South African billionaire Ivan Glasenberg’s fortune has increased significantly over the last two weeks, owing mostly to recent advances in his investment portfolio, particularly his share in Glencore, a Swiss multinational commodity trading and mining firm.
Glasenberg, a wealthy individual in South Africa, increased his net worth by $440 million in the last two weeks, according to Bloomberg Billionaires Index data. This spike increased his fortune from $8.24 billion to $8.68 billion.
The current $440 million spike has reduced his year-to-date wealth loss to $181 million, representing a substantial turnaround. With this recent boost, Glasenberg now ranks 292nd on the list of the world’s richest people, up from 312th on March 28. His $8.68-billion fortune comes from his 9.81 percent share in Glencore.
Since March 28, Glasenberg has gained an average of $31.4 million per day as a result of Glencore’s recent share price increase. This is a big boost due to the overall market uptick.
Glencore’s shares have risen by 6.67 percent since March 28, closing today at £4.64 ($5.82), up from £4.35 ($5.45) on March 28. With the recent share price boom, Ivan Glasenberg’s holding in Glencore increased by $435 million, from $6.59 billion on March 28 to $7.04 billion.
Glasenberg’s increasing fortune solidifies his position among the world’s wealthiest people.The recent increase in his net worth demonstrates the ever-changing nature of global markets and their enormous impact on the fortunes of high-net-worth individuals.
