South African billionaire Christo Wiese’s wealth has plummeted by more than $54 million this year, owing mostly to a significant reduction in the market value of his holding in Shoprite Holdings, Africa’s largest retail empire.
According to data maintained by Billionaires.Africa, Wiese’s stake in Shoprite has lost R1.04 billion ($54.7 million) in the first 16 days of 2024 due to the recent drop in the shares of the top retail firm on the Johannesburg Stock Exchange (JSE).
Wiese, a prominent role in Africa’s commercial sector, saw a significant boost in his wealth in 2023, putting him among Africa’s wealthiest men. However, this year has taken an unexpected turn, as he has seen a significant setback in his fortune over the last sixteen days.
Shoprite Holdings, regarded as South Africa’s premier food retailer and Africa’s largest retail company, employs over 142,000 people across the continent. It serves customers via a vast network of 2,989 stores.
Wiese’s stake in Shoprite is 11.58 percent, worth more than $920 million. This position consists of 305.6 million non-convertible, non-participating, no-par value deferred shares and common stock, giving him more than 32.2% of Shoprite’s voting rights.
Shoprite’s JSE share price has decreased by 5.56 percent since the start of the year. This reduction has caused the share price to plummet from R275.05 ($14.05) on January 1 to R259.75.04 ($13.64) at the time of writing, bringing its market capitalization below $8.1 billion.
As a result of this single-digit percentage drop, the market value of Wiese’s interest in the store has fallen by R1.04 billion ($54.7 million) since the beginning of the year, from R18.73 billion ($980.37 million) on January 1 to R17.70 billion ($926.87 million) as of this writing.
Despite the significant fall in Wiese’s investment, he remains one of the most affluent investors on the JSE and one of the wealthiest businesses in Africa. With a fortune of $1.2 billion, he ranks as the world’s 2,301st richest individual.