How South African Millionaires make their money
A report published by New World Wealth reveals the industry from which South African multi-millionaires have acquired their wealth.
According to NWW, South Africa is home to 2,060 multi-millionaires – high net worth individuals (HNWIs) worth US$10 million or more.
Unsurprisingly, the financial services industry is the primary source of wealth for 20% of local multi-millionaires.
Other important industries for them include real estate and construction (16%), basic materials, which includes the mining and refining of metals, chemical producers and forestry products, and diversified.
NWW defines wealth as the net value of assets, which includes financial holdings, business interests and tangible assets. The group excludes primary residences from it’s valuation.
Multimillioniares by industry
Forbes recently listed seven South African billionaires in its 2015 ranking of the world’s super wealthy individuals.
While the country has no individuals from the financial services and construction sector with billionaire status, the source of super-wealth comes from a diverse pool.
South Africa’s richest man, Johann Rupert, made his fortune in retail – though more specifically, luxury goods. He is joined by Shoprite chairman and investor, Christo Wiese in the sector.
Diamond Magnate, Nicky Oppenheimer, Patric Motsepe of Africa Rainbow Minerals, as well as mining group Assore’s MD, Desmond Sacco (who edged out of billionaire status in 2015) all found wealth in basic minerals.
Incoming Naspers chairman and former CEO, Koos Bekker drew fortune from Media, with Stephen Saad’s wealth tied to pharma-care, and Allan Gray tied to his investments.
Richest people in South Africa
|#||Name||Net Worth 2015||Industry|
|1||Johann Rupert||R91.9 billion||Luxury Goods|
|2||Nicky Oppenheimer||R83.2 billion||Basic Minerals|
|3||Christo Wiese||R78.3 billion||Retail|
|4||Koos Bekker||R28.6 billion||Media|
|5||Patrice Motsepe||R27.3 billion||Basic Minerals|
|6||Stephen Saad||R26.1 billion||Healthcare|
|7||Allan Gray||R19.9 billion||Investing|
Source: Business Tech.co.za