Wealth

These are the richest South Africans living in the US, UK and Australia

Staff Writer

 ·18 Oct 2022

Update: The article has been updated to include South African-born music mogul, Clive Calder.

South Africa is home to five dollar billionaires – but there are many wealthy individuals who have their roots in South Africa but no longer call the country home – at least, not exclusively.

The annual Forbes billionaire ranking provides a good indication of the wealthiest people currently residing in South Africa – and the 2022 edition features names most in the country are familiar with.

Mining magnate Nicky Oppenheimer is currently ranked as the richest man in South Africa with a net worth of $8.4 billion in October 2022, followed by luxury goods tycoon Johann Rupert – ranked as the richest man in South Africa in April – whose net worth now sits at $7.4 billion.

South Africa’s other billionaires include familiar names on the list – mineral resources boss Patrice Motsepe has a net worth of $2.5 billion, according to Forbes, while media mogul Koos Bekker has his net worth recorded at $2.1 billion.

Capitec founder Michiel le Roux rounds out his place on the ranking with a net worth of $1.3 billion.

Also featured on Forbes, however, is Elon Musk – the richest man globally with a net worth of $219 billion, who is also South African by birth – as well as surgeon Patrick Soon-Shiong, whose net worth is $9 billion, according to Forbes’ data.

The billionaire ranking includes SA-born Nathan Kirsh, who resides in Eswatini. He heads the Kirsh Group, which holds a majority stake in New York state cash and carry operation Jetro Holdings, owner of Restaurant Depot and Jetro Cash & Carry.

However, Forbes is not alone in ranking the wealthiest people around the globe.

The Financial Review in Australia, as well as the Sunday Times in the UK both run rich lists looking at the wealthiest people in each respective country, featuring some home-grown wealth.

One South African-born businessman, Ivan Glasenberg, featured in the 2022 rich list for Australia, while Oppenheimer was joined by retail investor Christo Wiese in the UK rich list for this year.

Previous rich lists from the Sunday Times tracked the 1,000 richest people in the UK, and included property mogul, Sir Donald Gordon; Ubuntu developer Mark Shuttleworth; pharmaceutical boss Tony Tabatznik; businessman Vivian Imerman; and investment banker Richard Gnodde. They were last featured in the rankings in 2019.

The table below outlines South African-born billionaires who rank among the richest in the USA, the UK and Australia.

The rise of a new class of wealth

While a handful of the world’s billionaires dominate news headlines, this exclusive group of individuals is outnumbered nearly 10-to-1 by a fast-growing group of highly influential ‘centi-millionaires’ – high-net-worth individuals who boast $100 million or more in investable assets.

Residence and citizenship by investment advisory firm Henley & Partners has published The Centi-Millionaire Report, featuring exclusive data and insights from global wealth intelligence firm New World Wealth around some of the world’s richest people.

The first global study of the world’s 25,490 centi-millionaires pulls back the curtain on a growing and powerful class of super-rich tech titans, financiers, multinational CEOs, and heirs whose ranks have swelled amid a period of relative global prosperity and market gains.

Their capital accumulation has been dramatically accelerated by the economically and socially disruptive effects of technology and the recent Covid pandemic.

Dr Juerg Steffen, CEO of Henley & Partners, noted that the $100 million-plus club represents the best definition in today’s world of what it means to be ‘super-wealthy’.

“The centi-millionaire is someone so affluent that they don’t need to think about how much they spend. In fact, the level of wealth they have achieved means they are unlikely to ever worry about money again,” Steffen said.

“Not long ago, in the late 1990s, $30 million was considered the fortune needed to meet this definition. However, asset prices have risen significantly since then, making $100 million the new benchmark.”

South Africa vs the world

In Africa, South Africa is the top-ranked country on the continent with 92 centi-millionaires — it holds the 27th position globally.

The US is home to an astonishing 38% (9,730) of global centi-millionaires, despite constituting only 4% of the world’s total human population.

The big emerging markets of China and India follow in second and third place, with populations of 2,021 and 1,132 centi-millionaires, respectively.

They rank significantly higher than the main European markets by this measure, with the UK in 4th place (with 968 centi-millionaires) followed very closely by Germany in 5th place (with 966).

Punching above its weight, Switzerland ranks 6th on the list with 808 inhabitants worth over $100 million despite its small size and population. Japan (765), Canada (541), Australia (463), and finally Russia (435) make up the rest of the top 10 countries for centi-millionaires.

Other major economies such as France and Italy just miss out, with 380 and 298 centi-millionaires, respectively, while South Africa is the top-ranked country on the African continent, with 92 resident centi-millionaires, holding 27th position globally.

Andrew Amoils, head of Research at New World Wealth, said the centi-millionaires are arguably the most important and relevant top-end global wealth band currently.

“In many emerging markets and smaller countries, there are relatively few billionaires, which makes the billionaire wealth band largely irrelevant. However, many of these same countries have large numbers of centi-millionaires.

“For instance, Kenya has no billionaires, but it has 14 centi-millionaires. Malta has only 2 billionaires but 26 centi-millionaires. The centi-millionaire wealth band is therefore a far more accurate reflection of the ‘super-wealthy’ community in these countries.”

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