Johann Rupert Falls to Second Wealthiest in South Africa After a Loss of R70 Billion

Johann Rupert Falls to Second Wealthiest in South Africa After a Loss of R70 Billion

Johann Rupert, the chairman of luxury goods company Compagnie Financiere Richemont, recently experienced a significant financial setback, causing him to lose the title of South Africa’s wealthiest individual.

Over the past 90 days, the 73-year-old businessman’s net worth plummeted by R70 billion. His overall wealth witnessed a sharp decline of 25.6%, dropping from $14.4 billion to $10.7 billion.

This considerable financial blow is attributed to the ongoing uncertainty surrounding the performance of luxury goods companies, to which a substantial portion of Rupert’s wealth is tied.

He holds a significant stake in Richemont, a company renowned for its brands like Cartier, Montblanc, and Van Cleef & Arpels.

As Richemont shares dipped by a staggering 31.2% in three months, Rupert’s stake fell below $7.2 billion, leading to a decline in the company’s market capitalization below $60 billion.

Analysts’ expectations were not met by these financial results, contributing to a downturn in share prices, not only for Richemont but also for industry peers like LVMH, of which Johann Rupert is a key figure.

Nicky Oppenheimer Claims the Title of South Africa’s Richest Man

In light of Johann Rupert’s substantial financial setback, Nicky Oppenheimer recently ascended to the position of South Africa’s wealthiest individual.

Oppenheimer’s estimated net worth stands at $8.55 billion, surpassing Rupert’s $8.53 billion by a slim margin of $20 million.

Forbes reports that Oppenheimer, heir to the DeBeers diamond fortune, possesses extensive land holdings, totaling at least 720 square miles, spanning across South Africa, Botswana, Zimbabwe, Mozambique, and other regions.

This transition marks a significant shift in South Africa’s list of the wealthiest individuals, with Nicky Oppenheimer now taking the lead as the country’s richest man.