South Africa’s richest man, Johann Rupert, gains $1.5 billion as fortune reaches $21.5 billion

South Africa’s richest man, Johann Rupert, has added $1.5 billion to his fortune in the past four weeks, as the value of his stake in Swiss luxury goods group Richemont continued to rise.

Rupert’s net worth has climbed from $20 billion on July 13 to $21.5 billion, according to the Bloomberg Billionaires Index. The increase has lifted him to 125th place among the world’s richest people and brought his gains for the year to $2.08 billion.

Rupert’s Richemont stake hits $15.6 billion

Much of the increase has come from Richemont, the company behind luxury brands including Cartier, Montblanc and Van Cleef & Arpels. Rupert holds 6.263 million Richemont “A” shares and 522 million “B” shares, giving him a 10.18 percent stake and 51 percent of its voting rights.

Richemont shares have risen 9.04 percent since July 13, climbing from CHF184.15 to CHF200.80 on the SIX Swiss Exchange. The increase has raised the value of Rupert’s Richemont holding from about $14.1 billion to $15.6 billion

Richemont profit climbs on jewelry demand

The company’s latest financial results have also given investors reason to remain positive about the business.

Richemont reported net profit of €3.48 billion ($4.04 billion) for the year ended March 31, helped by continued demand for jewelry even as currency movements and weaker watch sales weighed on some parts of the group.

Revenue rose to €22.4 billion ($26 billion), while earnings per share increased 27 percent to €5.909. Headline earnings per share were €6.132, while operating cash flow reached €4.88 billion ($5.66 billion).

Richemont ended the year with net cash of €8.5 billion ($9.86 billion). Its board proposed an ordinary dividend of CHF3.30 per share, a 10 percent increase from the previous year, as well as a special dividend of CHF1 per share.

Investments extend beyond Richemont

Rupert’s wealth extends beyond Richemont. He is also a major shareholder in Remgro, the diversified investment group with interests in more than 30 companies. He beneficially owns 1 percent of Remgro and retains control of its Class B shares through the Rembrandt Trust.

The billionaire also has a substantial interest in Reinet Investments, where his family owns nearly 25 percent through the Anton Rupert Trust. Those holdings, together with his Richemont stake, remain central to Rupert’s wealth and his position among Africa’s richest people.