South African billionaire Ivan Glasenberg’s fortune grows $120 million in a week

South African billionaire Ivan Glasenberg has experienced a significant surge in his wealth over the past seven days, primarily driven by gains in his investment portfolio, particularly his holdings in Glencore, a Swiss multinational commodity trading, and mining company.

According to data tracked by the Bloomberg Billionaires Index, Glasenberg — renowned as one of the leading billionaires in the mining industry — has seen his net worth soar by $120 million within one week, from $8.12 billion on Mar. 21 to its present value of $8.24 billion.

Ivan Glasenberg sees wealth rise on Glencore gains

Glasenberg’s recent wealth boost has lifted him to the 312th spot among the world’s richest individuals, up from 315th as of March 21. The bulk of his $8.24-billion fortune comes from his 9.81-percent ownership in Glencore.

The recent surge in Glencore’s shares on the London Stock Exchange has lifted the value of Ivan Glasenberg’s stake in the Swiss multinational group by more than $90 million in the past week.

In recent times, Glencore shares are up 1.4 percent, rising from £4.28 ($5.39) on March 21 to £4.34 ($5.47) at the time of drafting this report. This increase drove Glasenberg’s holding, estimated at $6.53 billion on March 21, to $6.62 billion.

Glencore doubles down on battery recycling with $75-million Li-Cycle investment

Separately, Glencore finalized its previously announced $75-million investment in Li-Cycle through a senior secured convertible note. The five-year note is convertible into common shares of Li-Cycle at an initial conversion price of $0.53 per share. This move signifies Glencore’s strategic focus on the battery recycling space.

The surge in Glasenberg’s wealth highlights the dynamic nature of global financial markets. Movements in these markets can significantly impact the fortunes of individuals with substantial holdings in key industries.