- Johann Rupert, Africa’s richest man, has seen his net worth decline by $300 million due to a drop in shares of Cie Financiere Richemont.
- Rupert’s net worth now stands at $11.7 billion, down from $12 billion when he became the richest African.
- Rupert had dethroned Nigeria’s Aliko Dangote to clinch the top spot following the CBN’s foreign exchange policy that devalued the naira.
Africa’s richest man, Johann Rupert, has seen his net worth drop significantly just a few days after inheriting the title.
As of today (Monday), the South African billionaire’s net worth had declined to $11.7 billion based on data obtained from Forbes’s real-time billionaire index. When he dethroned Nigeria’s Aliko Dangote to emerge as the richest man in Africa, Rupert’s net worth stood at $12 billion.
Although Rupert’s position as Africa’s richest man is still intact for now, the drop in net worth is worthy of note considering the $300 million loss. Rupert currently ranks at position #145 on the world billionaires list.
How Johann Rupert lost $300 million of his net worth
The luxury billionaire magnate, Johann Rupert, lost $300 million following a decline in shares of Cie Financiere Richemont.
As of 9:40 am on Monday, June 26, 2023, Rupert’s shares dropped from CHF 146.15 to CHF 145.70, resulting in the aforementioned losses. At the time of reporting, his shares on the Swiss exchange index stand at CHF 146.10, reflecting a decrease of 0.068%.
In a previous incident in May, Rupert faced a loss of $800 million due to profit-booking activities among investors in Richemont shares. This had a considerable impact on the value of his Richemont shares. Nevertheless, despite these setbacks, Rupert continues to hold the position of the richest African in the world.
Before Johann Rupert’s ascendancy earlier this month, Aliko Dangote, the President and Chairman of the Dangote Group, maintained the title of “Africa’s richest man” for 12 years. Rupert’s recent rise to the top marks a significant shift in this prestigious ranking.
How Dangote was overthrown as the African richest man
Aliko Dangote’s loss of the top spot as Africa’s number one billionaire can be attributed to the fallout of the foreign exchange policy implemented by the current administration, which led to the unification of the parallel and official market exchange rates.
As a result of the unification, the naira experienced a significant devaluation, resulting in a sharp decline in Dangote’s net worth. Consequently, Dangote fell from his lofty position to second place, suffering a staggering loss of $4.12 billion.
Currently, Dangote’s net worth has further decreased to N9.7 billion, reflecting a loss of $1.1 billion compared to his previous fortune of $10.8 billion. This decline highlights the challenging economic climate and its impact on the fortunes of even the wealthiest individuals.
How Johann Rupert’s company has fared
Richemont, the Swiss luxury goods conglomerate, reported an impressive $4.25 billion in earnings for the year ending March 31, 2023. This marks a significant 60% increase compared to the $2.67 billion recorded in 2022, demonstrating the company’s remarkable growth trajectory.
Johann Rupert, the chairman of Richemont, has played a pivotal role in driving the conglomerate’s success. Under his leadership, the company has achieved remarkable milestones and solidified its position in the luxury goods market.
The outstanding financial performance can be attributed to a notable 19% increase in the group’s revenue, soaring from €16.75 billion ($18.2 billion) in 2022 to €19.95 billion ($21.7 billion). The strong rebound in sales across the Asia Pacific region, coupled with double-digit sales growth in Japan and Europe, has been instrumental in propelling Richemont’s overall revenue. This robust performance across multiple regions showcases the global appeal and resilience of the luxury goods market.
