by Who is the richest person in South Africa in 2016? When it comes to the general state of South Africa, the rich can sometimes be somewhat of a mystery.
Who Owns Whom compiled a “rich list” (as reported by Business Times) to indicate the richest person in South Africa. The list extracted the shareholdings of company executives, using market prices reflected on November 30, 2016.
South Africa has 53 billionaires, as reported by The Sunday Times, led by Christo Wiese (worth R81.3 billion) for the second year running.
This, despite Wiese’s poor performance this year with a drop in the market value of Steinhoff Holdings, of which he is chairman, and Brait SE, in which he has a 34.63% stake. His wealth has also declined by R23.5 billion (R104.8 billion in 2015).
So, Who Made The Top 10 Richest List In South Africa In 2016?
10. Koos Bekker – R9.63 billion
Real name: Jacobus Petrus “Koos” Bekker. He is the chairman of leading emerging markets media group, Naspers. The company operates in over 130 countries and is listed on both the London and Johannesburg Stock Exchange.
Bekker has a Masters degree in Business Administration from the Columbia Business School and an LLB from the University of Witswatersrand.
9. Jannie Mouton – R9.7 billion
Jannie Mouton is the founder and chairman of PSG Group. The Group is a listed investment holding company which deals with financial services, banking, private equity, agriculture, and education.
PSG Group owns 28% of Capitec Bank, a controlling stake in PSG Capital (corporate finance and advisory services company) and Curro, a chain of private schools in South Africa.
Mouton’s net worth has nearly doubled in the past year, thanks to a rise in PSG Group’s stock.
His 2011 book, “And Then They Fired Me,” details how he was fired at 48 years old by his partners at stockbroking firm Senekal, Mouton, and Kitschoff (which he co-founded). The book was rated 3.9 out of 5 by Good Reads.
8. Rupert Family – R10.61 billion
The Rupert family are a well-known family from Stellenbosch and comprise of Anton (father), Huberte (mother), Hanneli (daughter), Johann, and Antonij (sons).
Anton (seen in the picture above with Nelson Mandela), Huberte and Antonij Rupert are deceased and survived by Johann and Hanneli.
Johann Peter Rupert (seen above) is the eldest son and the chairman of the Swiss-based luxury-goods company Richemont (best known for brands Cartier and Montblanc) as well as of the South Africa-based tobacco manufacturer, Remgro.
From its early origins as a tobacco manufacturer in the late 40s, The Rembrandt Group, more commonly known as Remgro, has evolved into an investment holding company with a market capitalisation now in excess of R120 billion.
The group’s interests include food, liquor, home care, banking, insurance, healthcare, industrial, infrastructure, media, and sport.
The range of holdings within the Remgro portfolio provides investors with a diversified offering of market-leading public and privately-owned businesses.
Anton and Huberte were considered philanthropists, supporting a number of projects for the preservation of the arts and the environment. Anton was a founding member of the WWF (World Wildlife Fund).
7. Atul Gupta – R10.69 billion
Probably one of the most controversial billionaires on the list due to his dealings with President Jacob Zuma and the suspected corruption in tow, Atal Gupta is worth a whopping R10.69 billion.
He is also the richest black person in Africa, the Executive Chairman of TNA Medi, and an Independent Non-Executive Director of Comair Limited.
He holds a Bachelor of Science degree from JV Jain Degree College in India.
6. Bruno Steinhoff – R12.56 billion
Bruno Steinhoff is a self-made billionaire who founded the furniture manufacturing company, Steinhoff International Holdings, in Westerede Germany in 1964.
In December 2015, he rang the bell at the Frankfurt Stock Exchange in December 2015 to celebrate the furniture manufacturer’s return to Germany after 17 years on the Johannesburg Stock Exchange. Steinhoff International Holdings is now Europe’s second largest furniture retailer, behind Ikea.
5. Laurie Dippenaar – R12.86 billion
Laurie Dippenaar created a South African financial services group from scratch. In 1977, he cofounded Rand Consolidated Investing with partners GT Ferreira and Paul Harris. After a series of mergers and acquisitions, FirstRand was formed in the 1990s. Dippenaar is Non-Executive Chairman of FirstRand, which is active in banking and insurance. In 2010, FirstRand’s RMB Holdings spun off the insurance division RMI.
He is also Chairman of Discovery, Momentum, and OUTsurance, and is a qualified Chartered Accounted.
4. John Whittaker – R15.87 billion
John Whittaker is a Non-Executive Deputy Chairman for Intu Properties PLC. The British Real Estate Investment Trust (REIT) is largely focused on shopping centre management and development.
Intu Properties is listed on both the London and Johannesburg Stock Exchange under ticker ITU. Intu Properties’ South African connections stem from Intu Properties’ start in 1980 as Liberty Life’s new international investment arm.
3. Stephen Saad – R16.04 billion
Stephen Saad serves as the Chief Executive of Aspen Pharmacare.
He started his career at Quickmed, a prescription drug distribution company in black townships during apartheid. Saad sold his share in Covan Zurich for US$3 million, thus becoming a millionaire at the age of 29.
He co-founded Aspen Pharmacare in 1997 with Gus Attridge, and traded on the Johannesburg Stock Exchange. Aspen Pharmacare has become the largest producer of generic medicines on the African continent.
2. Ivan Glasenberg – R59.98 billion
Former number one richest person in South Africa (2014), Ivan Glasenberg is the chief executive officer of Glencore. One of the world’s largest commodity trading and mining companies. He is also on the boards of mining companies Xstrata plc and Minara Resources Ltd.
He is a resident of the village of Rüschlikon in Switzerland and paid over R4 billion in taxes to Rüschlikon following Glencore’s flotation on the London Stock Exchange. The money enabled the residents to cut their taxation rate by 7% (approved by a large majority after a public vote). This attracted criticism from some villagers with regards to Glencore’s alleged controversial business practices.
When Glencore floated via an Initial public offering in May 2011, it was reported that Glasenberg personally earned billions. In 2013, he replaced Mick Davis as CEO of the merged Glencore Xstrata, with a salary of an undisclosed amount.
1. Christo Wiese – R81.26 billion
For the second year in a row, Christo or ‘Christoffel’ Wiese, leads the Rich List, after unseating Glencore CEO Ivan Glasenberg in 2014.
The report by ‘Who Owns Whom’ said, “Wiese is also the biggest loser after the value of his shareholdings in Brait, Shoprite, and Steinhoff International, to name a few, fell R23.5 billion from a year ago.”
Wiese’s source of wealth is consumer retail including:
- Independent Non-Executive Director at Steinhoff International Holdings Limited
- Non-Executive Chairman of Invicta Holdings Limited.
- Chairman of Pepkor
- Controlling shareholder of Shoprite Holdings Limited, Africa’s largest retailer.
Wiese serves on the boards of numerous companies and holds a Bachelor of Arts, a Bachelor of Law, and an Honorary Doctor of Commerce.
He recently made the news for buying his daughter a R90 million house in Clifton.
So, what do you think of the Rich List? Were you surprised at who was the richest person in South Africa for 2016?
