Johann Rupert’s R254 billion empire

South Africa’s richest man, Johann Rupert, took his family’s business empire to new heights and helped found some of the country’s biggest companies.

Today, Rupert has an estimated net worth of over R250 billion and has helped shape many of South Africa’s business industries.

Johann Rupert was born into a business empire in 1950. His father, Dr Anton Rupert, had managed to turn a small tobacco company into a South African tobacco and industrial conglomerate, Rembrandt.

Rupert grew up in Stellenbosch alongside his two siblings, Hanneli and Anthonij. There, he attended Paul Roos Gymnasium, a dual medium high school for boys. He went on to study commerce and company law at Stellenbosch University.

However, when he had nearly completed his studies, the university insisted that he retake two subjects despite being admitted to write both examinations. Rupert opted to drop out of university instead.

At the time, he knew he did not want to work for his father. So, when family friend David Rockefeller suggested he go to New York to work on his business acumen, he packed his bags and headed towards the Big Apple.

There, he worked for Chase Manhattan for two years and for Lazard Freres for three years. Although his hours were grueling, requiring him to work 14-hour days for six days a week, he found that he really enjoyed the work.

In 1979, Rupert returned to South Africa and, at only 29 years old, he founded Rand Merchant Bank (RMB).

Although he still didn’t want to join the family business, things changed in 1972, when Rembrandt consolidated its overseas tobacco interests in Rothmans International, which was listed on the London Stock Exchange.

However, the anti-South African sentiment of the 1980s had led to Rupert’s father being ousted from his management role at Rothmans.

Therefore, in 1984, Rupert decided it was time for him to join Rembrandt. He suggested that his friends at Rand Consolidated Investments (RCI), Paul Harris, GT Ferreira and Laurie Dippenaar merge with RMB.

They had long struggled to secure a banking license, which made this deal the golden ticket to establishing what would become FirstRand, South Africa’s most valuable bank.

Running Rembrandt

Upon joining the group, Rupert was appointed as Rembrandt’s executive director. With the threat of tariffs looming large, he insisted that the company transfer all of its international assets to a separately listed company abroad.

So, he started reshuffling the group’s international structure under the umbrella of Compagnie Financière Richemont SA (Richemont), a newly founded Swiss-based global luxury goods holding company.

Its profile consisted of major brands such as Cartier, Dunhill and Mont Blanc. It also went on to acquire a share in Rothmans International.

In 1992, Rupert took over his father’s role as non-executive chair of Rembrandt. Three years later, Rembrandt and Richemont consolidated their respective tobacco interests in Rothmans International, which was the world’s fourth-largest cigarette manufacturer.

It was then delisted and merged its interests with those of British American Tobacco (BAT), the world’s second-largest cigarette producer, in 1999.

Since then, the investment in BAT was held through a joint holding company in which Rembrandt and Richemont each held shares.

Following the above restructuring, Rembrandt became a pure investment holding company. In 2000, the company underwent a major restructuring when Rembrandt was split into two – Remgro and Venfin.

Remgo is an investment holding company with stakes in mining, tobacco, financial services and industrial interests.

Venfin was a venture capital company which housed technology and telecommunications interests. In 1993, Venfin, along with Telkom and the UK’s Vodafone, founded Vodacom.

In 2008, Rupert created Reinet Investments, a company focused on non-luxury assets spun off from Richemont.

During November 2008, Remgro unbundled its investment in BAT to its shareholders by way of an interim dividend in specie amounting to R55.2 billion.

Following the BAT unbundling, the group’s remaining interests consisted mainly of investments in banking and financial services.

It also had major interests in printing and packaging, motor components, glass products, medical services, mining, petroleum products, food, wine and spirits and various other trade mark products.

As of 30 June 2018, the value of the unbundled BAT shares had increased to R140.8 billion. In this year, Rupert was the richest Afrikaner in South Africa with a net worth of around R92 billion.

Billionaire business giant

Today, Rupert is the wealthiest man in South Africa, with an estimated net worth of $14.7 billion (around R254 billion), according to Forbes.

Most of his wealth comes from three companies: Remgro, Richemont, and Reinet Investments. Rupert remains the chairman of Remgro, Richemont, and Reinet, making him one of the world’s top businessmen.

Rupert chairs JSE-listed Remgo, which has stakes in many of South Africa’s most well-known companies, including Mediclinic, RCL Foods, OUTsurance, and FirstRand.

For the year ended 30 June 2025, the group reported that its headline earnings increased to R7.83 billion. Due to its positive performance, the company is now trading at a market cap of R89.79 billion.

With a current market cap of around R100.32 billion, Luxembourg-based investment vehicle Reinet Investments has also performed well for the Ruperts.

However, Richemont is the true crown jewel in the Rupert portfolio. With a market cap of over R17 trillion, Richemont is the fourth-largest luxury goods company in the world behind LVMH, Hermès and EssilorLuxottica.

The Rupert family also owns numerous properties around South Africa and internationally, including L’Ormarins, Rupert & Rothschild Vignerons, and La Motte.

Even so, the Rupert family’s wealth still mainly comes from their shareholding in Richemont, Reinet Investments, and Remgro.

In recognition of his business achievements, Rupert has been awarded honorary doctorates in Law, Economics and Commerce from Stellenbosch University and Nelson Mandela University.

He has also received many awards and accolades. In 1992, he was one of only two hundred “Global Leaders of Tomorrow” chosen by the World Economic Forum.

In 2000, Rupert was named South Africa’s “Most Influential Business Leader” by the CEOs of the top hundred listed companies.

While Rupert’s succession plans have not been made public, many assume his son, Anton Rupert Jr, is the most likely candidate to succeed his father.