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Tuesday, September 27, 2022

South Africa billionaire, slated to overtake Dangote as the richest man in Africa, lost 1.2billion dollars in five days

According to Bloomberg Billionaires Index, Johann Rupert has lost $1.23 billion since the start of the Russia and Ukraine conflict as investors have taken flight from Compagnie Financiere Richemont S.A, causing the Swiss Luxury good holdings’ market value to fall more than 15 per cent.

Globally, investors fear the invasion of Ukraine could spark international reprisals for Russia’s wealthiest individuals, who account for between 5 and 7 per cent of global spending on personal luxury goods. Furthermore, experts have also warned that sanctions against Russia’s wealthiest individuals would negatively impact luxury goods companies, especially if the sanctions involve
blocking the export of hot-selling luxury goods.

35% of Luxury ships in the world, which are worth a little bit above 400million dollars are owned by Russia Oligarch

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The most expensive Yatch in the world is owned by Russian Oligarch Roman, Abramovich, tagged my solaris, worth over 400million dollars 

ue to the market jitters, shares in luxury goods markets have fallen drastically, with the latest figures estimating Rupert’s net worth at $10.7 billion, from $11.93 billion at the start of business in 2022. The South African billionaire remains the richest person in his country and the second richest person in Africa. His stake in the luxury goods manufacturer Richemont is worth over $7 billion.

Russia billionaires have lost a lot to the ongoing invasion,  amidst heavy sanctions, and market capitalization 

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