In a remarkable turn of events, South African billionaire Patrick Soon-Shiong has emerged as the richest man in Los Angeles.
Known for his groundbreaking contributions to medicine and the pharmaceutical industry, Soon-Shiong’s journey from apartheid-era South Africa to the heights of wealth and influence in America is both inspiring and complex.
Key Takeaways
- Patrick Soon-Shiong, originally from Port Elizabeth, South Africa, is now the wealthiest individual in Los Angeles.
- He is a celebrated doctor, pharmaceutical entrepreneur, and part-owner of the Los Angeles Lakers.
- Soon-Shiong’s net worth has fluctuated significantly, dropping from $12.2 billion in 2015 to $6.2 billion in 2024.
Early Life And Education
Born in 1952 in Port Elizabeth, South Africa, Patrick Soon-Shiong’s family immigrated to South Africa after the Japanese invasion of China.
His parents worked as shopkeepers, and his father was a herbalist. Growing up during apartheid, Soon-Shiong experienced a unique childhood, navigating a society divided by race.
At the age of 16, he enrolled at the University of Witwatersrand to study medicine, where he excelled academically, finishing in the top four of his class.
However, his early career in South Africa was marked by challenges, including racial discrimination that limited his opportunities and earnings.
Medical Career And Innovations
After marrying Michele B. Chan in 1977, Soon-Shiong moved to Canada for his residency and later became the youngest professor of surgery at UCLA.
He made significant contributions to the field, performing pioneering surgeries, including the first two whole open pancreas transplants.
His focus shifted to islet cell transplants, a procedure that has become crucial in treating type 1 diabetes. In 1991, he left UCLA to establish VivoRx Inc., a biotechnology firm focused on diabetes and cancer treatments.
Pharmaceutical Success
Soon-Shiong’s wealth primarily stems from his ventures in the pharmaceutical industry. He founded American Pharmaceutical Partners in 1997 and later acquired Fujisawa, which he used to develop the groundbreaking cancer drug Abraxane.
This drug, which effectively targets pancreatic cancer, propelled him to immense financial success.
In 2008, he sold APP Pharmaceuticals and followed up with the sale of Abraxis BioScience in 2010 for a staggering $9.1 billion.
Recent Ventures And Philanthropy
Despite his wealth, Soon-Shiong has faced challenges, with his net worth declining significantly in recent years.
Nevertheless, he remains committed to his South African roots. In 2021, he partnered with President Cyril Ramaphosa to launch NantSA, aimed at enhancing vaccine development capabilities in Sub-Saharan Africa.
In 2022, he inaugurated a vaccine manufacturing facility in Cape Town, further solidifying his commitment to healthcare advancements in his homeland.
Ownership Of The Los Angeles Lakers And Media Ventures
In addition to his medical and pharmaceutical achievements, Soon-Shiong is a part-owner of the Los Angeles Lakers, a testament to his influence in the sports world.
His investment firm, NantCapital, also acquired the Los Angeles Times and The San Diego Union-Tribune in a controversial $500 million deal in 2018.
His ownership of the newspapers has sparked debates, particularly regarding editorial independence and political endorsements.
Conclusion
Patrick Soon-Shiong’s journey from South Africa to becoming the richest man in Los Angeles is a testament to his resilience and innovation.
His contributions to medicine and the pharmaceutical industry have not only transformed lives but also established him as a significant figure in both the healthcare and business sectors.
As he continues to navigate the complexities of wealth and influence, his story remains one of inspiration and ambition.