South Africa's Richest Man Johann Rupert Loses 1.1 Billion, Net Worth Drops Below 16 Billion

The South African billionaire lost 1.1 billion in March as Richemonts share price declined, reducing his year-to-date gains to 2.05 billion.

Ruperts holdings in the Swiss luxury group fell amid an 11 stock drop, cutting his stakes value from 12.5 billion to 11.5 billion.

The decline pushed him from the 127th to the 138th spot on Bloombergs real-time billionaire rankings.

After a strong start to the year, South Africas richest man, Johann Rupert, has seen his net worth drop by 1.1 billion in March, bringing it below 16 billion.

According to the Bloomberg Billionaires Index , RupertAfricas second-richest person after Nigerian billionaire Aliko Dangotehas seen his fortune shrink from 16.8 billion on March 1 to 15.7 billion as of this report.

The decline is tied to the drop in Richemonts share price. The Swiss luxury group, which owns Cartier, Van Cleef Arpels, and Chlo, has taken a hit in March, reducing the market value of Ruperts stake in the company.

This follows a 520 million gain in February , when Ruperts net worth rose from 16.3 billion to 16.8 billion by the end of the month. However, his year-to-date gains have now fallen from 3.19 billion at the end of February to 2.05 billion.

Despite the recent dip, Rupert remains firmly in control of Richemont. He holds a 10.18 percent equity stake and controls 51 percent of its voting rights through 6.26 million A shares and 522 million B shares. Since the start of March, Richemonts shares have dropped more than 11 percent, bringing the value of his stake down from 12.5 billion to 11.5 billion.