South Africa's Richest Man Gained $286m In 24 Hours

9 months agoTue, 16 May 2023 12:41:56 GMT
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South Africa's Richest Man Gained $286m In 24 Hours

Johann Rupert, South Africa’s richest man and Africa’s second-wealthiest, saw a significant increase in his net worth by $286 million in 24 hours due to a surge in the share price of Swiss luxury goods conglomerate Richemont.

Rupert’s net worth rose by $286 million in one day, reaching $13.7 billion as of the time of writing, as reported by the Bloomberg Billionaires Index.

This increase is attributed to a recent surge in Richemont’s shares, which followed the group’s announcement of a profit of $4.25 billion at the end of its 2023 fiscal year, driven by a 19% increase in revenue.

South Africa's Richest Man Gained $286m In 24 Hours
Johann Rupert

The increase came just a fortnight after Johann Rupert experienced a $229 million decrease in his net worth within 24 hours due to a decline in the market value of his 9.14% stake in Richemont.

The Bloomberg Billionaires Index reported that his net worth dropped from $13.6 billion to $13.4 billion.

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Richemont owns premium brands such as Cartier and Dunhill and makes up most of Rupert’s fortune. The decline in net worth was linked to a decrease in Richemont’s market value, which fell 2.44% within 24 hours. 

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