South African businessman Johann Rupert, who was once the wealthiest individual in the country, has now slipped to the second position after experiencing a significant financial loss of R70 billion. Johann Rupert loses R70 billion in three months.
The Details of Johann Rupert Loses R70 billion in three months
Johann Rupert, the chairman of the luxury goods company Compagnie Financiere Richemont, has seen a substantial decrease in his wealth over the past 90 days. According to NairaMetrics, the 73-year-old businessman’s net worth has dropped by 25.6%, going from $14.4 billion to $10.7 billion.
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The primary reason for this loss, as reported by KFM, is the ongoing uncertainty surrounding the performance of luxury goods companies. A significant portion of Rupert’s wealth is tied to these companies. He holds a large stake in Richemont, a company renowned for its brands such as Cartier, Montblanc, and Van Cleef & Arpels.
Richemont’s shares fell by an alarming 31.2% in three months, causing Rupert’s stake to drop below $7.2 billion and pushing its market cap below $60 billion. Billionaire Africa reveals that these results did not meet analysts’ expectations, leading to a downturn in the share prices of LVMH and its industry peers, including Richemont.
Nicky Oppenheimer: The New Richest Man in South Africa
Following Johann Rupert’s financial setback, Nicky Oppenheimer has taken over as South Africa’s richest man. As reported by 702, Oppenheimer’s net worth is estimated at $8.55 billion, which is $20 million more than Rupert, whose net worth now stands at $8.53 billion.
Forbes reports that Oppenheimer is the heir to the DeBeers diamond fortune and owns at least 720 square miles of conservation land across South Africa, Botswana, Zimbabwe, and Mozambique.