Paul van Zuydam becomes South Africa’s newest billionaire

Paul van Zuydam never chased wealth for its own sake. His rise, like the cast-iron cookware that anchors his fortune, came slowly and with care, shaped by patience, close attention to detail and a habit of stepping in when others pulled back.

In December 2025, Forbes’ real-time estimates his net worth at $1.7 billion, making him South Africa’s newest billionaire and raising the country’s total on the list to eight. At 87, he is the oldest among them, showing that long careers can still produce late financial gains.

Volcanic flame pot sets brand apart

Paul van Zuydam’s story begins far from factories and financial rankings. He grew up as one of seven children on a South African farm, where work started early and resources were shared. Those years taught him thrift and persistence. Later, stints in Canada, the United Kingdom and across Europe widened his view, exposing him to different markets and business customs. The experience helped him develop a calm, practical style that would define his later decisions.

By the mid-1980s, van Zuydam was chairman and chief executive of Prestige Group, a maker of stainless steel cookware and kitchen accessories. In 1987, a brief note from a former colleague in Paris changed his focus. Le Creuset, the French-Belgian producer of enameled cast-iron cookware, was under strain. Curious, van Zuydam arranged a low-key visit to its factory, unsure whether the business could be saved.

What he found was a company rooted in craft. Founded in 1925 in Fresnoy-le-Grand, northern France, Le Creuset had grown near key transport routes for iron and other raw materials. It built its reputation on a demanding process: coating cast iron with enamel, a technique requiring precision because the materials expand differently under heat. Its bright “Volcanic Flame” orange pot set it apart in kitchens long dominated by plain, utilitarian designs.

Iconic cookware enters pop culture kitchens

Le Creuset endured World War II and expanded afterward, buying rivals and adding grills, fondue sets and, in 1958, the casserole pot that became its hallmark. The brand even found its way into popular culture, appearing in television kitchens and in the hands of chefs such as Julia Child. But by the 1980s, family disputes and mounting debt had taken their toll.

“I was quite overwhelmed when I saw the complexity of the production process,” van Zuydam said of that first visit. “It was mainly made and poured by hand.” He quickly saw that color, as much as durability, defined the brand. Others made similar pots, he noted, but few cared whether they stood out on a shelf.

Van Zuydam first tried to buy the company through Prestige. Although an offer was reached, Prestige was soon sold to an American tobacco firm. News of a possible U.S. takeover unsettled workers in France, strikes followed and the deal fell apart. Rather than abandon the idea, van Zuydam resigned, sought approval and acquired Le Creuset himself.

Steady turnaround boosts Le Creuset output

The turnaround that followed was steady rather than showy. Production was consolidated in Fresnoy-le-Grand, excess facilities were closed and costs tightened. Automation cut staffing needs by roughly 10 percent, while capacity at the cast-iron plant was doubled, lifting output to more than 20,000 pieces a day. Expansion into the United States and Asia followed, as consumers embraced the brand’s mix of durability and design.

Cast iron stayed in France, but the range widened. A ceramics plant in Thailand began supplying mugs, plates and kettles in familiar hues. Inventory was built up to meet demand, and the company avoided borrowing, carrying no outside debt since 2001. Le Creuset does not publish full financial statements but says annual revenue is about $850 million.

Van Zuydam’s performance has placed him among the world’s wealthiest, raising South Africa’s billionaire count to eight alongside Johann Rupert, Nicky Oppenheimer, Koos Bekker, Patrice Motsepe, Michiel le Roux, Christo Wiese and Jannie Mouton. His wealth reflects a career of steady growth. He invested in a struggling factory, respected its traditions and applied disciplined management, building a successful business one Le Creuset pot at a time.