Latest news with #JohannRupert
The Citizen
4 days ago
- Business
- The Citizen
R1m for a watch? Johann Rupert's Cartier proves luxury is alive
The most expensive Cartier watch is worth R4 230 654. Richemont, owned by Johann Rupert, one of South Africa's billionaires, has seen remarkable growth for the quarter ended 30 June 2025, a time when luxury goods are not a priority for many. In a time when most people are struggling to make ends meet and are living hand-to-mouth, one would assume that everyone is struggling. However, just beneath the surface of this collective hardship lies a vastly different reality where luxury is thriving. Richemont is a luxury goods holding company that owns brands such as Cartier. Watches from this brand range between R59 000 and R4 million. Rupert's company's sales went up by 6% at constant exchange rates and by 3% at the actual exchange rate. ALSO READ: Johann Rupert the wealthiest person in SA according to two rich lists Rupert is richer, thanks to watches According to a media statement by Richemont, sales from the jewellery division increased by 11%. However, analysts had predicted an 8% growth. Richemont's jewellery division includes Cartier, Van Cleef & Arpels, and Buccellati. One item from any of these brands would cost more than R100 000, showing that the economic crisis experienced by people does not apply to everyone. This unsettling truth echoes the message from George Orwell's Animal Farm, where the animals rise for equality, only to find that some are more equal than others. While many line up for groceries, a few browse exclusive boutiques, untouched by the economic strain that defines the daily life for most. Watches are an investment People who can often afford high-end jewellery buy it as a form of investment. A Cartier watch, after a few years, can be worth more than it was purchased for. Richemont's data show that for the first quarter, Europe led in sales, while the Middle East and Africa contributed the least to growth. ALSO READ: Jannie Mouton back on Forbes' list – Here are South Africa's dollar-billionaires 'Retail sales accounted for 69% of Group sales, with growth across all regions, excluding Japan. 'Wholesale sales growth was driven by solid increases in the Americas, Europe and Middle East and Africa. Online retail sales showed robust growth across almost all regions.' How much is it worth? According to Cartier's website, the cheapest watch is Tank Must de Cartier, which is worth R59 156,63 ($3 300). The most expensive is Santos de Cartier wwatch,worth R4 230 654 ($236,000). However, there are some older collections worth significantly more than the ones available in-store and online. Like the Cartier Cheich Montre Bracelet in Yellow Gold Circa 1983, which was sold for $1.1 million in 2022. One of the most popular items from Cartier is their Love bracelet. The bracelet is worth R109 326,03 ($6 100). NOW READ: 'Imagine if he took the Guptas': Is Rupert's place in US delegation double standards or good for business?
Kuwait Times
12-07-2025
- Business
- Kuwait Times
Four richest Africans wealthier than half the continent: Oxfam
LAGOS: The four richest Africans are wealthier than about half of the continent's 750 million people, anti-poverty charity Oxfam said in a report published on Thursday. LAGOS: The four richest Africans are wealthier than about half of the continent's 750 million people, anti-poverty charity Oxfam said in a report published on Thursday, warning widening inequality was hampering democracy. Oxfam named only Nigerian billionaire Aliko Dangote, the continent's richest man, in its report. But according to Forbes, the top four are rounded out by South Africans Johann Rupert and Nicky Oppenheimer, along with Egyptian businessman Nassef Sawiris. Over the past five years, African billionaires have seen their wealth soar by 56 percent, with the richest among them recording even higher gains, Oxfam said. Nearly half of the top 50 most unequal countries in the world are also on the continent, according to the report. Oxfam argued that government policies are skewed against the poor and provide leeway for the continent's super-rich to amass even more wealth. 'Most African countries are not fully leveraging progressive taxation to effectively tax the super-rich and address inequality,' the report said. However it also blamed mounting inequality on 'regressive' International Monetary Fund policies and illicit financial flows — notably the use of tax havens to hide wealth abroad. The NGO said that inequality is hindering democracy, hampering poverty reduction and worsening the climate crisis, with 'political capture' by the wealthy undermining 'pro-poor government policies and the effectiveness of public institutions'. For instance, in Africa's biggest democracy, Nigeria, people seeking political office are often priced out of running by exorbitant fees demanded by political parties. Meanwhile vote-buying is rampant in a country where tens of millions of people are desperately poor. Despite the issue, Oxfam said that nearly nine-in-ten African countries since 2022 have backtracked on policies on taxation, labor rights and minimum wages which the charity says are necessary to help tackle inequality. Oxfam recommended an overhaul of tax administrations on the continent. Currently, Africa's tax systems are nearly three times less effective at redistributing income from the richest one percent than the global average, it said. Additionally, the continent loses an estimated $88.6 billion annually through illicit financial flows. A review of the tax systems of 151 countries found that 'Africa was the only region in which countries have not increased effective tax rates since 1980', the charity said. — AFP
The Citizen
11-07-2025
- Business
- The Citizen
Rich continent, poor people
With just four billionaires richer than half of Africa, inequality is a crisis rooted in exploitation and postcolonial misrule. Africa is a rich continent – if you doubt that, explain why it was eyed so voraciously by European colonisers. So why is it that, in the 21st century, its people remain some of the poorest on the planet? It's easy to lay the blame at the door of the colonialists – and, indeed, there is a lot of merit in that argument, because other countries greedily took in Africa's resources but left its people ill-equipped to deal with the years after independence. However, there is no getting away from the fact that Africa's rulers, often setting out a new 'master and servant' paradigm, have been an important factor in why the majority of people of this continent still struggle to build themselves better lives. Those 'big men' – and they have all been men – have used their positions to loot their countries back to a time before Europeans arrived… or so it seems. ALSO READ: SA startup joins Google for Startups Accelerator Africa Class 9 as AI innovators get boost However, there is also no doubt that Africa has been a golden – literally and figuratively – opportunity for people to amass fortunes. It is telling, though, to read antipoverty charity Oxfam's latest report that the four richest Africans are wealthier than about half of the continent's 750 million people. Surprisingly, for those adherents to the 'white monopoly capital' theory, Africa's richest man is a black Nigerian. South Africa's Johann Rupert and Nicky Oppenheimer trail him in the money stakes. Over the past five years, according to Oxfam, African billionaires have seen their wealth soar by 56%, with the richest among them recording even higher gains. Nearly half of the top 50 most unequal countries in the world are also on the continent, according to the report. It goes without saying that is a ticking time bomb – not only for Africa, but for South Africa, where inequality is still the major feature of our society. NOW READ: African cities need fiscal power to survive rapid urbanisation
Time of India
10-07-2025
- Business
- Time of India
4 rich Africans reportedly wealthier than half the continent
AI- Generated Image The four most affluent Africans hold $57.4 billion (€48.9 billion) and are richer than approximately 50 percent of the continent's 750 million inhabitants, according to a report released on Thursday by the anti-poverty organization Oxfam. According to the report, Africa had no billionaires in 2000. Today, the continent has 23 billionaires whose combined wealth has soared by 56 percent in just the past five years, reaching a staggering $112.6 billion. Furthermore, the top 5 percent of Africans possess nearly $4 trillion in wealth, which is over twice the total wealth of the rest of the continent combined. The report also states that nearly half of the world's 50 most unequal countries are in Africa. In January, Oxfam reported that billionaire wealth was growing faster than ever worldwide. Policies are biased against the poor Oxfam contended that government policies are biased against the poor and allow the continent's super-rich to accumulate even more wealth. "Most African countries are not fully leveraging progressive taxation to effectively tax the super-rich and address inequality," the organization's report said. According to Oxfam, Africa's tax systems are nearly three times less effective at redistributing income from the richest one percent than the global average. Imposing an additional 1 percent tax on the wealth and 10 percent on the income of the richest 1 percent in Africa could raise $66 billion annually. This amount is more than enough to close the funding gaps for free, quality education and universal access to electricity, the report said. The continent also loses an estimated $88.6 billion annually through illicit financial flows. Who are the richest Africans ? In its report, Oxfam named Nigerian billionaire Aliko Dangote as the richest man on the continent, with an estimated wealth of $23.3 billion. Among the top four are also South Africans Johann Rupert and Nicky Oppenheimer, as well as Egyptian businessman Nassef Sawiris. The NGO cautioned that inequality hinders democracy, impedes poverty reduction, and exacerbates the climate crisis in Africa. "Political capture" by the wealthy undermines "pro-poor government policies and the effectiveness of public institutions," the report said. In Africa's largest democracy, Nigeria, for example, exorbitant fees demanded by political parties often price people seeking political office out of running. Meanwhile, vote-buying is rampant in a country where tens of millions of people live in desperate poverty.
DW
10-07-2025
- Business
- DW
4 rich Africans reportedly wealthier than half the continent – DW – 07/10/2025
The anti-poverty charity Oxfam warns that growing inequality in Africa is hindering democracy. The four richest Africans have more wealth than half of the continent's population. The four most affluent Africans hold $57.4 billion (€48.9 billion) and are richer than approximately 50% of the continent's 750 million inhabitants, according to a report released on Thursday by the anti-poverty organization Oxfam. According to the report, Africa had no billionaires in 2000. Today, the continent has 23 billionaires whose combined wealth has soared by 56% in just the past five years, reaching a staggering $112.6 billion. Furthermore, the top 5% of Africans possess nearly $4 trillion in wealth, which is over twice the total wealth of the rest of the continent combined. The report also states that nearly half of the world's 50 most unequal countries are in Africa. In January, Oxfam reported that billionare wealth was growing faster than ever worlwide. Oxfam contended that government policies are biased against the poor and allow the continent's super-rich to accumulate even more wealth. "Most African countries are not fully leveraging progressive taxation to effectively tax the super-rich and address inequality," the organization's report said. According to Oxfam, Africa's tax systems are nearly three times less effective at redistributing income from the richest one percent than the global average. Imposing an additional 1% tax on the wealth and 10% on the income of the richest 1% in Africa could raise $66 billion annually. This amount is more than enough to close the funding gaps for free, quality education and universal access to electricity, the report said. The continent also loses an estimated $88.6 billion annually through illicit financial flows. To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video In its report, Oxfam named Nigerian billionaire Aliko Dangote, the richest man on the continent. Among the top four are also comprised of South Africans Johann Rupert and Nicky Oppenheimer, as well as Egyptian businessman Nassef Sawiris. The NGO cautioned that inequality hinders democracy, impedes poverty reduction, and exacerbates the climate crisis in Africa. "Political capture" by the wealthy undermines "pro-poor government policies and the effectiveness of public institutions," the report said. In Africa's largest democracy, Nigeria, for example, exorbitant fees demanded by political parties often price people seeking political office out of running. Meanwhile, vote-buying is rampant in a country where tens of millions of people live in desperate poverty.
