Spanning 1,221,037 square kilometres and housing a population of approximately 60 million, South Africa stands as a middle power in global affairs. With substantial regional influence, it proudly aligns itself with the Commonwealth of Nations and the G20.
Despite being a developing nation, it holds the 7th highest position on the continent’s Human Development Index, making it a pivotal player.
Notably, South Africa’s billionaires, constituting a quarter of Africa’s wealthiest, have achieved their status through a combination of inheritance and self-made success, as detailed by Forbes. Intriguingly, these tycoons, though past their prime, maintain an enduring legacy, with ages surpassing 70.
Find out more and, discover the fortunes and narratives that have shaped South Africa’s wealthiest elite according to data recorded on Forbes.
5. Michiel Le Roux
Networth: $1.1 billion
Source: Banking, self made
In 2001, Michiel Le Roux, a notable figure in South Africa’s financial landscape, laid the foundation for Capitec Bank, a venture in which he currently commands a substantial 9% stake. This banking institution, listed on the Johannesburg Stock Exchange, strategically caters to the burgeoning middle class in South Africa.
Le Roux’s influence extends beyond ownership, as he assumed the role of Chairman at Capitec from 2007 to 2016, showcasing his adept leadership. Remarkably, he continues to contribute his insights and expertise as an ongoing board member.
Before steering the course at Capitec, Le Roux successfully helmed Boland Bank, a regional bank nestled in the hinterland of Cape Town.
4. Patrice Motsepe
Networth: $2.3 billion
Source: Mining, self-made
Patrice Motsepe, the founder and chairman of African Rainbow Minerals, became a billionaire in 2008 – the first black African on the Forbes list.
In 2016, he launched a private equity firm, African Rainbow Capital, focused on investing in Africa.
Motsepe also has a stake in Sanlam, a listed financial services firm, and is the president and owner of the Mamelodi Sundowns Football Club.
In March 2021, Motsepe was elected president of the Confederation of African Football, the sport’s governing body on the continent.
In 1994, he became the first black partner at law firm Bowman Gilfillan in Johannesburg and then started a mining services contracting business.
In 1997, he bought low-producing gold mine shafts and later turned them profitable.
3. Koos Bekker
Networth: $2.4 billion
Source: Media
Koos Bekker stands as a transformative force in the South African media landscape, having reshaped Naspers from a newspaper publisher into a formidable player in e-commerce and cable TV. His strategic vision led Naspers to make a groundbreaking move in 2001, investing a reported $34 million for a one-third stake in the Chinese internet giant, Tencent Holdings an investment often hailed as one of the most significant ventures in history.
In 2019, Naspers orchestrated a restructuring, channelling assets into two publicly-traded entities: MultiChoice Group, a major player in entertainment, and Prosus, holding the coveted Tencent stake. Notably, Prosus made substantial moves, selling a 2% Tencent stake in 2018 and, in April 2021, divesting nearly $15 billion, thereby elevating its Tencent stake to 29%.
Bekker, having retired as Naspers CEO in March 2014, made a notable return to the helm, reassuming the role of Chairman in April 2015.
2. Nicky Oppenheimer
Networth: $8.3 billion
Source: Diamonds
Oppenheimer orchestrated a landmark financial move in 2012, parting ways with his family’s significant 40% stake in De Beers, the global diamond giant, in a deal with mining titan Anglo American that amounted to a staggering $5.2 billion in cash. The bulk of his considerable wealth stems from this strategic divestiture, marking a pivotal moment in the diamond industry’s landscape.
Maintaining an active financial presence, Oppenheimer directs private equity investments spanning Africa, Asia, the US, and Europe. His strategic maneuvers are orchestrated through London-based Stockdale Street and Johannesburg-based Tana Africa Capital.
A noteworthy component of his financial portfolio includes approximately $390 million in dividends from Anglo American. The valuation of his cash investments reflects not only the substantial proceeds from the De Beers transaction but also factors in taxes and charitable contributions. Notably, the performance of these investments is keenly influenced by market dynamics in commodities and African markets.
In November 2011, the billionaire outlined his intent to channel the majority of the De Beers windfall into private equity investments focused on Africa. This vision materialized with increased stakes in Tana Africa Capital, a private equity venture in collaboration with Temasek Holdings, a Singapore-based investment fund.
While previously holding a less than 1% stake in Anglo American, a strategic shift in December 2017 marked the removal of this element from the financial analysis, aligning with a sell-down completion.
1. Johan Rupert
Networth: $9.8 billion
Source: Luxury Goods
Johann Rupert, a towering figure in the luxury goods and investment realms, commands influence as the custodian of the world’s largest luxury watchmaker, Cie Financiere Richemont. Nestled in Bellevue, Switzerland, Richemont boasts prestigious brands like Jaeger-LeCoultre and Cartier, constituting a significant portion of Rupert’s considerable fortune.
The family holds 0.5% of the publicly traded Class A shares and maintains sole ownership of all non-traded Class B shares, each carrying one-tenth the economic value of its counterpart.
Johann Rupert, donning the hat of chairman for the family’s investment vehicle, steers these strategic financial waters. While specific individual ownership stakes remain undisclosed, this analysis attributes them to Rupert.
The family’s influence extends further into Remgro, a South African investment powerhouse with stakes in over 30 companies. Beneficially owning 1% of Remgro’s publicly traded ordinary shares, the family exercises control over all Class B shares through Rembrandt Trust, a trust under Rupert’s directorship.
A significant stake in Reinet Investments, amounting to almost 25%, is held through beneficial ownership via the Anton Rupert Trust, a South Africa-based entity. Founded in 2008, Reinet serves as a holding entity for Richemont’s stake in British American Tobacco.
Rupert briefly became Africa’s richest man sometime in June dethroning Aliko Dangote in June following naira devaluation.
