It will not be a great couple of months for consumers, according to Billionaire Johann Rupert.
He noted that interest rates will continue to be high, as many South Africans feel the pinch of increased food and fuel costs.
According to the Daily Investor, the Richemont chairperson told investors through a webcast that the globe has experienced irrational exuberance due to the central banks printing money.
“The central banks increased the money supply. The situation was exacerbated by fiscal irresponsibility,” Rupert said.
As a result, he argues that the central banks had to curb inflation by increasing interest rates.
“I suspect interest rates will remain higher for longer than most people think,” Rupert explained.
A LOSS OF $1.8 BILLION
Last week it was reported that Rupert’s net worth had declined by $1.8 billion (around R33 billion).
At the beginning of 2023 Forbes reported that Rupert had a net worth of $11.1 billion. He is now worth $9.3 billion according to Nairamterics.
The negative performance by luxury goods company, Compagnie Financière Richemont, impacted his massive fortune.
It should be noted that despite Richemont doing well in terms of profit performance and growth, the share price fell significantly this year.
Richemont’s share price was trading at R2,192 at 10.30am.
Over that last six months the share price has dropped by 33.79%.
IOL News