africa’s wealthiest person, ahead of fellow billionaire Nicky Oppenheimer, and kept him ranked among the top 150 richest people worldwide.
The $1.2 billion boost extended Rupert’s year-to-date gains to $3.65 billion, largely thanks to his stake in Richemont. The company, known for brands such as Cartier, Van Cleef & Arpels and Piaget, benefited from a dividend payout and steady demand in North America while continuing to expand its global retail presence.
Rupert owns 10.18 percent of Richemont. With the company’s shares rising 8.5 percent in September, pushing its market capitalization to CHF80.91 billion ($87 billion), the value of his stake now stands at $12 billion. That accounts for nearly 70 percent of his overall fortune.
Richemont grows with new stores worldwide
The rise in Richemont’s stock reflects its expansion. In June, Van Cleef & Arpels opened a flagship boutique in Florence, strengthening its presence in Europe’s luxury capitals. Richemont has also widened its footprint in Germany through Panerai’s first store in Stuttgart, launched in partnership with long-standing retail partner Gerhard D. Wempe GmbH & Co. KG.
Beyond Europe, the group is introducing its recently acquired Italian jewelry brand Vhernier to Asian markets. Known for its contemporary designs and craftsmanship, Vhernier will open a boutique in Hong Kong’s Peninsula Hotel, adding to Richemont’s growing presence in one of the world’s most important luxury hubs.
