South Africa has welcomed a new entrant into the billionaire class with the emergence of industrialist Paul van Zuydam as a dollar-denominated billionaire.

The 87-year-old owner of French cookware giant Le Creuset has joined the Forbes Real-Time Billionaire Index with an estimated net worth of $1.7 billion, becoming South Africa’s eighth dollar billionaire.

Van Zuydam’s inclusion reflects evolving patterns in the country’s wealth creation, as fortunes are increasingly built outside traditional sectors such as mining, retail, and telecommunications.

Le Creuset was founded in 1925 in Fresnoy-le-Grand, France, and rose to prominence for its enamel-coated cast-iron cookware, particularly its signature “Volcanic Flame” orange finish.

For decades, the brand enjoyed cult status among professional chefs and home cooks worldwide. However, by the late 1980s, internal disputes, inconsistent sales performance, and rising debt had pushed the company into distress.

At the time, van Zuydam was leading the homeware group Prestige when he became aware of Le Creuset’s difficulties. He travelled to France to discreetly inspect the factory and assess operations firsthand.

His assessment revealed a business with deep craftsmanship and heritage but one that was structurally misaligned with the demands of modern retail and global distribution.

In 1988, van Zuydam personally negotiated the acquisition of Le Creuset. He resigned from Prestige following its takeover by a United States firm and secured approval from the French government to assume control of the cookware maker.

His turnaround strategy was intentionally conservative, focusing on preserving the brand’s heritage while modernising its operations and commercial structure.

Manufacturing was consolidated around the French foundry, operating costs were streamlined, and strategic automation was introduced, doubling daily output to more than 20,000 units.

Despite the automation drive, all cast-iron production was retained in France, a decision that reinforced the brand’s authenticity and strengthened its pricing power in premium markets.

Following operational stabilisation, Le Creuset embarked on an aggressive international expansion, particularly into the United States and Asia.

Rather than positioning itself as a commodity cookware brand, the company cultivated a premium lifestyle identity through new colour ranges, limited-edition releases, and experiential retail formats.

This strategy transformed Le Creuset into a global aspirational brand, featuring prominently in Michelin-starred kitchens as well as influencer-led home showcases.

A defining feature of the company’s growth has been its avoidance of external debt. Since 2001, Le Creuset has scaled its operations without leveraging borrowed capital, an unusual approach in an industry often reliant on debt financing.

Today, the company generates annual revenues exceeding $850 million, equivalent to about R14 billion, according to company disclosures.

Van Zuydam remains actively involved in the business as president, overseeing strategic direction while maintaining the brand’s core values.

His billionaire status reflects more than personal wealth accumulation and underscores a broader shift in the drivers of wealth creation in South Africa.

The rise of cultural capital, design equity, and global brand stewardship is increasingly rivaling traditional industrial and resource-based wealth.

Van Zuydam joins an elite group of South African billionaires that includes Johann Rupert, Nicky Oppenheimer, Koos Bekker, Patrice Motsepe, Michiel le Roux, Christo Wiese, and Jannie Mouton.

His inclusion raises the number of South African dollar billionaires to eight and highlights changing pathways to wealth in the country.

For South Africa, van Zuydam’s ascent underscores a growing reality that future fortunes may be forged not only in resources or finance, but also within the global marketplace of identity, heritage, and brand storytelling.