In a recent upswing to his burgeoning wealth, South African-born billionaire Patrick Soon-Shiong has experienced a noteworthy surge, adding $1.15 billion to his net worth in just sixteen days — this surge has propelled his wealth figures above the $10-billion milestone.
According to the Bloomberg Billionaires Index — which tracks the fortunes of the world’s top 500 billionaires — Soon-Shiong’s net worth has surged by an impressive $1.15 billion over the last sixteen days, climbing to $10.6 billion on Dec. 29 from $9.45 billion on Dec. 13.
This recent surge in his fortune translates to an average daily gain of $71.88 million since Dec. 13, propelling him beyond the $10 billion milestone and further solidifying his status as one of Africa’s wealthiest billionaires.
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Earlier this year, Soon-Shiong weathered a challenging period, witnessing a significant downturn in his fortune amounting to millions of dollars. However, recent sustained growth in his wealth has resulted in a noteworthy upswing, with a substantial $1.15-billion increase propelling his year-to-date gains to a total of $1.62 billion.
These recent gains underscore Soon-Shiong’s influential role, particularly notable for his groundbreaking contributions to cancer treatment within the global healthcare sector, overcoming market challenges along the way.
In 2022, Soon-Shiong’s net worth decreased by $1.02 billion, from $9.95 billion at the start of the year to $8.93 billion as of Dec. 31, 2022. Nevertheless, buoyed by the recent market performance of his late-stage immunotherapy company, ImmunityBio, he now joins the ranks of African billionaires who have realized wealth gains exceeding $1.5 billion this year.
Soon-Shiong’s billion-dollar rebound: The ImmunityBio effect on global wealth rankings
Soon-Shiong presently ranks as the 208th wealthiest individual globally, trailing behind Swedish billionaire Antonia Axson Johnson, the fourth-generation head and chairman of Axel Johnson AB, a family company established by her great-grandfather in 1873.
A cornerstone of Soon-Shiong’s billion-dollar fortune is his 80-percent majority stake in ImmunityBio, a leading late-stage immunotherapy company pioneering cutting-edge cell and immunotherapy products.
Soon-Shiong’s financial resurgence throughout this year highlights his business skills and significant influence in healthcare and biotechnology. According to Bloomberg’s latest figures, his stake in ImmunityBio has increased from $1.69 billion on Dec. 13 to $2.77 billion at the time of writing.