Since 1994 there has been a significant rise in the number of successful black businessmen, with some appearing on the Forbes Billionaire list. Here are some of the richest billionaires in South Africa.
Patrice Motsepe comes in at number one as being the richest South African billionaire. Although his net worth stumbled a bit this year due to the economic problems and eroding value in the South African Rand, financial analysts predict he could have lost over $200 million and this could explain why he doesn’t appear on Forbes 2016 list of Billionaires. Forbes now estimates that his net wealth can be over $1 billion.
Cyril Ramaphosa is second with an estimated net worth of $450 million. He is set to become South Africa’s 4th President and made his wealth through his Shanduka Group which runs many investments in mining and other ventures.
Tokyo Sexwale has an estimated net worth of $200 million and is the Chairman of Mvelaphanda Group.
Sipho Nkosi who was the CEO for Exxaro Resources has an estimated net worth of R2.7 billion. He has a 2.7% stake in the JSE Listed company.
Phutama Nhleko has an estimated net worth of around R1.74 billion and has a 2.4% stake in MTN Zakhale which is MTN’s broad-based black empowerment initiative.