South Africa’s second-richest individual, 91-year-old Nicky Oppenheimer, has witnessed a remarkable $1.3 billion increase in his net worth this year (Year to Date), soaring from $7.95 billion on November 29, 2022 to $9.33 billion in 2023, marking a 16% surge. This substantial valuation is attributed to private investments across Africa, Asia, the US, and Europe, managed through London-based Stockdale Street and Johannesburg-based Tana Africa Capital.
The surge in Oppenheimer’s net worth can be credited to the favorable market performance of the companies where he holds investments. Tana Africa Capital, under his leadership, made strategic moves in 2022, including a minority investment in Sundry Markets, a rapidly growing Nigerian grocery retailer. This transaction contributed to the rise in net worth and underscored Oppenheimer’s commitment to fostering successful partnerships.
In May 2022, Tana Africa Capital further solidified its strategic position by investing in Interswitch, Africa’s leading technology-driven payment company. This move aimed to support Interswitch’s drive to advance the payment ecosystem across the continent.
Notably, a portion of the investment was acquired from existing shareholders, with Ignite Holdco Limited, comprising Helios Investment Partners and TA Associates, remaining the most significant shareholder post-transaction.
Nicky Oppenheimer, scion of a venerable mining legacy, achieved his wealth milestone by divesting his family’s 40% stake in De Beers, the premier rough diamond producer, to Anglo American in a landmark deal valued at $5.2 billion in August 2012. Augmented by approximately $390 million in dividends from Anglo American, Oppenheimer’s financial portfolio finds its genesis in these strategic transactions, explicitly focusing on commodities and African markets.
Post-De Beers, Oppenheimer discreetly injected funds into 4Di Capital, a South Africa-focused venture capital firm, as reported by Ventureburn in November 2012. Affectionately nicknamed Nicky, he entered the family enterprise at 23, rising through the ranks to lead De Beers in 1998. Tasked with overhauling the company’s business model after losing its near-monopoly on diamond distribution in 2000, he played a pivotal role in establishing the Kimberley Process certification scheme in 2003 to prevent the trade of conflict diamonds.
The Oppenheimer family’s significant exit from De Beers materialized in August 2012 when they ceded their remaining 40% stake to Anglo American for $5.2 billion. Nicky, an advocate of African investment, was deeply involved in Tana Africa Capital, his private equity venture with Temasek Holdings.
