Bloomberg Billionaires Index

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#345 Ivan Glasenberg $5.11B

Random fact: Glencore raised $10 billion in its May 2011 initial public offering.

Overview

Glasenberg is the chief executive officer of Glencore, the world's biggest commodities trader. The South Africa-born billionaire heads the Baar, Switzerland-based company, which acquired competing mine operator Xstrata for $29 billion in May 2013. Glencore employs about 155,000 people and had assets of $125 billion in 2016.

As of July 24, 2017:
Last change -$72.2M (-1.4%)
YTD change +$847M (+19.8%)
Industry Commodities
Biggest asset GLEN LN Equity
Citizenship Australia
Age 60
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Ivan Glasenberg's net worth of $5.11B can buy ...

0
troy ounces of gold
0
barrels of crude oil

... and is equivalent to ...

0%
of the GDP of the United States
0%
of the total wealth of the 500 richest people in the world
0%
of the top 100 U.S. college endowments
0%
of the top 200 U.S. executives’ total awarded compensation
0%
of U.S. existing home sales
0
times the median U.S. household income

Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

The majority of Glasenberg's fortune is derived from his 8.4 percent stake in Glencore, the world's biggest commodities trader according to its 2016 annual report.

Glencore sold shares in an initial public offering on the London Stock Exchange in May 2011, and merged with Xstrata in May 2013.

The value of his cash investments is based on an analysis of dividends, market performance, insider transactions, taxes and charitable contributions.

Charles Watenphul, a spokesman for Glencore Xstrata, said the most accurate reflection of Glasenberg's wealth is "purely the value of his stake in Glencore."

Biography

Birthdate: 1/7/1957
Family: Married, 2 children
Education: 1983, University of Southern California, MBA Accounting, University of The Witwatersrand, Bachelor's Degree

Ivan Glasenberg was born on Jan. 7, 1957, in Guateng, South Africa, to Samuel and Blanche Glasenberg. His father owned a luggage manufacturing business and raised the family in the Johannesburg suburb of Illovo. Ivan excelled at sports in high school and, in his early 20s, was a national champion in race-walking for South Africa and Israel, and came close to competing in the 1984 Summer Olympics.

After high school, he enrolled at the University of Witwatersrand in Johannesburg. He became interested in commodities after observing a trader in South Africa sell candle wax from South America to a buyer in Japan. After earning his bachelor's degree in accounting, he moved to the U.S. to attend business school at the University of Southern California. Soon after graduating from business school, he took at job in Johannesburg at Marc Rich and Co., a commodity-trading firm.

He moved to Australia -- where he became a citizen -- to trade coal. After stints in Hong Kong and Beijing, he moved to the company's headquarters in Baar, Switzerland, to head the coal department. In 2002, he was appointed chief executive officer of the company, which had changed its name to Glencore.

As head of one of the world's largest trading and mining companies, Glasenberg manages to avoid publicity and gave few interviews. His obscurity lessened in April 2011, when Glencore announced plans for an initial public offering on the London Stock Exchange. The company raised $10 billion in the May 2011 IPO, generating enough demand that the company said it had covered the offering in one day. Nine months later, Glencore made an all-stock bid for Switzerland-based miner Xstrata, a move that created the world's fourth-largest mining company.

The deal was endangered in June 2012, when Qatar's sovereign wealth fund, which owned 11 percent of Xstrata, objected suggesting that the offer was too low. Three months later, Glasenberg boosted his bid by almost 10 percent, also proposing that he -- and not Xstrata's CEO Mick Davis -- would lead the combined company. The offer appeased Xstrata's board, and the merger completed on May 2, 2013, with the formation of Glencore Xstrata. Glasenberg holds an 8.4 percent stake in the new company.

Glasenberg, who is married and has two children, lives in Zurich, Switzerland.

Milestones
  • 1957 Ivan Glasenberg is born in South Africa.
  • 1983 Earns an MBA from University of Southern California.
  • 1984 Joins Glencore on coal commodity desk in South Africa.
  • 1988 Moves to Hong Kong to run firm's Hong Kong and Beijing offices.
  • 2002 Appointed chief executive officer of Glencore.
  • 2011 Glencore raises $10 billion selling shares in a public offering.
  • 2012 Agrees to acquire remaining two-thirds of Xstrata.
  • 2013 Merger with Xstrata is completed.