Home » South African-born billionaire Patrick Soon-Shiong loses $550 million in 16 days

South African-born billionaire Patrick Soon-Shiong loses $550 million in 16 days

by Yusuf Abdulfatai
Patrick Soon-Shiong

South African-born billionaire Patrick Soon-Shiong — renowned for his groundbreaking work in the medical field and his pivotal role in the development of the cancer treatment Abraxane — has seen his net worth slump by over half a billion dollars in recent times.

According to the Bloomberg Billionaires Index — which tracks the wealth of the world’s 500 richest billionaires — Soon-Shiong’s net worth has plunged by $550 million, over the past 16 days, falling from $10 billion on Nov. 27 to $9.45 billion.

The recent $550-million downturn in Soon-Shiong’s net worth which translates to an average daily loss of $34.4 million cut back his year-to-date wealth gains to $517 million. The l setback is linked to the surge in his liabilities, which currently aggregates to $735 million.

Patrick Soon-Shiong’s $9.45 billion net worth positions him at 232nd globally

This decline has caused Soon-Shiong’s fortune to slip below the $10 billion threshold — placing him in the 232nd spot among the world’s richest individuals. Just 16 days ago, he held the 213th position — underscoring the volatile nature of global wealth rankings. 

Despite the recent setback, Soon-Shiong retains his position as one of Africa’s leading billionaires. With his current $9.45-billion fortune, he not only ranks as the 232nd richest individual globally but also as the second-richest doctor in the world, trailing Thomas Frist. 

Patrick Soon-Shiong’s ever-evolving legacy in medicine and business

Soon-Shiong remains a top figure in the medical and business fields. His contributions to medicine and entrepreneurial endeavors have garnered global attention across various markets. His notable achievements include the sale of APP Pharmaceuticals and Abraxis BioScience, which propelled his wealth to new heights. 

Despite the recent financial setback, Soon-Shiong’s influence in the medical field and his entrepreneurial spirit remain undiminished. As financial markets fluctuate-his wealth and investments will continue to be closely monitored by global financial analysts and observers.

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