Africa’s second richest man Rupert’s net worth hits $13.3bn

Bisola David
Bisola David
Africa's second richest man Rupert's net worth hits $13.3bn

Africa’s second richest man, Johann Rupert, is off to a good start this week, with a net worth of $13.3 billion.

According to Bloomberg, the CEO of the Swiss luxury goods company Cie Financiere Richemont, Johann Rupert, had a significant rise in his net worth, which increased by roughly $129 million (up by 1.0%) as a result of a minor rise in the share price.

Rupert’s net worth as of the filing date has increased by 22% year to date, totaling a sizable $2.42 billion.

A deeper look at the stock of Cie Financiere Richemont indicates that it is currently trading at CHF190, reflecting a rise of +2.10 (1.53%) since the latest market activity on Thursday and Friday.

Notably, Johann Rupert had previously held the title of Africa’s richest man after surpassing Aliko Dangote to take the top spot before Dangote reclaimed it.

According to research on macro trends, the South African billionaire’s company’s total value is predicted to be over $168.29 billion as of July 20, 2023.

Luxury goods are designed, developed, produced, and sold by Compagnie Financière Richemont SA and its affiliates in Europe, Asia-Pacific, the Americas, and Japan.

The financial results for the entire fiscal year ending March 31, 2023, as indicated by recent reports.

Sales for this time period came in at EUR 19,953 million, up 19.14% from EUR 16,748 million the year before.

The Swiss luxury brand’s most recent report emphasized the company’s outstanding sales growth, which for the quarter ending in June 2023 above the 12% rise of the prior year.

With the exception of America, almost every region, channel, and business area reported better revenues compared to the same time last year.

Double-digit sales growth in almost every area contributed significantly to the group’s exceptional 19% sales growth, with Asia Pacific leading the pack with an astounding 40% rebound.

With a 24% increase in sales, the three jewelry maisons of the group—Buccellati, Cartier, and Van Cleef & Arpels—exhibited the strongest growth. This was mostly due to great jewelry and watch sales.

On Monday, Johann Rupert, 73, was faced with uncertainty as his stocks seemed to be headed for a hard period, partly as a result of worries about declining demand from the US market.

The high-end watch company appears to be gradually regaining its footing, though. Currently, Rupert already has family trust ownership over Cie Financiere Richemont, the largest luxury watch manufacturer in the world.

The renowned brands Jaeger-LeCoultre and Cartier are owned by the Swiss corporation. He also owns other sizeable assets, such as Remgro, an investment vehicle with holdings in over 30 businesses situated in Stellenbosch, South Africa.

One of Africa’s most successful and important businessmen, Johann Rupert has cemented his place with his outstanding accomplishments in the luxury goods sector.

Rupert has had a tremendous impact on the world of business and continues to do so with his unwavering drive and varied portfolio.

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