Insight

• Infinity Media
• 10 Min Read

South Africa Billionaires: The Top 10 Richest Men In South Africa

South Africa stands as an economic powerhouse on the African continent, with a diverse economy that spans mining, retail, technology, finance, and manufacturing. Within this vibrant economic landscape, a select group of entrepreneurs has amassed extraordinary wealth through innovation, strategic investments, and business acumen. Their stories provide fascinating insights into wealth creation in a post-apartheid South Africa and offer valuable lessons for aspiring entrepreneurs worldwide.

This blog post examines the top 10 richest men in South Africa, exploring not just the scale of their wealth but the journey they took to achieve it. From inheriting and expanding family businesses to building empires from scratch, these individuals represent various paths to financial success in a complex economic environment.

1. Johann Rupert & Family

At the pinnacle of South Africa's wealth rankings stands Johann Rupert, chairman of Swiss luxury goods company Richemont. Born into business prominence as the son of industrialist Anton Rupert, Johann has dramatically expanded the family's business interests far beyond their tobacco origins.

Richemont houses some of the world's most prestigious luxury brands, including Cartier, Montblanc, Van Cleef & Arpels, and Jaeger-LeCoultre. Within South Africa, Rupert chairs Remgro, an investment holding company with interests spanning healthcare, banking, consumer products, and infrastructure.

What distinguishes Rupert's business philosophy is his long-term perspective and appreciation for heritage and craftsmanship. While competitors often reduce investments during economic downturns, Rupert is known for making counter-cyclical investments, acquiring assets at favorable valuations when others retreat.

Though maintaining a relatively low personal profile, Rupert has been outspoken on economic and political issues affecting South Africa. He has consistently advocated for policy reforms to combat corruption, improve governance, and create conditions for sustainable economic growth and entrepreneurship.

2. Nicky Oppenheimer & Family

The Oppenheimer name has been intertwined with South Africa's diamond industry for generations. While the family made headlines in 2012 by selling their 40% stake in De Beers to mining conglomerate Anglo American for $5.1 billion, their wealth continues to grow through diversified investments.

After the De Beers sale, Nicky Oppenheimer established Fireblade Aviation and expanded investments in conservation, agriculture, and private equity across Africa. The family's investment vehicle, E. Oppenheimer & Son, maintains a portfolio spanning multiple sectors and geographies.

The Oppenheimers have balanced wealth creation with significant philanthropy through the Oppenheimer Memorial Trust, supporting education, community development, and arts initiatives. Their commitment to conservation has resulted in the Diamond Route, a network of protected lands showcasing South Africa's biodiversity.

Nicky's approach to business and wealth emphasizes sustainable, long-term investments that create enduring value—a philosophy that has successfully preserved and grown the family fortune across multiple generations.

3. Patrice Motsepe

As the founder of African Rainbow Minerals and the first Black African to appear on the Forbes billionaire list, Patrice Motsepe's journey embodies South Africa's post-apartheid economic possibilities. Born to a school teacher and small business owner, Motsepe began his career as a lawyer before entering the mining industry.

His business empire now extends well beyond mining to include financial services through African Rainbow Capital, renewable energy via African Rainbow Energy and Power, and sports investments including ownership of Mamelodi Sundowns football club and a stake in the Blue Bulls rugby team.

Motsepe's business strategy combines opportunistic acquisitions with a commitment to black economic empowerment principles. Through the Motsepe Foundation, he has invested significantly in education, healthcare, and rural development projects. In 2013, he joined The Giving Pledge, committing to donate at least half his wealth to charitable causes during his lifetime.

His success represents not just personal achievement but a milestone in South Africa's economic transformation, demonstrating how entrepreneurship can create both wealth and social impact in the post-apartheid era.

4. Koos Bekker

Few business leaders have demonstrated the foresight of Koos Bekker, who transformed Naspers from a traditional South African media company into a global technology investor. Under his leadership, Naspers made one of history's most lucrative technology investments—acquiring a 46.5% stake in Chinese internet company Tencent for $32 million in 2001, which later grew to be worth over $175 billion.

Bekker's unconventional approach to leadership included taking no salary during his tenure as CEO, opting instead for stock options—a decision that aligned his interests with long-term company performance and contributed significantly to his personal wealth.

His business philosophy centers on identifying transformative technologies before they become mainstream and making bold investments in emerging markets. This approach led Naspers to evolve from print media into areas like e-commerce, online classifieds, food delivery, and fintech across markets in Asia, Eastern Europe, and Latin America.

Through Prosus, Naspers' international investment arm, Bekker's vision continues to shape technology investments globally, demonstrating how South African business leadership can succeed on the world stage.

5. Michiel Le Roux

Banking innovator Michiel Le Roux revolutionized South Africa's financial services landscape by founding Capitec Bank in 2001. Recognizing the unmet needs of underserved populations, Le Roux created a banking model centered on accessibility, simplified products, and extended operating hours.

This approach challenged South Africa's established "big four" banks and proved remarkably successful. Capitec has grown to become one of the country's largest retail banks with millions of customers, particularly among previously underbanked populations.

Le Roux's wealth primarily derives from his substantial shareholding in Capitec, which has delivered exceptional returns as the bank continues its growth trajectory. While no longer involved in day-to-day management, he remains influential as a board member and major shareholder.

His success demonstrates how addressing fundamental market gaps with innovative solutions can create both substantial wealth and meaningful social impact by expanding financial inclusion.

6. Stephen Saad

Pharmaceutical entrepreneur Stephen Saad established Aspen Pharmacare in 1997, building it into Africa's largest pharmaceutical manufacturer and a global provider of generic medications. Saad's entrepreneurial journey began when he owned his first pharmacy at just 24 years old. By 29, he had sold his share in a pharmaceutical distribution business for R20 million, providing capital for future ventures.

Under Saad's leadership, Aspen expanded internationally through strategic acquisitions and partnerships with major pharmaceutical companies. The company played a critical role during the HIV/AIDS crisis by manufacturing affordable antiretrovirals and has contributed significantly to healthcare access across developing markets.

Saad's business approach combines opportunistic acquisitions with operational excellence and a focus on high-growth markets. Beyond his business interests, he is known for conservation efforts through his game reserve, Exeter, and philanthropic initiatives focused on education and healthcare.

His success in building a globally competitive pharmaceutical company headquartered in South Africa demonstrates how local entrepreneurs can compete effectively in sophisticated international industries.

7. Christoffel Wiese

Retail magnate Christoffel Wiese built Shoprite from a small eight-store chain into Africa's largest food retailer with thousands of outlets across the continent. His retail empire has included familiar brands like Pepkor and Pep Stores, focusing primarily on value-conscious consumers.

Wiese's business journey faced significant challenges in 2017 when accounting irregularities at Steinhoff International, where he was the largest shareholder, caused the company's stock to collapse—substantially impacting his net worth. Despite this setback, he has maintained considerable wealth through his diversified business interests.

His investment approach typically involves identifying undervalued assets with growth potential and applying retail expertise to improve operations. Beyond retail, Wiese has interests spanning industrial companies, wine estates, and real estate developments.

Wiese's resilience following the Steinhoff crisis demonstrates the importance of diversification and perseverance in entrepreneurial journeys.

8. Ivan Glasenberg

Though born in South Africa, Ivan Glasenberg built his fortune globally as the CEO of Glencore, one of the world's largest commodity trading and mining companies. After joining Glencore as a coal trader in 1984, Glasenberg steadily rose through ranks to become CEO in 2002, guiding the company through its merger with Xstrata and its public listing.

Known for his hands-on leadership style and deep understanding of commodity markets, Glasenberg transformed Glencore from a private trading house into a publicly traded mining and trading giant. His compensation came primarily through his substantial shareholding in the company rather than executive salary.

After stepping down as CEO in 2021, Glasenberg maintains significant influence through his Glencore shareholding and new private investments. His career exemplifies how South African business expertise has succeeded on the global stage, particularly in the resource sector where the country has historical strengths.

9. Jannie Mouton

Nicknamed "The Boer Buffett" for his value investing approach, Jannie Mouton founded PSG Group in 1995 after being fired from the stockbroking firm he helped establish. This professional setback became the catalyst for his greatest success, as PSG Group developed into a formidable investment holding company with interests across financial services, education, and agriculture.

Mouton's investment philosophy focuses on identifying undervalued companies with strong growth potential and backing entrepreneurial management teams. PSG's most successful investment was Capitec Bank, though the group has nurtured numerous other successful businesses including PSG Konsult, Curro Holdings, and Zeder Investments.

His approach to wealth creation involves patience, fundamental analysis, and providing strategic guidance to portfolio companies—principles that have consistently delivered exceptional returns for PSG shareholders.

Mouton's journey demonstrates how resilience following career setbacks can lead to greater success and how patient capital can build substantial value over time.

10. Douw Steyn

Insurance entrepreneur Douw Steyn revolutionized South Africa's insurance industry by pioneering direct-to-consumer models. As founder of Auto & General Insurance in South Africa and BGL Group (including Compare the Market) in the United Kingdom, Steyn built insurance businesses that challenged traditional broker-based distribution.

His business approach emphasizes innovation, customer-centricity, and leveraging technology to reduce costs and improve service. Perhaps Steyn's most visible project is Steyn City, one of Africa's largest mixed-use developments—a multibillion-rand "lifestyle resort" near Johannesburg showcasing his vision for integrated urban living.

Despite his enormous wealth, Steyn maintains a relatively low public profile. His philanthropic efforts include the Steyn City Foundation, which supports education and community development initiatives in areas surrounding his signature development.

Steyn's success illustrates how introducing international business models to the South African context can create substantial value and how wealth created in one industry can fund transformative projects in others.

Summary: South Africa's Wealthiest Men at a Glance

The Impact and Legacy of South Africa's Wealthiest

The collective impact of these wealthy individuals extends far beyond their personal fortunes. As employers, investors, and philanthropists, they've shaped South Africa's economic landscape while navigating the country's complex social and political environment.

Their success stories contain valuable lessons for aspiring entrepreneurs. Common threads include identifying untapped market opportunities, executing long-term strategic visions, embracing innovation, and demonstrating resilience through economic cycles and personal setbacks.

Yet their wealth also exists against the backdrop of one of the world's highest inequality rates. Many have responded to this reality through philanthropic initiatives targeting education, healthcare, and entrepreneurship development—recognizing their role in addressing South Africa's persistent socioeconomic challenges.

As the country continues its economic development journey, the business leadership and social commitment of these wealthy individuals will remain influential in determining whether prosperity becomes more widely shared. Their legacies will be measured not just by the fortunes they amassed but by how their wealth creation contributed to building a more inclusive and prosperous South Africa.

For those studying business or seeking entrepreneurial inspiration, these ten individuals demonstrate diverse paths to success—from inheriting and growing family enterprises to building new businesses that address fundamental market needs. Their stories reflect both South Africa's economic potential and the vision of leaders who have shaped its business landscape.