Just after briefly falling below $18 billion earlier in May, South Africa’s richest man Johann Rupert has recovered a significant portion of his fortune, with his net worth rising by almost $1 billion in roughly three weeks, bringing him back close to the $19 billion mark and lifting his position among the world’s wealthiest individuals.

The shift marks a steady recovery after a brief downturn earlier in May. According to the Bloomberg Billionaires Index, which tracks the world’s 500 richest individuals, Rupert’s net worth rose from $17.7 billion on May 5 to $18.6 billion. The increase narrows his year-to-date wealth loss to $840 million, down from nearly $2 billion earlier in May.

Johann Rupert, chairman of Richemont and Remgro Limited.

Richemont shares up 4.5 percent; Rupert gains $900 million

Rupert, who chairs luxury goods group Richemont as well as South African investment firm Remgro and Luxembourg-based Reinet Investments, has seen the value of his Richemont stake do most of the lifting. Over the same period, the market value of his holding in the Swiss-listed company rose from $11.6 billion to $12.5 billion.

The increase follows a steady rise in Richemont’s share price on the SIX Swiss Exchange, where the stock gained more than 4.5 percent in recent weeks. That performance lifted the group’s market capitalization to CHF84.4 billion ($107.5 billion), reflecting renewed investor interest in the luxury sector after a period of uneven trading.

Jewelry demand drives Richemont growth

Richemont, which owns brands including Cartier, Van Cleef & Arpels, Montblanc, Chloé, and Buccellati, has continued to benefit from steady demand for high-end jewelry, even as parts of the luxury market face uneven consumer spending patterns. The company has also been supported by stronger pricing power and stable demand across key markets.

The recent share gains come after it reported a 27 percent increase in net profit to €3.48 billion ($4.04 billion) for the year ended March 31. Sales rose to €22.4 billion ($26 billion), helped by resilient jewelry demand that helped offset currency swings and softer performance in watches.

Luxury watches from Richemont’s portfolio, including brands such as Jaeger-LeCoultre and IWC.

Richemont EPS up 27 percent, sentiment stabilises post-results

Earnings per share rose 27 percent on a diluted basis to €5.909, while headline earnings per share edged down slightly to €6.132. The figures point to a business still delivering steady returns. The stronger-than-expected results have helped steady sentiment around Richemont.

Cash generation also remained solid, with operating cash flow reaching €4.88 billion ($5.66 billion), while the group closed the period with a net cash position of €8.5 billion ($9.86 billion). The board proposed a higher ordinary dividend of CHF3.3 per share, up 10 percent from the prior year, along with a special dividend of CHF1 per share.