What is Desmond Sacco's Net Worth?
Desmond Sacco is a South African billionaire who has a net worth of $680 million. The son of Guido Sacco, who first got into mining in 1928 when he established Gloucester Manganese Mines, Desmond inherited and further developed his father's business. Having joined Assore Group in 1968, where he serves as Chairman, Desmond listed company's shares on the Johannesburg Stock Exchange more than three decades ago. He was appointed to the group's board in 1974 and acquired his positions as Chairman and Managing Director upon Guido's retirement in 1992.
Ever since, he has actively acquired other mining interests, although violence and unrest ravaged South Africa's mining industry. As of January 2012, Assore Group's shares have almost doubled, while other outfits, like the one of billionaire Patrice Motsepe's African Rainbow Minerals, have struggled to keep turnover numbers above water. As a geologist, Sacco is also a fellow of the Institute of Directors and of the Geological Society of South Africa. Apart from being one of the richest and most influential South Africans, Desmond is married with two children.
