In a significant shift, Johann Rupert has emerged as the richest person in South Africa, extending his lead against second-placed Nicky Oppenheimer.
Johann Rupert extends lead as richest person in South Africa
According to Forbes‘ ‘Real-Time Billionaires List’, Rupert’s net worth now stands at a staggering R216 billion ($11.9 billion), securing his position as the wealthiest individual on the African continent.
His climb to the top has also propelled him to the 145th spot on the list of the world’s richest people. Meanwhile, Oppenheimer, with a net worth of R196 billion ($10.8 billion), is ranked 170th.
Rupert’s remarkable ascent in wealth can be attributed to the substantial increase in the share price of his luxury goods company, Richemont.
Throughout 2023, Richemont’s shares have experienced a remarkable appreciation of 33.21%, bolstering Rupert’s net worth by an impressive R40 billion.
The company’s robust performance, particularly in May 2023, has contributed significantly to this surge.
The rise of the Rupert empire in South Africa
The success of Rupert can be traced back to the visionary endeavours of his father, Anton Rupert, whose ventures in the 1940s laid the foundation for the Rupert family’s immense wealth.
Anton Rupert’s initial foray into the tobacco industry began with Voorbrand, a tobacco company established in the 1940s.
Voorbrand eventually evolved into Rembrandt, which successfully entered the South African cigarette and tobacco market in 1948.
The rapid growth of Rembrandt led to its listing on the Johannesburg Stock Exchange within a decade of its inception.
While pursuing his studies in economics at the University of Stellenbosch, Johann Rupert made the decision to drop out and embark on a business career.
His professional journey commenced with stints at Chase Manhattan and Lazard Freres in New York. In 1979, he returned to South Africa and founded Rand Merchant Bank (RMB).
Rupert served as CEO of RMB until 1984 when RMB merged with Rand Consolidated Investments, forming RMB Holdings. Subsequently, he transitioned to Rembrandt, his father’s company.
Following his entry into Rembrandt, Rupert orchestrated the spinoff of the company’s international assets to create Compagnie Financiere Richemont.
This Swiss luxury goods holding company boasts renowned brands such as Cartier and Montblanc. In 1995, Rembrandt and Richemont consolidated their tobacco interests under Rothmans International, later merging these interests with British American Tobacco.
Rupert assumed the role of chairman and CEO of Richemont in 2000, while the non-luxury-related activities of the conglomerate were spun off into Reinet Investments in 2008.
Top four richest people in South Africa – Updated in June 2023
Presently, Johann Rupert holds the prestigious position of chairman at Remgro, Richemont, and Reinet Investments.
His remarkable journey from dropping out of university to becoming the wealthiest individual in South Africa exemplifies his entrepreneurial acumen and astute business acumen.
As Rupert continues to expand his financial empire, his wealth and influence within the global business landscape are set to reach new heights.
Check out the updated list of the four richest people in South Africa, according to Forbes.
| Name | Net worth ($) | Rand conversion |
| Johann Rupert | $11.9 billion | R216 billion |
| Nicky Oppenheimer | $8.4 billion | R196 billion |
| Patrice Motsepe | $2.6 billion | R47.7 billion |
| Koos Bekker | $2.5 billion | R45.9 billion |
