South African businessman Johann Rupert is now the second-wealthiest person in South Africa after losing R70 billion.Johann Rupert — the chairman of luxury goods company Compagnie Financiere Richemont — lost a substantial R70 billion over the past 90 days.

 

 

NairaMetrics reports that the 73-year-old businessman saw a 25.6% decrease in his net worth from $14.4 billion to $10.7 billion.

According to KFM, the businessman’s loss is attributed to the ongoing uncertainty surrounding the performance of luxury goods companies to which much of his wealth is tied.

The business magnate has a large stake in Richemont, which is popularly known for its brands such as Cartier, Montblanc, and Van Cleef & Arpels.His stake fell below $7.2 billion when Richemont shares fell by a staggering 31.2% in three months, pushing its market cap below $60 billion,

Billionaire Africa reveals: “These results failed to align with analysts’ expectations, triggering a downturn in the share prices of LVMH and its industry peers, including Richemont, which has Johann Rupert at its helm.”702 reports that Nicky Oppenheimer took over the title of South African’s richest man a few weeks ago after Johann Rupert’s loss.

Oppenheimer’s net worth is estimated at $8.55 billion, which is $20 million more than Rupert, whose net worth is $8.53 billion.

Forbes reports that Oppenheimer is heir to the DeBeers diamond fortune, owns at least 720 square miles of conservation land across South Africa, Botswana, Zimbabwe, and Mozambique etc.