Bloomberg Billionaires Index

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# Beny Steinmetz

Random fact: Filed arbitration claim against Guinea over revoked iron ore mine.

Overview

Steinmetz controls Diacore, a supplier of rough and polished diamonds, and mining company BSG Resources. Through BSG, he holds stakes in Octea, which mines diamonds in Sierra Leone, and Cunico Resources, Europe's biggest ferronickel producer. Cunico is responsible for almost 10 percent of global ferronickel production.

As of Sept. 22, 2017:
Last change ()
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Industry Mining
Biggest asset N/A
Citizenship Israel
Age 59
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Beny Steinmetz's net worth of can buy ...

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of the total wealth of the 500 richest people in the world
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of U.S. existing home sales
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Latest News

Net Worth Summary

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Biography

Birthdate: 4/2/1956
Family: Married, 4 children

Steinmetz was born in Netanya, Israel in 1956. Both of his parents were immigrants: his mother was born in Switzerland and raised in Belgium, and his father, who founded trading group Steinmetz Diamonds in 1940, was from Poland. The youngest of three children, Steinmetz grew up in the family business and helped grow Steinmetz Diamonds' reach, setting up offices in Europe, Africa and North Africa, and scope, by expanding beyond trading and manufacturing to production, distribution and online retail.

Steinmetz founded Beny Steinmetz Group, or BSG in the 1990s, a holding company for his investments in natural resources, real estate and oil and gas. The billionaire was known as an astute networker in Africa. In 2006, he partnered with fellow Israeli Dan Gertler on a copper and cobalt mine in the Democratic Republic of the Congo, which was owned in a joint venture with the Congolese government. That July, Gertler and Steinmetz listed their 75 percent of the mine, Nikanor, on the London Stock Exchange's Alternative Investment Market, raising $441 million. Nikanor was bought by Katanga Mining, in January 2008, for $2.73 billion.

BSG Resources sold a 51 percent stake in an iron ore mining concession in Guinea to Brazilian miner Vale for $2.5 billion in 2010. In November 2012, BSGR said it received a letter from Guinea regarding an investigation into how the venture with Vale obtained the mining rights. One year later, Guinea revoked mining rights in the Simandou area held by BSGR and Vale based on alleged fraud related to the acquisition of the rights by BSG Resources, according to a regulatory filing made by Vale on April 25, 2014. BSGR rejected the bribery charges and filed an arbitration request with the International Centre for Settlement of Investment Disputes, claiming it lost the rights to the Simandou project unlawfully. The billionaire was put under house arrest in Israel in December 2016 in relation to the Simandou project before being released in January 2017.

Steinmetz has also invested in retail and real estate. In November 2013, Steinmetz acquired a minority percent stake in the premium and sporting goods divisions of German retailer, Karstadt, through BSG Real Estate. The asset, which is losing money according to consultancy, Planet Retail, isn't included in the analysis.

Married with four children, Steinmetz has homes in Israel and Geneva, Switzerland, where his holding group BSG Investments is headquartered.

Milestones
  • 1940 Father founds Steinmetz Diamond Group.
  • 1956 Steinmetz is born, the youngest of three, in Netanya, Israel.
  • 1990 Begins to build up own investment holding group, BSG.
  • 2006 Steinmetz is awarded mining concession in Guinea.
  • 2009 BSG expands into gold with investment in Gabriel Resources.
  • 2010 Sells half of Guinea iron ore project for $2.5 billion.
  • 2013 Guinea announces investigation into BSGR's mining rights.
  • 2014 Guinea revokes BSGR's right to Simandou mine. BSGR files arbitration case.