South African billionaire Johann Rupert has seen his net worth skyrocket by $900 million in just over a week, cementing his position as one of Africa’s wealthiest individuals.
According to the Bloomberg Billionaires Index, which tracks the fortunes of the world’s richest people, the chairman of Compagnie Financiere Rupert is now worth $11.2 billion. This represents a dramatic increase from the $10.3 billion he was worth on October 30th.
Rupert’s wealth surge, equivalent to gaining an average of $112.5 million per day since October 30th, is attributed primarily to gains in the share price of Richemont, the luxury goods conglomerate in which he holds a 9.14% stake. Over the past eight days, Richemont’s stock has climbed nearly 6.35% on the SIX Swiss Exchange.
The rally in Richemont’s share price has boosted Rupert’s net worth enough to solidify his ranking as South Africa’s richest individual, surpassing billionaire Nicky Oppenheimer. Rupert now ranks as the 169th wealthiest person globally.
Rupert’s controlling interest in Richemont, which owns prestigious luxury brands such as Cartier and Montblanc, has been key to building his immense fortune of over $11 billion. His ability to rapidly add nearly $1 billion to his wealth highlights the success of South Africa’s business elites.