Biggest African Billionaire Loser: Christo Wiese's net worth shrinks by half

web_photo_Christo_Wiese_07122017

South African magnate Christo Wiese, Steinhoff's largest shareholder and chairman, listens during an interview in Cape Town, South Africa, September 27, 2016.

South African magnate Christo Wiese, Steinhoff's largest shareholder and chairman, listens during an interview in Cape Town, South Africa, September 27, 2016.

web_photo_Christo_Wiese_07122017

South African magnate Christo Wiese, Steinhoff's largest shareholder and chairman, listens during an interview in Cape Town, South Africa, September 27, 2016.

South African magnate Christo Wiese, Steinhoff's largest shareholder and chairman, listens during an interview in Cape Town, South Africa, September 27, 2016.

JOHANNESBURG – Retail tycoon Christo Wiese&39;s net worth has shrunk by almost R37-billion amid the impact of global clothing and furniture retailer Steinhoff&39;s financial woes.

Steinhoff share prices plummeted over 60 percent, wiping out more than a R100-billion following the resignation of CEO Markus Jooste amid a probe into alleged accounting irregularities.

 

 

READ: Embattled Steinhoff continues trading: JSE

According to Forbes real-time ranking of the world’s billionaires, Wiese saw his net worth decrease by $2.7-billion, which equates to about 72.3 percent loss to his wealth. 

He is now worth more than just above $1-billion.

 

 

“That&39;s down more than $4-billion from March 2017, when he was worth $5.6-billion,” Forbes wrote on their website on Wednesday.

The 76-year-old Wiese, who is Steinhoff’s chairman, will take over the running of the company on a temporary basis after former CEO Markus Jooste resignation.