South Africa is home to some of the continent’s wealthiest individuals, with five of its citizens being dollar billionaires. This accounts for over 25% of Africa’s 19 billionaires. Interestingly, all these billionaires are over the age of 60, with the exception of Patrice Motsepe, who is 60.

Table 1: Top 10 Richest People in South Africa

Table 2: South Africa’s Billionaires in Hurun Global Rich List 2023

Here’s a closer look at the top 10 richest people in South Africa:

1. Johann Rupert – $11 billion (R215.7 billion)

Johann Rupert is the richest person in South Africa. He is the chairman of Compagnie Financiere Richemont, a Swiss luxury goods company known for brands like Montblanc and Cartier. He also chairs Remgro, a South African investment holding company. Rupert’s wealth has grown significantly over the years, doubling from $5.5 billion in 2019.

2. Nicky Oppenheimer – $8.4 billion (R164.7 billion)

Nicky Oppenheimer, the second richest person in South Africa, inherited a significant portion of his wealth from the De Beers diamond mining company. He also owns Fireblade Aviation, which operates chartered flights. His wealth has grown from $7.6 billion in 2019 to $8.4 billion in 2023.

3. Patrice Motsepe – $3.1 billion (R60.7 billion)

Patrice Motsepe is the founder and chairman of African Rainbow Minerals. He made his fortune through mining and is considered a self-made billionaire. His wealth has remained fairly stable over the years.

4. Koos Bekker – $2.6 billion (R50.9 billion)

Koos Bekker is a media tycoon and the founding director of MTN, a South African mobile communication company. He led Naspers to one of the greatest venture investments ever when the company acquired a third of the Chinese technology company Tencent.

5. Stephen Saad – $1.4 billion (R27.4 billion)

Stephen Saad is the CEO of Aspen Pharmacare Holdings Ltd. He co-founded the company in 1997, and it has since grown to control 26 manufacturing outlets and has a presence in over 6 continents.

6. Michiel Le Roux – $1.2 billion (R23.5 billion)

Michiel Le Roux is the founder of Capitec Bank. He owns 11% of the bank and has served at the top level in many companies over the years.

7. Christoffel Wiese – $1.1 billion (R21.5 billion)

Christoffel Wiese made his fortune in consumer retail. He founded Shoprite, a chain store that has since grown to operate in different countries across the African continent.

8. Ivan and Lynette Saltzman – Over $1 billion (Over R19.6 billion)

Ivan and Lynette Saltzman are the power couple behind Dis-Chem Pharmaceutical. Their combined net worth is over $1 billion.

9. Jannie Mouton – Over $1 billion (Over R19.6 billion)

Jannie Mouton co-founded Senekal, Mouton & Kitshoff and later started PSG Group, an investment company. His net worth is over $1 billion.

10. Lauritz (Laurie) Dippenaar – $610 million (R11.9 billion)

Lauritz (Laurie) Dippenaar co-founded Rand Consolidated Investing and later started FirstRand Bank, a leading bank in South Africa. His net worth is $610 million.

Methodology used to compile the list of the richest people in South Africa

The methodology used to compile the list of the richest people in South Africa is based on a combination of publicly available information, financial reports, and proprietary databases. Here’s a general breakdown of the process:

• Publicly Available Information: This includes information from public sources such as Forbes, Bloomberg, and other financial publications that regularly publish lists of the wealthiest individuals. These sources often use stock ownership and market value to calculate net worth.
• Financial Reports: If the individual owns a publicly traded company, the financial reports of these companies are used to estimate the individual’s wealth. This includes the value of their shares in the company and dividends received.
• Proprietary Databases: Some organizations maintain databases with information about high-net-worth individuals. These databases may include information about real estate holdings, art collections, and other assets that contribute to an individual’s net worth.
• Private Companies and Investments: For individuals who own private companies or have significant investments, the value of these assets is often estimated based on the value of similar publicly traded companies or recent transactions in the same industry.
• Debt: Any known debts are subtracted from the total estimated value of the individual’s assets to arrive at a net worth figure.
• Currency Conversion: If the individual’s wealth is reported in a different currency, it is converted to the desired currency using the current exchange rate.

It’s important to note that these estimates are just that – estimates. They are based on the best available information but may not reflect the individual’s actual net worth. The actual financial situation of these individuals may be more complex and not fully disclosed to the public.