South African businessman Desmond Sacco, also known as Des, has an estimated net worth of $680 milllion as of 2015, according to Forbes. The former billionaire is the Chairman and Managing Director of Assore Limited.
Desmond was born in Johannesburg, South Africa. He is of Italian descent and the son of Guido Sacco, the founder of Assore Limited. He earned his Bachelor of Science in Geology from the University of South Africa. He played cricket and hockey during his school days.
Sacco joined Assore Group in 1968. He was appointed to its Board of Directors in 1974 and has been its Chairman and Managing Director since 1992, the year when Guido Sacco retired.
Today Assore Limited (JSE: ASR) is a well-known name in South Africa. This mining holding company is principally engaged in ventures involving base minerals and metals. The company announced in 2015 that it has reached a principle agreement with African Rainbow Minerals Limited to acquire its 50 percent indirect interest in the Dwarsrivier Chrome Mine in South Africa.
Sacco also serves as the Chairman of Assmang Limited, a private company that operates seven mines producing chrome, iron and manganese. Assore owns more than half of Assmang. Sacco has been the chairman of Assmang since 1999.
Sacco is a fellow of the Institute of Directors and the Geological Society of South Africa. He is married and has two children. Currently he resides in Johannesburg.