The Oppenheimer family has a combined net worth of $8.2 billion, largely through the 2012 sale of their stake in De Beers for about $5 billion, according to the Bloomberg Billionaires Index.
The Oppenheimers join a growing number of billionaires turning to Singapore as fortunes surge across Asia. Google co-founder Sergey Brin and vacuum-cleaner billionaire James Dyson have both set up investment firms to manage their wealth in the city-state, known for its high standard of living, political stability and plethora of tax treaties. The number of family offices in Singapore increased fivefold between 2017 and 2019, according to government data.
“We look forward to deepening relationships with like-minded partners,” Jonathan Oppenheimer, 51, the family office’s executive chairman, said in the statement.
The Oppenheimers trace their fortune to the 1917 formation of Anglo American in South Africa. The firm later took control of De Beers, where Nicky Oppenheimer, 76, was chairman from 1998 to 2012.
Oppenheimer Generations, which was created after Anglo American bought the family’s 40% stake in the diamond firm, now has more than two dozen employees in South Africa, the U.K. and Jersey, according to LinkedIn data. Its other investments include Tana Africa Capital, a private equity joint venture set up a decade ago with Temasek to invest in African companies.
“This is an incredibly exciting challenge,” Collevecchio said about Asia. “We see so much potential.”