After losing a staggering $380 million in September, South African billionaire Nicky Oppenheimer is quickly making up for previous losses, with the latest effort being a multimillion-dollar increase in his net worth in October, when his wealth skyrocketed by $100 million.
Data tracked by the Bloomberg Billionaires Index, which tracks the fortunes of the world’s 500 wealthiest people, revealed that his net worth rose by more than $100 million in October, reversing a $380-million loss in the previous months.
The multimillion-dollar increase in his net worth in October, which saw his wealth figures rise above $7.9 billion from 7.83 billion at the start of the month, can be attributed to the recent rise in the value of publicly traded companies following the previous month’s bear market lows.
With a net worth of $7.93 billion at the time of drafting this report, Oppenheimer is South Africa’s second-richest billionaire, trailing only Johann Rupert, who is $810-million richer.
Oppenheimer’s fortune is derived from a mix of private equity investments in Africa, Asia, the United States, and Europe made through Stockdale Street in London and Tana Africa Capital in Johannesburg.
The South African billionaire has been involved in private equity for decades, with many of his investments occurring after he sold his family’s 40 percent stake in De Beers, the world’s largest diamond producer, to mining conglomerate Anglo-American in a $5.2-billion deal in 2012.
Oppenheimer received approximately $390 million in dividends from Anglo American in addition to the cash proceeds from the deal, and the value of his cash investments is based on these dividends as well as the effect of taxes and charitable contributions.
Aside from his investments in Stockdale and Tana Africa Capital, a private equity joint venture he established with Singapore-based investment fund Temasek Holdings, the leading billionaire continues to hold investments in 4Di Capital, a South African-focused venture capital firm.
