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What is Xavier Niel’s Net Worth?
Ivan Glasenberg, the former CEO of Glencore, one of the world’s largest commodity trading and mining companies, has an estimated net worth of $11.07 billion. The primary source of Glasenberg’s wealth is his substantial stake in Glencore. As of recent reports, he holds a 9.81% stake in the company, valued at approximately $7.64 billion.
The value of his Glencore shares is highly sensitive to market conditions and the company’s performance, as evidenced by the recent $640 million increase in his wealth over just 17 days in May 2024, primarily due to a surge in Glencore’s share price.
Here’s the breakdown of Xavier Niel’s net worth:
Name: | Xavier Niel |
Net Worth: | $11.07 Billion |
Date of Birth: | January 7, 1957 |
Profession: | Businessperson |
If you’re curious about how we estimate a celebrity’s net worth, you can check out our methodology here.
Early Life
Ivan Glasenberg was born on January 7, 1957, in Johannesburg, South Africa, to a Jewish family. His father, Samuel Glasenberg, was a Lithuanian-born luggage manufacturer and importer, while his mother, Blanche Vilensky, was South African. The family resided in the suburb of Illovo, Johannesburg.
Glasenberg showed an early interest in athletics, particularly race walking, and became the national junior champion in the sport for both South Africa and Israel during his early twenties.
Glasenberg pursued higher education at the University of the Witwatersrand in Johannesburg, where he earned a Bachelor of Commerce and a Bachelor of Accountancy. He then worked for five years at Nexia Levitt Kirson, a firm of chartered accountants, where he qualified as a Chartered Accountant (CA) in South Africa.
Seeking to further his education, Glasenberg moved to the United States and completed an MBA at the University of Southern California in 1983.
Career
Ivan Glasenberg’s career took a significant turn when he joined Glencore in 1984, initially working in the coal commodity department in South Africa. His early roles included marketing coal and managing the company’s Asian coal commodity division in Australia. By 1988, he was overseeing Glencore’s operations in Hong Kong and Beijing, managing coal marketing across Asia.
In 1990, Glasenberg was appointed head of Glencore’s worldwide coal business, a position he held until he became CEO in 2002. His tenure as CEO was marked by significant growth and strategic moves, including the listing of Glencore on the London Stock Exchange in 2011, which provided the company with the capital to pursue major deals. One of the most notable transactions under his leadership was the merger with Xstrata in 2013, creating one of the largest mining companies in the world, Glencore Xstrata.
Glasenberg’s leadership style was characterized by his relentless work ethic and competitive spirit. He was known for his hands-on approach and his ability to navigate complex deals.
Despite controversies, including scrutiny over Glencore’s dealings in the Democratic Republic of Congo and other regions, Glasenberg maintained his position as a key figure in the commodities trading world until his retirement in 2021. He was succeeded by Gary Nagle, who had been running Glencore’s coal business.
Personal Life
Glasenberg has maintained his athleticism throughout his life, being a champion race-walker for both South Africa and Israel. He continues to stay active by running and swimming daily.
Glasenberg is married to Elana Beverley Orelowitz, and the couple has two children. The family resides in the affluent village of Rüschlikon, Switzerland.
Glasenberg’s financial success has had a notable impact on his community. Following Glencore’s flotation on the London Stock Exchange, he paid 360 million Swiss Francs (approximately £240 million) in taxes to Rüschlikon. This substantial contribution enabled the residents to reduce their taxation rate by 7%, a decision approved by a large majority in a public vote.
Honours
Ivan Glasenberg’s contributions to the global commodities industry have been recognized with several honors. One of the most notable accolades he received is the Order of Friendship from Russia in 2017. This prestigious award was given in recognition of his significant role in strengthening cooperation with Russia, particularly following Glencore’s involvement in a major investment deal with the Russian state oil company, Rosneft.
Ashley Roberts is the founder of Real-Time Billionaires List. She founded this platform because she likes to know how much celebrities are actually making. She is always curious why these people can make much more money than the ordinary person.
With a Bachelor’s degree in finance, she is skilled at financial analysis and understands numbers related to wealth. Most of the articles on this site are edited by herself before publishing.
