Desmond Sacco Net Worth : $1.3 Billion
Desmond Giulio (Des) Sacco was born more than 70 years ago in South Africa and he has managed to rise to the highest ranks to become one of today’s who’s who in South Africa. With his vast fortune of $1.3 billion, Sacco is undoubtedly one of the richest individuals in South Africa. He stands at number 8 on the list of the wealthiest people in South Africa, and is recognized to be the #1284 richest people in the world.
According to his professional profile, Sacco currently acts as a chairman in various companies including Ore & Metal Co Ltd (1992-present), African Mining & Trust Co Ltd (1992-present), Assmang Limited (1999-present) and Assore Limited (from 2002-present). Previous positions that he held include Director at African mining & Trust Co Ltd (1975), and he also acted as a geologist in the year 1968.
Desmond Sacco started out in the mining business after he inherited Assore Group from his Father, Guido Sacco. Guido immersed himself into the business in late 1920s, when he founded Gloucester Manganese Mines. He went ahead and acquired various other mining interests and later established Assore Group.
Ever since he inherited this mining company, Sacco has spent 45 years of his life working for the company. At the time that Sacco joined the mining company in 1968, he was a geologist. In 1974, Sacco was appointed to the board of Assore Group. Upon his father’s retirement in 1992, Sacco became the Chairman and Managing Director of the company. In the same year (1992), Sacco became the Deputy Chairman of Assmang Limited and seven years later, he assumed the position of Chairman of Assmang Ltd.
After taking over the leadership of Assore Group, he listed the company’s shares on the Johannesburg Stock Exchange. Unlike various other companies that have been struggling to keep turnover numbers afloat (such as African Rainbow Minerals owned by Patrice Motsepe), Assore Group’s shares seem to have almost doubled as of January 2012.
Sacco is also a geologist and a fellow of Institute of Directors as well as a member of the Geological Society of South Africa. He also adores sports, and is said to have been a cricket and hockey player during his younger years while at the University of South Africa. He even represented his school at cricket, hockey and Transvaal Provincial Cricket and Hockey.
Sacco is married with two children.