South Africa’s richest man loses $1.4 billion in 12 days

Key Points

• South Africa’s richest man, Johann Rupert, lost $1.4 billion in 12 days as Richemont’s stock declined nearly 9 percent.
• Profit-taking after a 30% surge cut Richemont’s stock, reducing the market value of Rupert’s stake from $12.7 billion to $11.5 billion.
• Despite the decline, Rupert remains Africa’s second-richest, trailing Aliko Dangote, whose fortune surged after a refinery stake revaluation.

South Africa’s richest man, Johann Rupert, has lost $1.4 billion in net worth over the past 12 days, giving up part of the gains he made earlier this year when his fortune briefly topped $17 billion.

According to the Bloomberg Billionaires Index, Johann Rupert—chairman of Swiss luxury group Richemont, which owns Cartier, Van Cleef & Arpels, and Chloé—has seen his fortune drop from $17 billion on Mar. 4 to $15.8 billion.

The decline follows a strong start to the year, when his net worth surged by $3.32 billion, rising from $13.7 billion to $17 billion by early March—a peak he first reached on Feb. 16.

Richemont’s stock drop cuts Rupert’s gains

The recent drop is tied to Richemont’s share price, which has fallen nearly 9 percent over the past 12 days. As a result, the market value of Rupert’s stake in the company has taken a hit, bringing his year-to-date wealth gain down to $2.19 billion.

Rupert remains firmly in control of Richemont. He holds a 10.18 percent equity stake and controls 51 percent of its voting rights through 6.26 million “A” shares and 522 million “B” shares. His influence over the luxury giant remains strong as the company continues to deliver solid financial results.

Richemont reported record-breaking sales of $16.7 billion for the first nine months of its fiscal year, a 3 percent increase from the same period in 2024. Revenue for the latest quarter reached $6.33 billion, despite currency fluctuations and geopolitical uncertainty.

Rupert’s Richemont stake falls to $11.5 billion

The drop in Richemont’s share price came as investors took profits after the stock soared more than 30 percent—it is still up over 24 percent this year. This sell-off pulled down the market value of Johann Rupert’s stake from $12.7 billion on March 4 to $11.5 billion.

Rupert remains South Africa’s richest person and the second-wealthiest in Africa, behind Nigerian billionaire Aliko Dangote. Dangote’s fortune jumped following a revaluation of his 92.3 percent stake in the Dangote Oil Refinery, the largest refinery on the continent.

The South African billionaire ranks 134th on the Bloomberg Billionaires Index and remains among the world’s 150 richest people. His fortune has grown by $2.19 billion this year, making him the only African billionaire to have added more than $2 billion to his wealth so far in 2025.