Daniel Maté's fortune grew from decades of metals trading and a large equity interest in Glencore, whose 2011 stock-market listing revealed the scale of senior traders' ownership. [1]
A long career in commodity trading
Daniel Maté joined Marc Rich & Co. in 1988 and initially worked on metals transactions and logistics from its Madrid office. He moved to Switzerland in 1991 to specialize in zinc and lead commodities. [1]
He rose through the trading organization and became a co-director of its zinc, copper and lead department in 2000. His responsibilities extended beyond individual trades to marketing, industrial assets and departmental strategy. [1]
The business became Glencore after a management buyout in 1994. Its partnership-style employee ownership meant that some senior traders accumulated equity as well as compensation from their commercial work. [1]
An ownership stake converted trading success into wealth
Glencore's 2011 IPO prospectus disclosed approximately 416.4 million shares for Maté, representing about 6% of the company after flotation. That ownership stake, rather than the headline value of the commodity cargoes he traded, explains the creation of his billionaire fortune. [1]
He retired from his trading leadership role in 2020 after roughly 32 years with the organization. Bloomberg reported that he still held about 3.4% of Glencore at that time, illustrating how the wealth created during his career continued through retained public-company shares. [2]
Sources for background
Sources reviewed Oct 23, 2026.
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