While Forbes only ranked five South African dollar billionaires in its rich list earlier this year, looking at other net worth rankings it’s clear that South Africa is home to a number of super wealthy people.
Capgemini’s latest wealth report for South Africa highlighted a significant increase in the number of high net-worth individuals in the country by the end of 2017.
The report noted a 8.9% increase in HNWIs, from 84,700 recorded at the end of 2016, to 92,200 at the end of 2017.
Knight Frank’s wealth report, meanwhile, showed that there are 10,350 South Africans with a net worth of $5 million or more (R70 million), 640 with a net worth over $50 million (R700 million) and 30 individuals with a net worth greater than $500 million (R7 billion).
South Africa’s richest people
Finding South Africa’s richest people is a tricky affair, as it’s typically the super rich – the dollar billionaires – that get the most attention, being featured in wealth lists across the world.
However, as a recent BusinessTech report showed, there are billionaires in South Africa, like Cartrack founder Zak Caliso, who often fly under the radar.
The UK’s Sunday Times Rich List is another source that reveals many unknown South African millionaires who may have built their fortunes overseas, but still have ties to their home land.
According to this ranking, insurance magnate Douw Steyn, whose net worth is an estimated R16.3 billion, should technically be listed among other South African dollar billionaires on the Forbes rankings, but because his fortunes are not in publicly held companies, it makes it difficult to track.
Entrepreneur Magazine recently published its latest ranking of the richest people in South Africa, which includes the widely-known dollar billionaires mentioned above, along with many others who have amassed fortunes locally and abroad.
The table below incorporates the latest up-to-date net worths of South Africa’s billionaires from Forbes, and includes the data from the UK’s Sunday Times Rich List, as well as the data from Entrepreneur Mag (indicated with a *).
15. Cyril Ramaphosa – R6.4 billion
Source of wealth – Investments