After recording an $800 million increase in his wealth figures just one month ago, Africa’s third-richest man Nicky Oppenheimer has experienced a significant decline in his net worth, erasing a fraction of the gains he made earlier this year.

The Bloomberg Billionaires Index, which monitors and compares the wealth of the world’s 500 wealthiest people, reveals that the net worth of the South African billionaire — ranked as the second-richest man in South Africa and fourth-richest on the continent — has fallen by $430 million in the past 26 days.

His fortune dropped from $8.83 billion on Feb. 5 to $8.4 billion as of March 3, according to Bloomberg.

The recent multimillion-dollar decline in Oppenheimer’s net worth can be attributed to the performance of his private equity investments across continents, including Africa, Asia, the United States, and Europe.

The decline is in tandem with the global equity market’s setback, resulting from the Federal Reserve’s recent decision to raise interest rates by 0.25 percentage points. This led to the federal funds rate hitting a target range of 4.5 to 4.75 percent.

The recent decision by the Federal Reserve to raise interest rates marks the eighth consecutive increase aimed at reducing liquidity in financial markets and curbing high inflation.

However, this move has sparked concerns among prominent economists. In fact, three Fed officials have warned that this “immaculate disinflationary” policy may lead to a recession.

Despite experiencing a $430-million drop in his net worth, Nicky Oppenheimer continues to be one of the richest billionaires in Africa. As of this report, his current net worth stands at $8.4 billion.

His year-to-date wealth gains are impressive, surpassing $375 million, largely due to his investments in Stockdale and Tana Africa Capital, a private equity joint venture he established with Singapore-based investment fund Temasek Holdings.

In addition to his private equity investments, Oppenheimer is a staunch supporter of wilderness conservation. He co-owns Tswalu Kalahari, South Africa’s largest private game reserve, with his son Jonathan.

He is also the owner of the 65,000-hectare Shangani Ranch, which employs 400 people and has kept at least 8,000 cattle for beef export to the United Kingdom since 1937. It is known as a wildlife sanctuary because it serves as a migration route for animals.