South Africa's Richest Man Johann Rupert's Wealth Jumps By 1 Billion In A Week

Johann Ruperts fortune rebounded by 1 billion in one week, pushing his net worth to 16.9 billion, near the 17 billion mark.

Richemont and Reinet shares surged, lifting Ruperts wealth. His Richemont stake is now valued at nearly 12 billion.

Reinet is reportedly in talks to sell its largest asset, Pension Insurance Corp., in a deal worth up to 6.85 billion.

After slipping from over 17 billion to 15.9 billion, South African billionaire Johann Rupert has regained ground, adding 1 billion to his fortune in the past week. His net worth now stands at 16.9 billion, putting him close to the 17 billion mark once again and reinforcing his status as South Africas richest person and the second-wealthiest individual in Africa.

Data from the Bloomberg Billionaires Index shows that Rupert, who chairs Swiss luxury group Richemont, saw his wealth rebound from 15.9 billion on June 23 to 16.9 billion by the end of June. The recent gain helps offset a 1.2 billion drop recorded between May 21 and June 23, when his fortune fell from 17.1 billion.

This recovery has pushed his year-to-date gain to 3.2 billion, up from 2.2 billion just a week earlier. The bounce is tied to renewed investor interest in Richemont and Reinet Investments, the Luxembourg-based vehicle through which he holds a significant portion of his assets. Richemont owns several high-end brands, including Cartier, Van Cleef Arpels and Chlo.

Richemont shares have climbed more than 1.4 percent on the SIX Swiss Exchange over the past week, lifting its market cap to over 100 billion. Ruperts 10.18 percent stake in Richemont is now valued at nearly 12 billion, accounting for over 70 percent of his wealth. Meanwhile, shares of Reinet have surged more than 13 percent over the same period. Rupert owns 24.9 percent of Reinet, and his stake is now worth 1.59 billion, according to Bloomberg estimates.

Richemonts recent share boost comes as it opened its first boutique in Florence, Italy marking an expansion into one of Europes most iconic cultural cities. Reinet, on the other hand, is drawing attention amid reports it is in talks to sell its largest holding , Pension Insurance Corporation Group, in a deal that could fetch up to 5 billion 6.85 billion. Retirement services group Athora is reportedly in discussions to acquire the UK-based insurer.