Despite Russia’s invasion of Ukraine, African billionaire Nicky Oppenheimer saw his net worth rise by $600 million (7.5%) in 93 days.
Oppenheimer has been able to smile the bank in the face of Russia-Ukraine induced economic sanctions on commodities, enterprises, and financial assets in the global stocks market.
The $600 million gain comes on the back of his investment portfolio in private equity businesses around the globe. These include Africa, Asia, the United States, and Europe assets through London-based Stockdale Street and Johannesburg-based Tana Africa Capital.
Nicky Oppenheimer’s wealth has grown from $7.95 billion to $8.55 billion. As a result, he surpassed Peter Thiel, co-founder of the PayPal e-commerce corporation, and Reinhold Schmieding, a billionaire from the United States.
Thiel, the co-founder of San Francisco-based venture capital company Founders Fund and Facebook’s first outside investment, had a net worth of $9.16 billion at the beginning of 2022.
Also, Schmieding, the founder and president of Arthrex, a privately held multinational medical device firm that is a pioneer in innovative product development and medical education in orthopaedics, had an estimated net worth of $8.67 billion in ninety-three days.
However, their net worths have declined by more than $150 million since the beginning of the year.
Thiel reduced from $9.16 billion to $8.45 billion, while Schmieding reduced from $8.67 billion to $8.52 billion. Oppenheimer’s net worth, on the other hand, increased to $8.55 billion.
Nicky Oppenheimer: Building Wealth Through Family Offices
To strengthen their Asia market further, Nicky Oppenheimer and his son Jonathan’s family office launched an outpost in Singapore in 2021.
This is to boost and strengthen their exposure to the market and leverage the region’s wealth to capitalise on the development phase of Asian firms and produce value.
According to the Oppenheimer family, their presence on the continent would promote investments between Asia and their home market of Africa, with significant synergies expected over the next 20 to 30 years.