South Africa’s billionaires: How seven moguls built massive fortunes
People often say the first million is the hardest to earn, but for South Africa’s wealthiest, the real test is managing billions.
They say earning the first million is the hardest, but for South Africa’s wealthiest, the real challenge is managing billions.
Forbes’ real-time billionaire tracker shows that seven South African billionaires now control a combined net worth of $36.4 billion (R646 billion), underscoring the country’s deep wealth gaps and the enduring influence of capital.
From mining magnates to retail tycoons, these business leaders command empires that stretch across continents and industries.
Though their paths differ, some inheriting fortunes, others building them from scratch, they all follow the same formula: long-term strategy, reinvestment, and the power of compounding wealth.
Legacy, Luck, and Leverage
Several of these billionaires began with family wealth or favourable access to capital, allowing them to take bold business risks.
Others seized the moment – pivoting early into emerging sectors like fintech, pharmaceuticals, and global luxury brands.
“This is what intergenerational wealth looks like,” says economist Duma Gqubule.
“They don’t just build businesses – they build ecosystems of wealth that generate returns across decades.”
Controversy in Context
In a country facing one of the world’s highest unemployment rates, extreme inequality, and soaring living costs, many South Africans view the concentration of wealth in a few hands as deeply contentious.
Critics contend that billionaires often build their fortunes on historical advantages — from apartheid-era access to capital and land to modern loopholes in tax systems and corporate governance.
Supporters, however, argue that these billionaires create thousands of jobs, boost exports, and finance major philanthropic projects, helping to fill gaps the state fails to address.
“We can’t ignore inequality, but we also can’t ignore the strategic discipline that’s required to grow and sustain wealth,” says investment analyst Thandeka Sibanda.
The Power of Capital
Whether people praise their acumen or criticise their privilege, South Africa’s billionaires prove a consistent truth: when managed well, money multiplies — often across generations and borders.
They occupy the sharp apex of the country’s economic pyramid, where capital not only accumulates but also amplifies, generating both returns and global influence.
As the old saying goes: “The rich get richer.”
But as South Africa debates how to close its gaping wealth divide, that saying may be less of an observation – and more of a challenge.
Meanwhile, in terms of the overall world list, South Africa-born Elon Musk remains the world’s richest person with a reported $413.2 billion.
Below, the list of the top seven richest South Africans in the world as of 11 August 2025.
| Rank | Name | Last week | This week | Source |
| 205 | Johann Rupert & family | $12.7bn | $12.7bn | Luxury goods |
| 271 | Nicky Oppenheimer & family | $10.4bn | $10.4bn | Diamonds |
| 1 030 | Koos Bekker | $3.7bn | $3.7bn | Media, investments |
| 1 166 | Patrice Motsepe | $3.3bn | $3.4bn | Mining |
| 1 472 | Michiel Le Roux | $2.5bn | $2.6bn | Banking |
| 2 023 | Jannie Mouton & family | $1.8bn | $1.9bn | Retail |
| 2 182 | Christo Wiese | $1.6bn | $1.7bn | Financial services |
| TOTAL | $36bn | $36.4bn |
1. Johann Rupert & Family
Net Worth: $12.7 billion
Industry: Luxury Goods, Finance
At the top of the list is Johann Rupert, chair of Compagnie Financière Richemont, the Swiss luxury goods group behind brands like Cartier, Montblanc, and Dunhill. With significant holdings in financial services and investments, Rupert has masterfully expanded his wealth while maintaining a relatively low public profile.
2. Nicky Oppenheimer
Net Worth: $10.4 billion
Industry: Diamonds, Investment
The former chairman of De Beers, Nicky Oppenheimer, sold the family’s 40% stake in the diamond giant to Anglo American for $5.1 billion in 2012. Since then, he has grown his fortune through private equity investments and conservation initiatives across Africa.
3. Koos Bekker
Net Worth: $3.7 billion
Industry: Media, Technology
Known for turning Naspers into a global tech giant, Koos Bekker made headlines by investing early in China’s Tencent. That decision alone brought in tens of billions for Naspers. Bekker’s strategic leadership transformed the company from a local media firm into a global player.
4. Patrice Motsepe
Net Worth: $3.4 billion
Industry: Mining, Finance
Patrice Motsepe made his fortune through African Rainbow Minerals, becoming South Africa’s first black billionaire. A key figure in Black Economic Empowerment, he also holds a stake in financial services firm Sanlam and is a noted philanthropist and investor in sports.
5. Michiel Le Roux
Net Worth: $2.6 billion
Industry: Banking
Founder of Capitec Bank, Michiel Le Roux revolutionised South Africa’s banking landscape by creating a low-cost, accessible banking model. The bank’s growth and profitability have made it a darling on the JSE and a consistent driver of Le Roux’s wealth.
6. Jannie Mouton
Net Worth: $1.9 billion
Industry: Investments
The founder of PSG Group, Jannie Mouton earned the nickname “Boere Buffett” for his savvy investment strategy. PSG has stakes in Capitec, Curro (education), and various agricultural and financial firms, making Mouton a quiet force in South African business.
7. Christo Wiese
Net Worth: $1.7 billion
Industry: Retail
Despite setbacks with the collapse of Steinhoff, Christo Wiese remains a retail titan with interests in Shoprite and other ventures. Once South Africa’s richest man, Wiese is rebuilding and diversifying his portfolio.