South Africa’s second-richest man Nicky Oppenheimer’s net worth rises by $400 million this year

South African billionaire Nicky Oppenheimer has seen his net worth increase by $400 million since the start of 2022 thanks to a sustained increase in the value of his private equity investments.

Oppenheimer is South Africa’s second-richest man, trailing only luxury tycoon Johann Rupert. He is one of the few African billionaires whose wealth has increased by millions of dollars since the year began despite the impact of recent economic disruptions on companies and their valuations.

According to research conducted by Billionaires.Africa, Oppenheimer’s net worth has increased by $400 million since the beginning of the year, from $7.95 billion to $8.35 billion at the time of writing this report, owing to the performance of his private equity investments.

Oppenheimer maintains private equity investments in Africa, Asia, the United States, and Europe through London-based Stockdale Street and Johannesburg-based Tana Africa Capital after selling a 40-percent stake in De Beers, the world’s largest diamond producer, to mining company Anglo-American in 2012 for $5.2 billion in cash.

Tana Africa Capital, which he founded in 2011, has been one of the busiest Africa-focused investment firms this year, having participated in major funding rounds of startups and companies, particularly those with a strong presence in the fintech sector.

Earlier this year, the private equity firm announced the acquisition of a majority stake in Furniture Palace Limited, Kenya’s leading furniture retailer, with its long-standing partner, KITEA Group.

In recent times, Tana Africa Capital joined LeapFrog Investments in a $110-million investment in Interswitch, an integrated payment and transaction company led by Nigerian tech tycoon Mitchell Elegbe.

Last year, the Oppenheimer-led firm exited its position in Regina, Egypt’s second-largest pasta manufacturer and the country’s leading durum wheat flour producer.