Nicky Oppenheimer hit by $470-million loss in 12 days

South African billionaire Nicky Oppenheimer has experienced a substantial decline in fortune, causing his net worth to drop below $8.5 billion.

Data tracked by Billionaires.Africa reveals that Oppenheimer, the second-richest man in South Africa, has seen his wealth figures slump by $400 million in just twelve days translating to an average daily loss of $39.2 million.

According to the Bloomberg Billionaires Index, Oppenheimer’s fortune currently stands at $8.48 billion, down from $8.95 billion on Oct. 19. This can be attributed to the decline in the value of his investments in private equity firms, which he manages through London-based Stockdale Street and Johannesburg-based Tana Africa Capital.

Despite the decrease in his net worth, Oppenheimer’s present fortune of $8.48 billion makes him the 247th richest individual globally and the third-richest person in Africa, just behind fellow South African billionaire Johann Rupert, and Nigerian billionaire businessman Aliko Dangote.

The staggering $470-million plunge in his wealth resulted in his descent on the Bloomberg Billionaires Index, plummeting from the 232nd spot on Oct. 19 to the 247th position as of the time of drafting this report.

Despite the recent decline in fortune, Oppenheimer’s year-to-date gain currently aggregates to $450 million. His success is linked to his impact on the diamond industry and the sale of his family’s 40-percent stake in De Beers to Anglo-American for $5.2 billion in 2012.

Beyond his illustrious business ventures, Oppenheimer is widely known for his dedication to wilderness conservation. With his son, Jonathan, he co-owns Tswalu Kalahari, South Africa’s largest private game reserve, a sanctuary for wildlife and a vital part of the region’s biodiversity preservation.

Oppenheimer is also the owner of the 65,000-hectare Shangani Ranch. The ranch, which serves as a vital animal migration route, has contributed to the local economy by employing 400 individuals and facilitating beef exports to the United Kingdom.