Rupert Says Farming Profits Elude Him

The Richemont chairman told a Cape Town agriculture conference that farmers' capital is locked up in land and buildings.

Updated on Nov. 10, 2026 in Agriculture

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Johann Rupert, chairman of Compagnie Financière Richemont SA, said at the 31st Commonwealth Agriculture Conference in Cape Town that he does not know how to make money from farming. The keynote came as the conference ran from 1 to 5 November under the theme 'Opportunities of change in a connected world.'

Why it matters

Rupert said farmers' money is tied up in immovable land and buildings, leaving them exposed to taxation and to weather, war, commodity swings and port strikes that can wipe out a season before produce reaches buyers. For South Africa, the remarks land as the country faces a planned end to its duty-free access to the U.S. market under AGOA.

Rupert, 76, has chaired Richemont since 2002 and owns the L'Ormarins wine estate in Franschhoek. The stated view comes from one industry figure, and the report does not quantify farm margins or the share of farm capital held in fixed assets.

The players

Johann Rupert

Johann Rupert is chairman of Compagnie Financière Richemont SA and is ranked by Forbes as South Africa's richest person.

Princess Anne

Princess Anne is a senior member of the British royal family who addressed the Commonwealth Agriculture Conference.

The details

Rupert, who owns the L'Ormarins wine estate in Franschhoek, delivered the keynote address at the conference at Century City in Cape Town, where Princess Anne also addressed delegates. He framed farming as a business with heavy fixed capital and high exposure to external shocks.

- 1 to 5 November 2026: 31st Commonwealth Agriculture Conference held in Cape Town.
- 9 November 2026: Botswana backed the bid for Anglo American's 85% stake in De Beers and announced plans to double its holding to 30%.

Roadmap

Rupert's comments come as President Donald Trump has announced plans to end South Africa's duty-free access to the U.S. market under the African Growth and Opportunity Act. The pressure on export-dependent farming arrives alongside the trade shock, sharpening the financial exposure Rupert described.

Farmers and agribusinesses exporting to the United States will need to plan for the possible loss of duty-free access under AGOA. Those with capital tied up in land and buildings may face tighter cash flow if export markets tighten.

The takeaway

Farm profitability depends heavily on fixed assets and outside shocks, so producers should stress-test cash flow against weather, port and trade disruptions. Diversifying buyers and monitoring trade-policy changes can reduce exposure.