South Africa’s richest man faces $2.2 billion loss amid global unrest

At the start of 2026, hopes were high that South Africa’s richest man, Johann Rupert, chairman of Swiss luxury group Richemont, would become the second African billionaire to surpass the $20 billion mark. But his wealth has instead fallen sharply, with Rupert losing $2.22 billion since the start of the year. The Bloomberg Billionaires Index now pegs his net worth at $17.2 billion, down from $19.5 billion on Jan. 1.

Richemont shares slide amid geopolitical unrest

The drop reflects a decline in Richemont’s share price, which has been affected by escalating conflict in the Middle East. Rupert owns 10.18 percent of the company and controls 51 percent of voting rights, giving him decisive influence over high-end brands including Cartier, Montblanc, Chloé, Van Cleef & Arpels, Jaeger-LeCoultre, and Buccellati. These holdings remain the cornerstone of his wealth.

Richemont shares are down more than 18 percent year-to-date, now trading at CHF141.5 ($180.3), pushing the company’s market capitalization to CHF76 billion ($96.8 billion). Luxury demand often relies on consumer confidence and a sense of optimism. Geopolitical crises, like the intensifying conflict in the Middle East, can unsettle buyers and slow sales, particularly in regions that contribute mid- to high-single-digit revenue for luxury brands.

Middle East conflict hits luxury markets

On Feb. 28, U.S. and Israeli strikes killed Iran’s Supreme Leader, Ayatollah Ali Khamenei, prompting retaliatory attacks and heightening instability across the Middle East. U.S. President Donald Trump warned the conflict could last four to five weeks—or far longer—further clouding economic conditions that already challenge luxury brands worldwide. Weakness in China, another key market, has compounded the pressure on Richemont’s top-selling products.

As Richemont’s shares slide, Rupert’s stake has fallen to $11.5 billion from over $13 billion at the start of the year, marking a challenging start to 2026 for the luxury magnate. Rupert’s South African holding company, Remgro Limited, has also moved to adjust its portfolio. Between Feb. 2 and Mar. 10, 2026, Remgro sold 51.97 million shares in FirstRand for R4.88 billion ($300 million), at an average price of R93.87 ($5.73) per share. The sale continues a multi-year strategy to reduce Remgro’s stake in the bank, following the 2020 unbundling of RMB Holdings.