The Sunday Times has published its annual rich list, naming the wealthiest individuals in the country, along with those people who earned the most in 2013.
According to the report, the ten richest people in South Africa have a combined wealth of R205 billion – an 81.4% increase from 2013’s report.
New number one, Ivan Glasenberg, CEO of Glencore, has a total wealth of R61.3 billion, knocking off former list-topper, Shoprite investor Christo Wiese, who is estimated to be worth R35.8 billion.
The Sunday Times bases its Rich List off of total investment as a portion of the respective company’s market capitalisation. Glasenberg was not included in 2013’s ranking as Glencore had not yet been listed on the JSE.
Top 10 richest South Africans
|1||Ivan Glasenberg||R61.3 billion|
|2||Christo Wiese||R35.8 billion|
|3||Koos Bekker||R23.4 billion|
|4||Stephen Saad||R22.1 billion|
|5||Patrice Motsepe||R11.82 billion|
|6||John Whittaker||R11.80 billion|
|7||Rembrandt trust||R11.6 billion|
|8||Bruno Steinhoff||R10.0 billion|
|9||William Macauly||R8.9 billion|
|10||Laurie Dippenaar||R8.5 billion|
* Investment total as of November 2014
According to the Sunday Times, following the acquisition of Wiese’s Pepkor business by Steinhoff, the Shoprite head could see his fotunes bolstered by as much as R30 billion, which would put him squarely at the top of the list.
Notably, if Johann Rupert’s personal wealth was combined with that of his Rembrandt trust, his total wealth would equal R14.6 billion which would actually place him 5th on the list.
The Sunday Times observed that, despite two decades of empowerment deals, only 13 of the top 100 richest South Africans are black, with only two women listed in the top 100 as well – Aspen chair, Judy Dlamini (40th, with R1.05 billion) and lawyer, Sharon Wapnick (74th, worth R637 million).
In terms of salaries, the Rich List tells a different story, featuring a completely different set of names.
Anglo American CEO, Mark Cutifani ranks number one as South Africa’s top earner in 2013, having taken home R106 million for the year – up over 146% from 2012.
This is followed by Old Mutual CEO, Julian Roberts, who took home R73 million for the year.
Seven of the top 10 earners took home over R50 million in 2013, while none in the top 100 earned less than R14 million.
Top 10 earners
|#||Name||Position||Total Salary 2013
|1||Mark Cutifani||Anglo American CEO||R106.8 million|
|2||Julian Roberts||Old Mutual CEO||R73.7 million|
|3||Richard Lepeu||Richemont SA CEO||R71.3 million|
|4||Simon Crutchley||AVI CEO||R63.1 million|
|5||Nic Durante||BAT CEO||R62.8 million|
|6||David Constable||Sasol CEO||R53.7 million|
|7||Whitey Basson||Shoprite CEO||R50.0 million|
|8||Graham McKay||SABMiller Chairman||R49.3 million|
|9||Sifiso Dabengwa||MTN Group CEO||R48.1 million|
|10||John Broadley||Old Mutual CFO||R46.5 million|