How South Africa’s Billionaires Lost Big After Britain Voted To Exit The European Union

According to billionaire data from Bloomberg, the world’s 400 richest people lost a combined $127.4 billion Friday, after Britain voted to exit the European Union.

South Africa’s two richest men, retail mogul, Christo Wiese, and diamond magnate, Nicky Oppenheimer, lost a combined $634.8 million due to the market fallout – the vast majority of which was lost by Wiese ($626.2 million).

The Bloomberg data is reflective of billionaire change in wealth from 24 June, 2016. Oppenheimer is listed as having lost ‘only’ $8.6 million.

According to Bloomberg, global billionaires lost 3.2% of their total net worth, bringing the combined sum to $3.9 trillion.

The biggest decline belonged to Europe’s richest person, Amancio Ortega, who lost more than $6 billion, while other big-name billionaires dropped more than $1 billion, including Bill Gates and Jeff Bezos.

South Africa’s biggest losers

Looking at Forbes’ ‘real time’ billionaire data, the picture continues to look bleak for South African billionaires.

The Forbes real-time data tracks the changes to billionaire wealth between trading days – in this case the difference between Friday 24 June and Monday 27 June.

The data shows that Wiese was again the overall loser in South Africa, having had $453 million of his wealth (6.9%) wiped off the map over the weekend.

Richemont chairman, Johann Rupert lost a whopping $168 million, while pharmaceutical executive Stephen Saad and mining and minerals exec Patrice Motsepe lost $39 million and $31 million, respectively.

South African billionaires – biggest Brexit losers (24 June – 27 June)

Billionaire Net Worth Change in US$ Change (%)
Christo Wiese $6.2 billion -$453 million -6.9%
Johann Rupert $5.0 billion -$168 million -3.2%
Stephen Saad $1.3 billion -$39 million -2.9%
Patrice Motsepe $1.3 billion -$31 million -2.3%
Koos Bekker $1.7 billion -$25 million -1.5%
Nicky Oppenheimer $6.6 billion -$7 million 0.1%
Allan Gray $1.7 billion


Source: Business Tech


Leave a Reply

Your email address will not be published. Required fields are marked *