Russia’s invasion of Ukraine has wreaked havoc in the oil and ruble market as oil prices went soaring while the ruble came crashing down. This has resulted in big losses for South Africa’s richest man, Johann Rupert, who since the start of the invasion on Thursday 24 February has lost almost R19 billion so far.
Johan Rupert: Russian-Ukraine war strikes luxury brands
The wealthiest man in South Africa has just become a little less wealthy as Russia continues to wage a war against Ukraine.
Late last month, Russian troops, under the command of the Russian President Vladimir Putin, invaded Ukraine resulting in a surge in oil prices and a fall in the ruble market.
This hasn’t ended well for Compagnie Financiere Richemont chairman Johan Rupert who lost R18.8 billion.
Bloomberg Billionaires Index reports that Rupert and his family are expected to make even more losses this year because of an uncertain outlook for the luxury brands which fall under Rupert’s Compagnie Financiere Richemont as the world grows poorer because of current trade sanctions.
Elon Musk suffers massive loss
It’s not all bad news for the Rupert family though because they remain the country’s wealthiest with a net worth of $10.7 billion (over R160 billion).
Rupert’s losses are also nothing compared to that of South African-born Tesla and SpaceX CEO Elon Musk who has lost up to 18% of his wealth.
Business Insider reports that the billionaire Musk has had R750 billion “shaved off his assets” but is still the wealthiest person in the world with a net worth of R3.4 trillion.
Nicky Oppenheimer smiling though
On the other hand, some of South Africa’s other wealthy people such as Nicky Oppenheimer, have seen an increase in income for the year 2022.
Oppenheimer is R5.7 billion richer so far this year, which is an increase in his wealth of 4.7% and now has a net worth of R128 billion, according to the billionaire’s index.
While Ivan Glasenberg, of commodities trader Glencore, is richer by 14.7% and is now worth R121 billion.
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