Nicky Oppenheimer, South Africa’s second and Africa’s third richest man, has experienced a growth in wealth, raking in a staggering $370 million in just 17 days.
As per Bloomberg’s billionaire index, his net worth has now reached an impressive $9.45 billion, up from $9.08 billion on July 10, 2023.
The lion’s share of Oppenheimer’s fortune can be traced back to the significant proceeds he received from selling his family’s 40% stake in De Beers, the world’s largest rough diamond producer, to Anglo American for a whopping $5.2 billion in August 2012.
Additionally, he amassed about $390 million in dividends from his holdings in Anglo-American.
How did Nicky Oppenheimer gain $370 million in 17 days?
The surge in Oppenheimer’s net worth can largely be attributed to the impressive performance of his strategic investments across the dynamic African market.
As a private equity investor, he had previously disclosed plans to deploy a significant portion of the proceeds into private equity investments concentrated on Africa.
Some of these funds were also allocated to expanding his stake in Tana Africa Capital, a private equity joint venture he co-founded with Temasek Holdings, a Singapore-based investment fund. Furthermore, he invested in 4Di Capital, a South Africa-focused venture capital firm, back in November 2012.
Nicky Oppenheimer’s background
Delving into his background, Nicholas Frank Oppenheimer was born on June 8, 1945, in Johannesburg, South Africa, hailing from a long line of mining pioneers.
His grandfather, Ernest Oppenheimer, founded the mining behemoth Anglo-American in 1917, making history with the discovery of the world’s largest gold field, the Witwatersrand, near Johannesburg.
Continuing the family legacy, the elder Oppenheimer assumed control of De Beers in 1929, turning it into the world’s foremost diamond business, a distinction it maintains to this day while establishing close ties to Anglo Americans through cross-shareholdings.
Following in his father’s footsteps, Nicky joined the family business at the tender age of 23 after completing his studies in politics, philosophy, and economics at Oxford. Starting as a personal assistant to his father, he eventually became chairman of De Beers in 1998.
Nicky took on the challenge of transforming the company’s business model after it lost its near monopoly on the diamond distribution market in 2000.
To eliminate De Beers’ association with so-called “blood diamonds,” which had been traded through conflict zones, the company played a leading role in establishing the Kimberley Process certification scheme in 2003.
This initiative aimed to prevent conflict diamonds from entering the market, marking an essential step in promoting ethical practices within the diamond industry.
Nicky Oppenheimer’s journey has been one of profound impact, shaping not only the mining and diamond sectors but also leaving an indelible mark on the African investment landscape.
His strategic vision and commitment to transformative ventures continue to make him a prominent figure in the world of wealth and business.
