Johann Ruperts net worth drops 1.8 billion from 17.1 billion to 15.3 billion amid Richemont share price decline.
Richemonts first-quarter revenue rises to 6.3 billion, driven by strong jewelry sales in Europe, Americas, and the Middle East.
Richemont maintains 8.6 billion cash despite 426 million 495 million divestment, focusing on core luxury brands and simplified operations.
After reaching a peak net worth of 17.1 billion in July, South Africas richest man Johann Rupert has seen his fortune drop by 1.8 billion over the past 44 days. The decline stems from a fall in the market value of his stake in Richemont, the Swiss luxury group he chairs.
Rupert loses 1.8 billionThe Bloomberg Billionaires Index , which tracks the wealth of the worlds 500 richest people, shows that Rupert, Africas second-richest person behind Nigerian industrialist Aliko Dangote, saw his net worth fall from 17.1 billion on July 2 to 15.3 billion at the time of this report.
The 1.8 billion drop is tied directly to Richemonts share price , which has fallen 12.7 percent on the SIX Swiss Exchange over the same period, pushing the companys market value below 80 billion. For Rupert, who owns 10.18 percent of Richemont and controls 51 percent of its voting rights, the decline reduced the market value of his stake from 12.1 billion to 10.3 billion.