South African billionaire Ivan Glasenberg has witnessed a significant surge in his fortune in the past two weeks, primarily driven by recent gains in his investment portfolio, particularly his stake in Glencore, a Swiss multinational commodity trading, and mining company.
According to data tracked by the Bloomberg Billionaires Index, Glasenberg, well-known as one of South Africa’s wealthiest individuals, has seen his net worth increase by $440 million over the past two weeks. This surge has propelled his fortune from $8.24 billion to $8.68 billion.
The recent $440-million surge has reduced his year-to-date wealth loss to $181 million, marking a significant turnaround. With this recent increase, Glasenberg now sits at 292nd on the list of the world’s richest individuals, up from 312th on March 28. His $8.68-billion fortune is derived from his 9.81-percent stake in Glencore.
Glasenberg’s Glencore stake surges by $435 million
The recent surge in Glencore’s share price has translated into a $31.4 million daily average gain for Glasenberg since March 28. This reflects a significant increase attributed to the broader market uptick.
In recent times, Glencore’s shares have gained 6.67 percent since March 28, closing at £4.64 ($5.82) today, up from £4.35 ($5.45) on March 28. With the recent share price surge, Ivan Glasenberg’s stake in Glencore has grown by $435 million, rising from $6.59 billion on March 28 to $7.04 billion.
Glasenberg’s rising fortune further cements his position among the world’s richest individuals. The recent surge in his net worth highlights the dynamic nature of global markets and their profound impact on high-net-worth individuals’ wealth.
