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.

Due 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.