South African billionaire Johann Rupert has reclaimed the position of Africa’s second-richest individual, edging ahead of Abdul Samad Rabiu after a month in which shifting share prices on both sides of the market reshaped standings. The change reflects gains in luxury goods stocks tied to Rupert and weaker performance across listed companies linked to Rabiu in Nigeria.

According to the Bloomberg Billionaires Index, Rupert’s net worth stands at $19.9 billion, just short of the $20 billion mark and about $2.4 billion higher than Rabiu’s estimated $17.5 billion. A month earlier, the positions were reversed, with Rabiu ahead. Since May 19, Rupert’s fortune has risen from $18.3 billion, while Rabiu’s has fallen from $19.7 billion, underscoring how recent share price moves have influenced their relative rankings.

Richemont rally drives Rupert’s wealth gain

The increase in Johann Rupert’s wealth has been driven largely by Richemont, the Swiss luxury group behind brands such as Cartier, Van Cleef & Arpels and Montblanc. The company’s shares have climbed nearly 15 percent in recent trading, lifting the value of Rupert’s indirect stake to about $14.2 billion. That gain has provided the buffer that pushed him ahead in the rankings.

Rabiu’s decline is tied to pressure on Nigerian equities where he holds major stakes. He owns 95.78 percent of BUA Cement and 92.64 percent of BUA Foods. Since May 19, BUA Cement shares have fallen 11.8 percent on the Nigerian Exchange, while BUA Foods has declined 2.9 percent, reducing the market value of both holdings and weighing on his overall fortune.

Jewelry demand lifts Richemont sales 27 percent

Johann Rupert remains the controlling shareholder in Richemont through family interests, with a 10.18 percent stake and 51 percent of voting rights. The company recently reported net profit of €3.48 billion ($4.04 billion) for the year ended March 31, supported by steady demand for jewelry even as currency shifts and softer watch sales weighed on parts of the business. Revenue rose to €22.4 billion ($26 billion).

Earnings per share increased 27 percent to €5.909, while headline earnings per share eased slightly to €6.132. The group also reported operating cash flow of €4.88 billion ($5.66 billion) and ended the period with net cash of €8.5 billion ($9.86 billion). Its board proposed a higher ordinary dividend of CHF3.30 per share, up 10 percent from a year earlier, alongside a special dividend of CHF1 per share, signaling continued confidence in its financial position.