Ivan Glasenberg: From South African Accountant to Global Commodity Titan

The story of Ivan Glasenberg's ascent to billionaire status is a tale of relentless ambition, strategic acumen, and a bit of well-timed luck. On May 18, 2011, Glasenberg, CEO of the world's largest commodity trader, Glencore, went to bed without the public knowing the true scale of his wealth. The following morning, as Glencore went public, he awoke as one of Europe's richest men, his net worth soaring to over £6 billion (R60 billion).

The mystery surrounding Glencore's true worth was partially due to the company's confidentiality policy regarding employee shareholdings. This veil of secrecy persisted up until two weeks before Glencore's initial public offering (IPO) when the corporation finally unveiled its major shareholders.

Glencore's IPO was a landmark event, adding five new billionaires to the global stage. The company's valuation hit £37 billion, translating to a R370 billion giant. Glasenberg's contribution to the local economy became evident when his tax payments prompted his Swiss canton, Rüschlikon, to decrease its tax rate for residents by 7%.

But Glasenberg's narrative doesn't start in the realm of billionaire lists; it has its roots in the Johannesburg suburb of Illovo. Despite his teachers' low expectations, he exhibited an unwavering competitive spirit and became South Africa's junior champion in racewalking.

Unable to compete in the 1984 Olympics due to South Africa's international sports isolation during apartheid, Glasenberg shifted his focus to academia. He earned a Bachelor of Accountancy from the University of the Witwatersrand, which unknowingly became a breeding ground for Glencore's future trading mavens.

Enter Marc Rich & Co., a company with a notoriety for sanction-dodging dealings, which Glasenberg joined in 1984. Despite its controversial past, Glasenberg managed to ascend through the ranks due to his formidable talent and drive. He became CEO in 2002, aiming to reform the company's image and modernize its operations.

The listing of Glencore in 2011 was the pinnacle of Glasenberg's career, and it changed the fate of the company irrevocably. The merger with Xstrata Plc was a monumental event, creating a behemoth with combined revenues exceeding $200 billion. Glencore's market presence burgeoned, managing 3% of world oil consumption and fielding a sea fleet larger than the British Royal Navy.

Even post-retirement, Glasenberg remains connected to South Africa, where his legacy within the mining and commodity trading industry is indelible. With Gary Nagle taking over the CEO-position, the legacy of Wits-educated accountants at Glencore's helm continues.

As for Glasenberg, now a global citizen, his humility and work ethic continue to be as robust as the multinational empire he helped build from its Swiss headquarters in Baar.