South African luxury goods magnate Johann Rupert has reclaimed his position as Africa’s second-richest person, overtaking Nigerian industrialist Abdul Samad Rabiu after a rally in Richemont shares boosted his fortune close to the $20 billion mark.
According to the Bloomberg Billionaires Index, Rupert’s net worth rose to $19.9 billion as of June 15, up from $18.8 billion a week earlier, driven largely by gains in Richemont, the Swiss luxury group behind Cartier, Van Cleef & Arpels and Montblanc.
The surge places Rupert $2.4 billion ahead of Rabiu, whose fortune is estimated at $17.5 billion, underscoring how recent movements in African and global equity markets have reshaped the continent’s billionaire rankings.
The reversal comes five weeks after Rabiu briefly overtook Rupert. In early May, the Nigerian businessman saw his net worth rise to $18.6 billion, surpassing Rupert’s $17.9 billion at the time.
Rupert’s wealth has been buoyed by a nearly 15 percent rally in Richemont shares in recent weeks, lifting the value of his indirect stake in the luxury group to roughly $14.2 billion. Strong investor appetite for high-end jewellery and resilient demand across key markets have helped support the stock’s performance despite broader uncertainty in global consumer spending.
