Home Business SA billionaire Oppenheimer loses $470 million

SA billionaire Oppenheimer loses $470 million

by Thys Khiba
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SA billionaire Oppenheimer loses $470 million

By Thys Khiba

The net worth of South African second-richest man and billionaire Nicky Oppenheimer has dropped below $8.5 billion in 12 days.

This comes after reports and data reveals that Oppenheimer has seen his wealth figures slump by $400 million in just twelve days translating to an average daily loss of $39.2 million.

His fortune is currently standing at least $8.48 billion, down from $8.95 billion on October 19, says Bloomberg Billionaires Index.

This has been linked to the decline in the value of his investments in private equity firms, which Oppenheimer manages through London-based Stockdale Street and Johannesburg-based Tana Africa Capital.

With the recent decrease in his net-worth, he is still the 247thrichest individual globally and third-richest person in Africa with a fortune of $8.48. He is led by South African billionaireJohann Rupert, and Nigerian billionaire Aliko Dangote.

The shocking $470 million plunge in his wealth resulted in his descent on the Bloomberg Billionaires Index, plummeting from the 232nd spot on October 19 to the 247th position as of the time of drafting this report.

Meanwhile, the recent decline in fortune could not stop his year-to-date gain.

Oppenheimer’s year-to-date gain currently aggregates to $450 million. His favourable outcome is connected to his impact on the diamond industry and the sale of his family’s 40-percent stake in De Beers to Anglo-American for $5.2 billion in 2012.

Nicky is the third generation of his family to run De-Beers, and took the company private in 2001. He owns at least 720 square miles of conservation land across South Africa, Botswana, Zimbabwe, and Mozambique.

The family has recently donated more than $110 million to South African small businesses in responding to the COVID-19 pandemic.

Oppenheimer and his son, Jonathan co-owns Tswalu Kalahari and the 65 000-hectare Shangani Ranch.

SA billionaire Oppenheimer loses $470 million

SA billionaire Nikky Oppenheimer loses $470 million

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