The reshuffling of the world’s wealth lists has seen Nicky Oppenheimer dethrone Johann Rupert, the founder of the Swiss luxury goods holding company Richemont, to become South Africa’s richest man and the second-richest person behind Nigerian billionaire Aliko Dangote.
Oppenheimer’s net worth is estimated to be $8.55 billion as of press time, $20-million more than Rupert’s wealth valuation of $8.53 billion.
In 2021, Rupert became South Africa’s wealthiest man after shares in Richemont rose in value by more than 60 percent.
However, Rupert’s reign as South Africa’s richest man was brief, as his net worth so far in 2022 has declined by more than $3.4 billion, owing to a 37-percent drop in Richemont’s share price.
Oppenheimer’s net worth has increased by $600 million since the beginning of 2022, from $7.95 billion at the opening of business this year to $8.55 billion at the time of writing this report.
The $600-million wealth increase can be attributed to his well-diversified investment portfolio in private equity firms, as he invests through London-based Stockdale Street and Johannesburg-based Tana Africa Capital.