South Africa's richest individual Johann Rupert, the chairman of Swiss luxury goods conglomerate Richemont, has experienced a dramatic decline in his fortune since briefly holding the title of Africa's richest man on August 2 .
According to Bloomberg's real-time billionaire index, Rupert's net worth has fallen by $750 million, from $13.65 billion to $12.9 billion, as of the latest update.
Aliko Dangote reclaims top spot as Rupert slidesRupert's recent financial slip has relegated him back to his previous position as the second-richest man in Africa. Nigerian billionaire Aliko Dangote, whom Rupert surpassed last Friday, has seen his net worth rise by $200 million, increasing from $13.6 billion to $13.8 billion. Dangote's improved fortune has secured him the 140th spot on the global richest list, while Rupert now ranks 159th.
A substantial portion of Rupert's wealth is tied to his holdings in Richemont. Rupert owns 6.26 million "A" shares and 522 million "B" shares in the company, which translates to a 10.18 percent stake and 51 percent voting rights. The recent decline in his net worth is attributed to the decrease in his Richemont stake, which fell from $9.41 billion to $8.93 billion.
