How Africa’s Richest Man, Johann Rupert Makes His Money

Johann Rupert was named Africa’s richest man by Forbes on the 16th of June, 2023 after his wealth surpassed Nigerian billionaire Aliko Dangote. With a staggering net worth of $11.4 billion, Rupert has become a symbol of entrepreneurial prowess and financial success.

Rupert who is South Africa’s richest man amassed his extraordinary wealth from Richemont, a leading luxury holding company and other strategic investments. As we proceed, we will uncover various avenues through which he has made his money.

Rupert’s stake in Remgro

Africa’s richest man, Rupert derives some of his fortunes from his stake in Remgro, an investment vehicle-based in Stellenbosch, South Africa. Established in the 1940s by the late Dr Anton Rupert, Johann’s father, Remgro’s investment portfolio has evolved substantially and currently includes investees across nine platforms.

Listed on the Johannesburg Securities Exchange (JSE), Remgro made a significant investment by acquiring South African healthcare group Mediclinic International. The acquisition made Remgro’s share price surge by more than nine per cent, which consequently increased the market value of Rupert’s stake in the firm to $370 million.

His substantial ownership of Richemont

According to reports, Rupert’s wealth can be attributed to his impressive 9.14-per cent stake in Richemont. His 9.14 stake is approximately 76 per cent of his billion-dollar net worth. The Switzerland-based luxury goods company was founded in 1988 by Rupert. 

Some of the brands it controls include A. Lange & Söhne, Azzedine Alaïa, Baume & Mercier, Buccellati, Cartier, Chloé, Dunhill, IWC Schaffhausen, Giampiero Bodino, Jaeger-LeCoultre, Montblanc, Officine Panerai, Piaget, Peter Millar, Purdey, Roger Dubuis, Vacheron Constantin, Van Cleef & Arpels and Delvaux.

Reinet Investments

Africa’s richest man also owns a 25 per cent stake in Reinet Investments.  Created as a result of the restructuring of Richemont, Reinet Investments is an investment vehicle for all of the investments held within the structure. Rupert aims to provide shareholders with an investment vehicle which will manage their funds in a conservative manner.

Reinet also acts as a holding entity for Richemont’s stake in British American Tobacco. His market value in Reinet stands at $1.05 billion.

First Rand Limited

Also, Rupert has a stake in FirstRand, the largest financial services group in Africa in terms of market capitalization. Reports say his stake in the company has gotten to $136 million. FirstRand is a portfolio of integrated financial services businesses that offers a universal set of transactional, lending, investment and insurance products and services.