South African billionaire and the second richest man in Africa, Johann Rupert, saw his net worth rise by more than $400 million in the first week of 2023.
This comes after his net worth previously lost $1.09 billion in 2022 as a result of a decline in the market value of his Swiss luxury goods holding company, Compagnie Financiere Richemont (Richemont).
Rupert primarily derives his wealth from his 9.14 percent stake in Richemont. Premium brands owned by Richemont include Chloe, Dunhill, Alaa, Cartier and Delvaux.
The top South African billionaire has seen his net worth rise from $10.9 billion to $11.4 billion since the start of the new year, according to the Bloomberg Billionaires Index, which tracks and compares the fortunes of the top 500 people. rich in the world
What is attributed to the increase: Richemont’s shares have risen as investors anticipate the luxury goods company to post strong financial results at the end of the first nine months of its 2023 fiscal year. This has boosted Rupert’s net worth.
The market value of Rupert’s 9.14 percent stake in the company has risen from $7.71 billion to $8.37 billion as a result of the luxury goods group’s recent rise in shares on the London stock exchanges. Switzerland and Johannesburg.
The rise in share value has helped the South African billionaire overtake Goh Cheng Liang, a Singaporean billionaire businessman who owns a majority of Nippon Paint, Asia’s largest paint maker, to 161st among the most rich in the world
About Johan Rupert: The eldest son of billionaire industrialist Anton Rupert and his wife Huberte, Johann Peter Rupert was born in Stellenbosch on June 1, 1950. His father, a successful businessman, had established the Rembrandt Group, a tobacco company, in 1948.
Rupert enrolled at Stellenbosch University to study corporate law and economics after finishing high school there. He decided not to finish his degree and instead moved to New York, where he accepted an apprenticeship with Chase Manhattan.
After spending five years in New York, working first for Chase and then for Lazard Freres, he returned to South Africa and established Rand Merchant Bank. Rupert joined the family business a few years after the bank merged with Rand Consolidated Investments. Rembrandt expanded into the wine and spirits industry, as well as various South African industries including banking, mining, food and packaging. Rupert succeeded his father as president of Rembrandt in the late 1980s.
Rupert serves as Chairman of Richemont, Remgro, which is a restructured iteration of the Rembrandt Group created in 2000, and Reinet Investments, a holding company he founded in 2009 to control Rembrandt’s stake in British American Tobacco. An avid sportsman, he designed the course at his Leopard Creek Golf Club in Nelspruit, which he purchased in 1995 with professional golfer Gary Player.
His philanthropic acts: The billionaire founded the Laureus Sport for Good Foundation to help young people overcome poverty, homelessness, AIDS and violence through sports-related community projects. He is also Chairman of the South African PGA Tour and a Life Member of the European Tour. He is the president of the Peace Parks Foundation, which protects biodiversity in the border regions of South Africa. He is a conservation enthusiast.