SA's rich are getting richer

2012-09-16 14:38

Johannesburg - The 20 richest people in South Africa got richer in the past year, but only by eight percent, the Sunday Times reported.

Steel and mining share prices were dragged down by a sluggish global economy.

Patrice Motsepe, worth R20.07bn, topped the newspaper's Rich List for the second year running, but his fortune shrank 13%.

Third-ranked Lakshni Mittal's stake in steel giant ArcelorMittal was 38% lower than last year, at R13bn.

Mining heir Nicky Oppenheimer, in fourth place, has a 2.3% stake in Anglo American worth R9bn, a 19% loss compared to the previous year.

Despite their hammering, these three still accounted for over a third of the combined wealth of the top 20.

Retail mogul Christo Wiese placed second on the list with R15.226bn.

Each person on the top 20 was worth more than R2bn, with the top 30 worth more than R1bn, based on disclosed investments in listed companies.

Sixteen of the top 20 were entrepreneurs.

  • douglas.reid.921 - 2012-09-16 14:48

    What about Cyril and Tokyo?

      charlesdumbwin.dumbwin - 2012-09-16 15:26

      Their funds are hidden offshore, like most of the ANC elite.

      themba.thwala.98 - 2012-09-16 15:54

      leseja I think the ANC had a 2/3 during Mandela's term, and during Mbeki's first term. That gave the licence to the ANC elite to rob us blind. We took it away, and they are now hovering around 62%. In other words, they will never see a 2/3 ever again. In fact, they must be shown the door

      Val - 2012-09-16 16:27

      lesetjam.....Why is the DA not a option? Be honest for once in your life ..just admit it your a fkin racist.

      spartanx93 - 2012-09-16 17:10

      @lesetjam - are you mentally retarded? Actually..... dont answer that.

      preshen.govender.90 - 2012-09-16 17:47

      Where is Julius on the list?

      millionwatts1 - 2012-09-16 19:46

      Some Nigerian Lord is laughing at this chicken feed for Billionaires if you know what I mean.

      michelle.kirsten - 2012-09-16 20:55

      @craig: if it really were all for one and one for all, why does it seem (notice I say seem) as if a large group of the society you speak of, are intimidated by and bullied by a few. People are for example, claiming to be afraid to complain about taxi drivers for fear of reprisals, others are afraid to go to work while some are on strike, others are afraid to help police investigate crimes for fear of reprisals. That does not sound like all for one, one for all: it sounds like all for some, and some for themselves.

      fredster.mania.5 - 2012-09-17 09:22

      Juju, now you know who to turn to

  • Tshepo Mongale - 2012-09-16 14:51

    what about them Doughlas?

      douglas.reid.921 - 2012-09-16 15:00

      As two of the contenders for political power I am interested to know how well they are doing.

      sean.looney - 2012-09-16 15:29

      i love the way my fellow white south africans just assume because a black person has money they must have earned it through corruption. its as if the white population aren't capable of being corrupt themselves.

      john.halfpenny.395 - 2012-09-16 16:28

      Most rich people are corrupt Sean, if not all. Hell I'm not even that rich, yet I'm corrupt. Jacob Zuma faced 780 counts of corruption before he was instated as President. Thing is Sean old boy, White people get caught in South Africa, but them freedom fighters are free to commit fraud left right and center due to the moronic masses' stupidity

  • fussed.anderson - 2012-09-16 14:53

    Patrice Motsepe has erned more in 18 years than Nicky Oppenheimer did in 50 years. HOW?

      pat.dreyer.39 - 2012-09-16 14:58

      From Wikipedia: In 1997, with gold prices at a low, he used his connections and the black empowerment policy to arrange for finance on favorable terms, and set up a firm to begin buying the operating mines that would become the source of his wealth. In 2008 he was 503rd richest person in the world, by the Forbes World Billionaires List. In that same issue of Forbes magazine, it was noted that the source of his wealth was not through any entrepreneurial zeal but through his association with the ruling political party the African National Congress (ANC).

      rodney.bevan.58 - 2012-09-16 14:59


      AlexWallerSA - 2012-09-16 15:04

      Understand that this list only measures publicly listed ownership. Nicky Oppenheimer still has a huge share in De Beer's, which is not publicly listed and therefore isn't counted.

      stanton.clarke - 2012-09-16 15:14

      Exactly! How the heck did a nobody like Patrice acquire so much wealth in such a short space of time?

      jean.tredoux.5 - 2012-09-16 15:30

      Fussed don't you know, you can't ask questions that speak the truth you just might offend blacks that would say you don't want a black diamond to shine and whites that feel your part of the problem...

      millionwatts1 - 2012-09-16 15:39

      You foolishly think Oppenheimer deserves more money than anyone else are you crazy. Money and wealth changes hands muppet.

      Barefoot - 2012-09-16 15:40

      jean.tredoux.5 funny how you know how blacks think. next you'll be hearing this as if it was said by black people. it'll no longer be Jean said but Jean heard black people say. get over yourself you'll be the first to say why make this a racial issue.

      millionwatts1 - 2012-09-16 19:41

      Hahahaha man lie women lie but figures don't lie. Its Motsepe on top..

  • alex.tarr.52 - 2012-09-16 14:55

    If the top three got poorer over the last three and the top 20 STILL got 8% altogether, the other 17 must have done really well! So the gap between rich and richest is shrinking... Sounds like transformation to me! ;-)

      alex.tarr.52 - 2012-09-16 14:55

      Sorry I meant over the last year...

      john.halfpenny.395 - 2012-09-16 16:30

      This is the aim of BEE. Not to make the poor people better off, but to make the rich Black elite richer...

  • Cameron - 2012-09-16 14:59

    So what?!?!?! They have worked hard to be where they are!

      themba.thwala.98 - 2012-09-16 15:40

      Yes, Patrice works hard accompanying the former goatherder (Zuma) on every business trip, and donating generously to the former goatherder's trust and to the anc

      Cameron - 2012-09-16 16:31

      I didnt say all of them! But most work 70 hr weeks! HARD WORK gets you places...unfortunately majority of people in SA just want everything given to them! They want the job, but not the work that comes with it!

      joangemmell.budricks - 2012-09-16 17:12

      Sorry , they dont work hard, its their employee's that work hard , go the extra mile, work overtime & week ends ,they might have the capital not because they worked for it, but a inheritance helped them or done others in .

      demi.davidson.18 - 2012-09-16 17:15

      Yes, their mouths have been working overtime judging from the size of their girth. They get any fatter they're liable to explode!!!

  • Rudluv7 - 2012-09-16 15:04

    im gona be on that list sum day ^_^!!

  • jeremy.forbes.1293 - 2012-09-16 15:12

    The Institute of Accountability says that R675 billion has been lost since 1994 and this may only be the tip of the iceberg. Seems to me that the black governing elite have very good accountants who have opened offshore accounts in large numbers, this is why the money cannot be found. Might as well put the whole of the ANC cabinet on the list, with JZ on the top with one or two exceptions, just to be kind.

      themba.thwala.98 - 2012-09-16 15:20

      Put the "white governing elites" on the list too - Marthinus Schalkwyk, Johnny de Lange, Andries Nel, Derek Hanekom, Pat Davies, Ben Turok, and many others that I am sure you know also hold very senior positions within this corrupt government. I have never heard any of them complaining, which means their snouts are in the feeding trough in equal measure as Zuma and company. So, let us not discriminate against them

      mbuzi.khumbula - 2012-09-16 15:32

      themba, you forgot to add that leader of FFplus, what's his name again, i cant spell it but he's an afrikaaner who holds a senior position in the cabinet.

      themba.thwala.98 - 2012-09-16 15:38

      Pieter Mulder mbuzi mnganam :)> He has probably acquired a few farms for himself and FF cronies

      azaa.azoot - 2012-09-16 22:30

      Common Guys , dont knock their accounting .Its impecable , the best system in africa - Its called the Boesak accounting system

  • sandor.l.varga - 2012-09-16 15:21

    What about money did not pay for SARS by Wiese ? Few billions of Rand here and there...

  • henk.vanrensburg.31 - 2012-09-16 15:22

    NEws24 your spelling please.....That last sentence must read, "Sixteen of the top 20 were tentrepreneurs."

  • JohnDough - 2012-09-16 15:24

    I am still waiting for my cheque Patrice & Christo!

  • rainbow.stubbz - 2012-09-16 15:25

    Come to South Africa

  • johan.jacobs.5680 - 2012-09-16 15:43

    This is a Global trend,even Karl Marx,used it a lot.

  • tony.vanniekerk.35 - 2012-09-16 15:43

    Most salaried people saw there income grow by between 5 and 10 %. The fact that these people saw theirs grow by 8% is really no news. Now if they did a breakdown of mine profits and who the shareholders are, that would be interesting. Especially if we can see how much of the mines pension funds, union pension funds, Government Employees Pension Fund and Public Investment Corporation funds are invested in the mines. Then people will realise that the strikers are mostly ruining their own pensions and those of other Government workers.

  • derek.bredenkamp.3 - 2012-09-16 15:46

    Don't worry, Ju Ju is comming to take it away ha ha, he he, ho ho.

  • christopher.j.weldon - 2012-09-16 15:54

    I have a plan , contact me , put in some and get out lots

  • LordJerry007 - 2012-09-16 16:16

    With an inflation of 5.4% and real growth of 2.7% any1 with growth of 8% didnt realy grow.. It was just an adjustment of the same...

  • tshepo.maganedisa - 2012-09-16 16:25

    again mining magnate on the list of richest people in SA, does that answer the question about our mines?Therefore i call for all mines to be nationalised and let the people of South Africa benefit (black, whites, coloureds, Indians and everyone) instead of gloryfying this fat cats lets rather engage one another on how can this be corruption free and how it can be accessible to every South African (thats my story and i am sticking to it)

      vluiz - 2012-09-16 16:29

      How about \the people\ put in a bit of hard work and earn their money instead?

  • dedon.hanise - 2012-09-16 16:34

    And what about the POOREST? when the RICHEST gets richer the POOREST gets poorer

      johan.jacobs.5680 - 2012-09-16 17:36

      Your'e right, and more.

  • manny.dasilva.902 - 2012-09-16 16:39

    I am confused. Nicky O just sold 40% of De Beers for R50bn, but is worth only R9bn??? Hell, what happened to the rest of R41bn. The Oppenheimers have always been the wealthiest family in SA, and they dont go flaunting it, so i doubt Forbes will ever really know what they are worth, or wear they tuck it at night.

      nax.masarwa - 2012-09-17 06:37

      Nicky is infact the Richest Man in SA, this list is based on shares only! Lakshmi Mittal is worth $21 Billion but his shares in AMSA are worth R13 Billion. Get it?

  • Frank Hublot Einstein - 2012-09-16 16:43

    The richest person in African is a Nigerian Aliko Dangote. He is not mining magnate, neither is he an oil magnate. All the biggest economies in the world are not the ones with the most mines or mineral resources. Those resources that God put in the ground for free is not gonna sustain the whole country. People have to work and be innovative and creative. Apple Inc is the richest company and they are not in the mining or petroleum sector. African countries need creative minds that cant develop technologies and not just scrambling for mineral resources. Angola, Nigeria, Venezuela have all the oil while Japan has absolutely no mineral resources but Japan has a better economy than all these countries combined. I am not even gonna talk about China

      johan.jacobs.5680 - 2012-09-16 17:49

      Their secret is called, WORK.

  • jimi.vanderwesthuizen - 2012-09-16 16:44

    How can you get poorer if you have buggar all to start with? 0 X 0 = 0

  • Stewart Croucamp - 2012-09-16 16:51

    Most of the money has been transferred into international banks already. Do you think these people are stupid? When these miners want an increase and take over the mines they will be bankrupt.

  • yangmanfrom.sawthafriqa - 2012-09-16 17:15

    So Patrice Motsepe bra you are a richest man in SA! One of your profitless companies Sundowns fc pays its workers an everage of R400 000 a month, how about selling this useless club and but a productive company and hire young black SouthAfricans that have metriculated, you can hire a million of them pay the 1percent of that salary you pay players, I believe it will be 4000Rand, not bad at all sir

      eric.f.moloi - 2012-09-17 00:37

      Is waar,he cn save de country if he applies his mind correctly,he is just wasting his money de @ Sundowns,unemployed youth cn benefit,rather thn an individual

      Raymond Harris - 2013-12-19 19:18

      absolute fantasy, people at Sundowns do not get paid 400 000 per month, i happen to know that for a fact

  • joangemmell.budricks - 2012-09-16 17:27

    It is me & you that made them all rich ,think outbout it , one worked overtime , weekends ,neglected our families,no compenstation received ,one is loyal to the Company ,because we were stupid , the more you do the more they expect from you, they see you can manage & give one more & more to do,you do it as it is a job & bread & butter for ones table ,one does not get paid 3 persons salary ,yet you are performing 3 peoples work ?when it is increase time they tell you sorry ,that is all they can afford however they are not loyal to you as long as there bank balance & profits . If one whant's loyalatilty , buy a dog .

  • ryan.rybicki.54 - 2012-09-16 17:50

    @lesetjam: Blubbering idiot...oh wait a typical ANC supporter.

  • martin.pearce.3762 - 2012-09-16 18:53

    Is this only in SA? FOAD.

  • jay.kganyago.5 - 2012-09-16 19:44

    What a stupid article. Sweeping populist conclusions based on only 20 people.

  • bobo.jane.1 - 2012-09-16 21:16

    Well I`m workin towards my second million now....the first was a complete failure :-(

  • mzuvukile.maswana - 2012-09-16 22:26

    It saddens me to see Mr Christo Wiese and Watter Basson occupying no 2 and 27 respectively in this list yet the conditions of their low earning employees at Shoprite not improving. Capitalist country of ours!

  • David Theoha - 2012-09-16 22:32

    like it or not,these people will still be getting rich year on year,even their children's children will be rich

  • brionyl.french - 2012-09-17 06:49

    They cant mention ANC party representative due to the fact they would have to share it with the ANC followers

  • Luyanda - 2012-09-17 07:53

    \Behind every great wealth,there is a crime.\ - Honore de Balzac.

  • Skaratang - 2012-09-17 08:21

    Them mafukerz r rich now compensate the miners lol

  • Skaratang - 2012-09-17 08:22

    Them maafukerz r Rich motivation lmao!!!

  • ThaboRangaka - 2013-12-02 07:57

    It stands to reason. Entrepreneurs by definition will grow their assets and create more wealth for themselves. Am I to begrudge them their ability to work and grow? hopefully they pay tax and create employment for many. Good on them!

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