Meet South Africa’s Richest Black Businessmen


African Rainbow Minerals CEO Patrice Motsepe is still the richest black businessman in the country, but the weak rand is hitting the mining magnate hard

Patrice Motsepe

Falling stock prices and the rapidly depreciating rand have seen Motsepe’s fortunes eroded by around $200 million (R3,2 billion) in the past two months.

As a result, the formidable local businessman has lost his dollar billionaire status, with Forbes now estimating his net worth to be hovering around $900 million (R14,7 billion).

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 Cyril Ramaphosa

Deputy President Cyril Ramaphosa is said to be the 42nd wealthiest person on the continent, with riches estimated to amount to $450 million (R7,3 billion).

Ramaphosa made his fortunes from the Shanduka Group, the investment firm he founded and served as chairman of before resigning from the company after his appointment as deputy president.

Tokyo Sexwale

Chairman of formerly JSE-listed resources company, the Mvelaphanda Group, Sexwale is said to be worth around $200 million (R3,2 billion).

According to a Business Tech report, Sexwale – who is currently running for the top job at world football governing body Fifa – reportedly bought a tropical island in the Indian Ocean for $70 million (R1,1 billion) in 2013.

Sipho Nkosi 

According to the Sunday Times rich list, outgoing Exxaro Resources CEO Sipho Nkosi’s net worth is estimated to be around R2,7 billion.

Nkosi owns 2,7% shares in the JSE-listed group that has a market capitalisation of R19,2 billion. He is set to retire from the group in March.

Phuthama Nhleko

Recently sent in as acting MTN CEO to clean up the telecommunication giant’s regulatory mess in Nigeria, Nhleko owns 2,4% shares in MTN’s broad-based black economic empowerment scheme, MTN Zakhele.

He has reportedly amassed wealth to the tune of R1,74 billion.

source: destinyman

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