In just thirteen days, South African billionaire Johann Rupert, chairman of the luxury conglomerate Compagnie Financiere Richemont, saw his fortune soar by $1.1 billion, bringing his net worth to $12.6 billion.
Rupert’s net worth increased to $12.6 billion from $11.5 billion almost two weeks ago, according to the Bloomberg Billionaires Index, which tracks the 500 richest people in the world. This represents an average daily gain of $84.62 million since December 6.
The performance of Robert’s 9.14 percent interest in Richemont, a leading luxury conglomerate known for high-end brands like Cartier, Chloe, Dunhill, Alaia, and Delvaux, is directly responsible for the $1.1 billion increase in his wealth. His wealth has increased dramatically, and he is now ranked 159th, up from a low of 169th on December 6. This places him as the richest man in South Africa and the second wealthiest person on the African continent.
In just 13 days, the value of Richemont’s shares on the SIX Swiss Exchange has increased by an astounding 4.59 percent, from CHF113.25 ($130.447) to CHF118.45 ($136.648). This increase benefits all Richemont shareholders and has a major impact on Rupert’s increased net worth.
The European Commission (EC) granted Richemont unconditional antitrust permission for a strategic cooperation with the luxury e-retailer Farfetch, located in London. This clearance is credited with the company’s recent upswing. Through this cooperation, Yoox Net-a-Porter will see a significant 47.5 percent share acquired by Farfetch, a move that is anticipated to boost Richemont’s online presence and accelerate its growth.
As of March 31, 2023, Rupert owned 522,000,000 Richemont “B” shares and 6,263,000 Richemont “A” shares through Compagnie Financiere Rupert. This demonstrates his substantial power within the luxury conglomerate, as he holds a controlling majority of 51 percent of the voting rights and 10.18 percent of the company’s capital.
With his net worth having recently increased, Rupert has maintained his lead over South African tycoon Nicky Oppenheimer, solidifying his status as the richest person in the nation. This development not only solidifies Rupert’s standing in the international luxury goods industry but also establishes him as a significant player in Africa.