South Africa’s second-richest man Nicky Oppenheimer has seen his net worth slump by $280 million in a single day due to a decline in the market value of his private equity firms.
Oppenheimer, whose wealth peaked at an all-time high of $8.23 billion last month, has seen his wealth slump below the $8-billion mark in recent times.
The billionaire holds most of his wealth through private equity investments in Africa, Asia, the United States and Europe through the London-based Stockdale Street and Johannesburg-based Tana Africa Capital.
Data gathered by Billionaires.Africa revealed that his net worth at the opening of business and trading activities yesterday, Nov. 29, was estimated at $8.08 billion.
Revaluation of the private equity investment that he made after the disposal of a 40-percent stake in De Beers caused his net worth to fall to $7.8 billion as of the time of writing.
According to Bloomberg Data, this translates to a net-worth loss of $280 million for the billionaire, as he took a hit from his private investments.
Despite the slump in his net worth over the past 24 hours, Oppenheimer is one of the many billionaires who have recorded impressive gains in their wealth since the year began. His net worth has surged by more than $650 million since the beginning of the year.
His net worth gains lag behind the wealth increase of other African billionaires, such as Johann Rupert and Aliko Dangote, who have recorded an over $2-billion increase in their wealth since the start of the year.
With his net worth pegged at $7.8 billion, Oppenheimer ranks among Africa’s richest men. He is the second-richest man in South Africa and the 348th richest man globally.
A recent report by Billionaires.Africa revealed that the market value of his investment in Integrated Diagnostics Holdings, a leading Egyptian healthcare services provider, rose by $2 million from $23.85 million on Oct. 20 to $25.88 million on Nov. 22.