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Posted On

02
March
2022

South Africa’s richest man Johann Rupert has lost over $1 billion due to Ukraine, Russia conflict

Escalating tensions between Russia and Ukraine have wiped $1 billion from the fortune of South Africa’s richest man Johann Rupert.

According to Bloomberg Billionaires Index, Johann Rupert has lost $1.23 billion since the start of the Russia and Ukraine conflict as investors have taken flight from Compagnie Financiere Richemont S.A, causing the Swiss Luxury good holdings’ market value to fall more than 15 per cent.

Globally, investors fear the invasion of Ukraine could spark international reprisals for Russia’s wealthiest individuals, who account for between 5 and 7 per cent of global spending on personal luxury goods. Furthermore, experts have also warned that sanctions against Russia’s wealthiest individuals would negatively impact luxury goods companies, especially if the sanctions involve blocking the export of hot-selling luxury goods.

Due to the market jitters, shares in luxury goods markets have fallen drastically, with the latest figures estimating Rupert’s net worth at $10.7 billion, from $11.93 billion at the start of business in 2022. The South African billionaire remains the richest person in his country and the second richest person in Africa. His stake in the luxury goods manufacturer Richemont is worth over $7 billion.

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