South Africa’s richest man, Johann Rupert, slips below $19 billion

South Africa’s richest man, Johann Rupert, chairman of Swiss luxury giant Richemont, has seen his net worth slip below the $19 billion mark, tempering earlier expectations that he could soon join the small circle of Africans worth more than $20 billion.

At the start of the year, his fortune climbed as high as $19.7 billion, putting him within reach of a milestone that only Nigerian billionaire Aliko Dangote, whose net worth stands at $31.9 billion, has crossed on the continent. But the gains have proved short-lived.

Rupert down $526 million YTD

According to the Bloomberg Billionaires Index, which tracks the world’s 500 richest people, Rupert’s net worth has fallen by $300 million over the past nine days. His fortune declined from $19.2 billion on Feb. 10 to $18.9 billion, extending his year-to-date loss to $526 million.

The recent slide follows a brief rebound earlier this month. Between Feb. 1 and Feb. 10, his net worth rose from $18.2 billion to $19.2 billion, adding about $1 billion in just over a week. That recovery has now been erased as investors reassess prospects for the luxury goods sector.

Rupert’s $13 billion Richemont stake dips

The shift in sentiment is tied largely to Rupert’s stake in Swiss luxury group Compagnie Financière Richemont. Shares in Richemont have fallen nearly 2 percent over the past week, pushing the company’s market value down to CHF85.31 billion ($110.6 billion). Rupert’s stake in the group is now valued at about $13 billion.

Investors have grown cautious amid concerns that higher import duties could weigh on demand for high-end goods. That comes at a time when luxury brands are already grappling with uneven sales in China and slower global economic growth. The sector, long buoyed by resilient demand from wealthy consumers, is facing a more selective market.

Rupert owns 10.18 percent of Richemont and controls 51 percent of the voting rights, giving him decisive influence over brands such as Cartier, Montblanc, Chloé, Van Cleef & Arpels, Jaeger-LeCoultre and Buccellati. The group remains the cornerstone of his wealth.

Rupert portfolio: Reinet, Remgro, cash

Beyond Richemont, Rupert’s holdings provide additional support. He owns 25 percent of Reinet Investments, valued at $1.66 billion. His portfolio also includes $548 million in Remgro, $213 million in FirstRand, and cash reserves estimated at $3.55 billion.

While the recent decline underscores how quickly fortunes can shift with market sentiment, Rupert remains one of Africa’s most influential business figures, with substantial assets and voting control across a global luxury empire.