Johann Rupert, South African billionaire and Africa’s wealthiest man after Nigerian tycoon Aliko Dangote, has lately seen his net worth plummet by more than $1 billion.
According to Forbes, Rupert’s net worth has dropped by $1.1 billion in 23 days, falling from $11.3 billion on August 3 to $10.2 billion at the time of writing.
The prolonged drop in his stake in Richemont, the Swiss luxury corporation behind iconic brands such as Cartier, Montblanc, and Van Cleef & Arpels, is responsible for the decline in his net worth.
Data showed that Rupert’s share in Richemont has dropped by CHF621.18 million ($775.61 billion) since August 3, as SIX Swiss Exchange investors continue to sell off their holdings in the luxury holding business.
Compagnie Financière Richemont SA, headquartered in Bellevue, Switzerland, is a luxury goods corporation with operations in France, the United Kingdom, Italy, Switzerland, and Europe.
Rupert wields tremendous power over Richemont, as seen by his portfolio, which includes 6,263,000 Richemont “A” shares and 522,000,000 Richemont “B” shares, accounting for 10.18 percent of the company’s capital and 51 percent of voting rights.
Since August 3 on the SIX Swiss Exchange, the company’s shares have dropped by a single digit, from CHF134.90 ($152.52) to CHF123.00 ($139.05).
The market value of Rupert’s stock has dropped from CHF7.04 billion ($8.03 billion) on Aug. 3 to CHF6.42 billion ($7.26 billion) at the time of writing, as a result of the 8.82 percent drop in Richemont shares.
Despite the recent decline in his fortune, Rupert remains South Africa’s richest man, ahead of fellow South African businessman Nicky Oppenheimer.
