South African-born billionaire Patrick Soon-Shiong’s wealth surges above $11 billion

Yusuf Abdulfatai -

South African billionaire Patrick Soon-Shiong, renowned for his contributions to the medical field, has seen a remarkable surge in his net worth since the start of 2024, adding more than $1 billion to his already substantial fortune.

This surge, propelled by successful investments in immunotherapy, has elevated Soon-Shiong’s wealth above $11 billion for the first time since July 2021.

According to the Bloomberg Billionaires Index — which tracks the fortunes of the world’s top 500 billionaires — Soon-Shiong’s net worth has increased by $1.04 billion since the start of 2024, rising from $10. 5 billion on Jan. 1 to $11.5 billion at the time of drafting this report.

Patrick Soon-Shiong’s $1.04 billion surge and ImmunityBio’s rise

This surge, amounting to $1.04 billion year-to-date, marks an average daily gain of $13 million, firmly establishing Soon-Shiong as a prominent figure not only in South Africa but also among the top billionaires in Africa and globally.

Much of Soon-Shiong’s recent wealth surge can be attributed to the success of ImmunityBio, a company in which he holds a 76-percent stake. The California-based biotech firm specializes in innovative therapies and vaccines for cancer and infectious diseases.

Investors on the Nasdaq Stock Exchange have demonstrated confidence in ImmunityBio, driving its shares up by over 14 percent in 2024. This surge has propelled the company’s market capitalization above $4 billion, with Soon-Shiong’s stake now valued at $3.19 billion.

Patrick Soon-Shiong’s wealth surges, elevating global billionaire ranking

Patrick Soon-Shiong’s ascent in wealth has also elevated his global ranking among billionaires. Currently occupying the 209th spot, Soon-Shiong sits just below Johann Rupert and ahead of fellow South African billionaire Nicky Oppenheimer. Soon-Shiong’s wealth surge highlights the significant gains from his strategic investments, notably in immunotherapy.

The surge in Soon-Shiong’s net worth in 2024 highlights the success of his investments, particularly in biotech firm ImmunityBio. As his wealth surpasses $11 billion, Soon-Shiong solidifies his position among the world’s wealthiest individuals, underscoring his influence in both the medical and business arenas.