Johann Rupert loses R19bn amid Russia’s invasion to Ukraine

South Africa’s richest man Johann Rupert has lost over R19 billion due to Ukraine-Russia conflict.

With the ever-increasing tensions between Russia and Ukraine the fortunes of the businessman have went down the drain as a result.

The conflict which intensified from Thursday, 27 February, has led to major setbacks where, sanctions has been imposed against Russia, and businesses have suffered a drastically loss.

Due to the market jitters, prices have increased rapidly, with fuel prices that has taken a rife..

According to Bloomberg Billionaires Index that publishes 500 richest people in the world daily it is evident that Rupert and his family are expected to lose more money this year because of uncertainties on luxury goods on Compagnie Financière Richemont SA.

Despite that this major loss, the Rupert family still remains the wealthiest in the country.

It is not only Rupert who has lost money, even business tycoons like Elon Musk who is the richest person in the world has lost nearly 18% of his wealth up to so far this year this has been estimated by Bloomberg Billionaires Index.