South Africa’s second-richest man Nicky Oppenheimer has seen his net worth decline by $200 million in the past 41 days.
This translates to an average loss of $4.88 million per day for the billionaire since July 2.
As of press time, 2:15 PM (UTC), Aug. 12, the billionaire’s net-worth is $7.80 billion, according to Bloomberg.
Before the recent decline in his wealth, his net worth had risen above the $8-billion mark in July.
Data retrieved from the Bloomberg Billionaire Index revealed that his wealth decreased from $8 billion on July 2 to $7.80 billion on Aug. 12.
The decline can be linked to losses accrued from his investments in private equity firms.
The billionaire maintains private equity investments in Africa, Asia, the United States and Europe through the London- and Johannesburg-based Tana Africa Capital.
Through these private equity firms, he holds stakes in Kitea, the leading Moroccan household furniture, office furniture and home accessories retailer, Regina, Egypt’s second-largest pasta manufacturer, and Promasidor.
Oppenheimer’s net worth has been on the rise since Q2 2020, after it fell to a record low of $5.8 billion in March 2020 on the back of a massive sell-off on the global equity market, as investors took flight to safety.
His net worth of $7.8 billion makes him the 353rd richest man globally and the second richest in South Africa behind fellow South African billionaire Johann Rupert. Rupert’s net worth is pegged at $10.1 billion as of the drafting of this report.
The billionaire in recent times earned $990,552 in dividends from his indirect stake in the leading UK-based consumer healthcare company, Integrated Diagnostics Holdings Plc.