Building on big gains in May, South African billionaire Johann Rupert, chairman of luxury goods conglomerate Richemont, saw his fortune increase by $500 million in the first ten days of June. This cements his status as South Africa’s richest man and Africa’s second-wealthiest person.
According to the Bloomberg Billionaires Index, Rupert’s net worth is $14.2 billion, placing him 145th among the world’s wealthiest billionaires. The new boost in his net worth comes after a $1.5 billion increase in May, when his fortune jumped from $12.2 billion to $13.7 billion.
Rupert’s net worth has steadily increased, which is strongly related to the performance of his 10.18 percent ownership in Richemont. Richemont’s share price on the SIX Swiss Exchange has climbed by more than 32% year-to-date, bringing the company’s market capitalization closer to $90 billion. Rupert’s interests, which include 6.26 million “A” shares and 522 million “B” shares, are worth an estimated $10.3 billion.
Richemont’s 2024 fiscal year had record sales of almost $20 billion, indicating strong financial growth for the premium firm. Despite macroeconomic headwinds, revenues increased to €20.6 billion ($22.4 billion), up from €19.95 billion ($21.67 billion) the year before. Gross profit also rose to €14.04 billion ($15.22 billion) from €13.72 billion ($14.88 billion) in 2023.
Richemont’s global sales growth has been fueled by solid performances in every region. Japan led with a 20 percent growth, owing to strong domestic demand and a recovery in tourism expenditure. The Asia-Pacific area followed with a 10% increase, with most markets contributing positively. Europe experienced a three percent increase, aided by solid domestic consumption.
Johann Rupert’s overwhelming 51 percent voting rights in Richemont, as well as his significant interest in the company, have been critical to his recent financial success, reflecting the luxury group’s outstanding market performance and strategic expansion in the premium sector.
