Nicky Oppenheimer, one of Africa’s wealthiest men, has seen his net worth rise by millions of dollars in the last 21 days as a result of a recent increase in the market value of his private equity investments, as well as renewed buying interest in publicly traded company shares.

The South African billionaire, who gained $125 million in wealth in 2022, is off to a strong start this year, with his net worth increasing by $200 million in just 21 days due to a recent increase in the value of his well-diversified portfolio.

According to data from the Bloomberg Billionaires Index, Oppenheimer has seen his net worth soar from $8.03 billion at the start of the year to $8.23 billion at the time of drafting this report.

This significant increase solidifies his position as the second-richest man in South Africa and the third-richest man on the African continent, trailing only fellow South African billionaire Johann Rupert and Nigerian cement tycoon Aliko Dangote.

The boost in Oppenheimer’s net worth can be attributed to the outstanding performance of his private equity investments, which he manages through Stockdale Street in London and Tana Africa Capital in Johannesburg.

These investments span across Africa, Asia, the United States, and Europe, and have proven to be a sound strategy for the billionaire, allowing him to capitalize on market fluctuations and generate substantial wealth gains.

Oppenheimer has been holding these private equity investments since 2012, when he sold his family’s 40-percent stake in De Beers, the world’s largest diamond producer, to mining conglomerate Anglo-American.

Along with his investments in Stockdale and Tana Africa Capital, a private equity joint venture that he established with Singapore-based investment fund Temasek Holdings.

Oppenheimer also holds investments in 4Di Capital, a South African-focused venture capital firm and Integrated Diagnostics Holdings, a consumer healthcare company with subsidiaries in several countries.