South African diamond billionaire Nicky Oppenheimer’s net worth rises by $630 million

The net worth of Nicky Oppenheimer, one of South Africa’s most prosperous men, has surged by around $630 million so far this year.

According to the Bloomberg Billionaire Index, Oppenheimer, who had an estimated net worth of about $7.15 billion at the start of the year, has seen his wealth climb as high as $7.78 billion recently.

The boost in his net worth can be linked to gains from investments made through Tana Africa Capital, his Johannesburg-based private equity firm.

Oppenheimer is the third generation of his family to run DeBeers, the world’s largest diamond producer. He sold his family’s 40 percent stake in the company to the mining firm Anglo American in 2012 for $5.2 billion in cash, ending their 80-year ownership.

In addition to the $5.2 billion, he also earned about $390 million in dividends from Anglo American.

However, the majority of the proceeds from the sale went into Tana Africa Capital, which he founded in 2011 with Temasek Holdings.

The private equity firm maintains investments in Africa, Asia, the United States and Europe. Tana Africa holds equity stakes in Kitea, the leading Moroccan household furniture, office furniture and home accessories retailer, Regina, Egypt’s second-largest pasta manufacturer and Promasidor.

In 2020, Tana Africa Capital announced that the company had invested in Mabaret Al Asafra, a hospital operator in Alexandria, Egypt, through its second fund.

The investment was made directly into Alexandria for Healthcare Investments, which owns the majority stake in Mabaret Al Asafra.

Even without the recent gains in his net worth, Oppenheimer is the second wealthiest man in South Africa with an estimated net worth of $7.78 billion, according to Forbes.

Fellow billionaire businessman Johann Rupert holds the top spot as the wealthiest man in South Africa, with a net worth of $9.6 billion. His net worth rose by $1.58 billion in 2021 alone.