Massive R106 billion payday for South Africa’s richest men

South Africa’s billionaires saw their wealth shoot up by $5.8 billion in 2024 (around R106.5 billion)—but this is just a tiny drop in the ocean of the $2 trillion haul the world’s richest people took in the same year.
Global billionaire wealth has dramatically increased in 2024, rising by $2 trillion, which amounts to about $5.7 billion each day.
This growth is three times faster than the previous year, with an average of almost four new billionaires created every week.
This is according to Oxfam’s recent “Takers not Makers” report.
It shows that in total, the number of billionaires worldwide rose from 2,565 in 2023 to 2,769 in 2024, and their combined wealth increased from $13 trillion to $15 trillion.
The wealth of the world’s ten richest men has grown by an average of nearly $100 million a day.
According to Oxfam, the world may see at least five trillionaires within the next ten years.
The report said that this concentration of wealth is enabled by the monopolisation of power, where billionaires increasingly influence industries and public opinion.
Meanwhile, the number of people living in poverty has remained relatively unchanged since 1990, according to World Bank data.
The report suggests that 60% of billionaire wealth comes from inheritance, monopoly power, or crony connections, rather than being earned.
They calculate that 36% of billionaire wealth is inherited. This wealth is perpetuated through generations of untaxed inheritances, creating a “new aristocracy”.
The report also highlights that many of the super-rich owe their wealth to historical colonialism and the exploitation of poorer countries.
This dynamic of wealth extraction continues as vast sums of money still flow from the Global South to the Global North, and their richest citizens.
What about South Africa
South Africa’s wealthiest individuals have also experienced significant gains.
In 2024, the six richest South African billionaires saw a combined increase of $5.8 billion in their net worth.
As of January 2025, their collective net worth is estimated at $31.1 billion.
Johann Rupert maintains his position as the richest South African, and the second richest person in Africa with a net worth of $12.8 billion.
He is the chairman of Richemont, a Swiss-based luxury goods company. Rupert’s wealth increased by $2.7 billion in the past year.
Nicky Oppenheimer, a former diamond magnate, saw his net worth increase by $1.2 billion, reaching $9.5 billion.
Other notable increases in wealth among South African billionaires include:
- Koos Bekker, chairman of Naspers, who gained $0.5 billion, reaching a net worth of $2.8 billion.
- Patrice Motsepe, a mining boss and Africa’s first black billionaire, saw a $300 million increase, with his net worth reaching $2.7 billion.
- Michiel le Roux, founder of Capitec, and Christoffel Wiese, a retail businessman, both experienced increases of $0.5 and $0.6 billion respectively. Several of these South African billionaires significantly improved their world ranking positions, with Rupert remaining the only South African among the top 200 wealthiest individuals globally.
Jan-24 | Jan-25 | Billionaire | Jan-24 net worth | Jan-25 net worth | Change |
195 | 172 | Johann Rupert | $10.1 billion | $12.8 billion | +$2.7 billion |
282 | 270 | Nicky Oppenheimer | $8.3 billion | $9.5 billion | +$1.2 billion |
1341 | 1208 | Koos Bekker | $2.3 billion | $2.8 billion | +$0.5 billion |
1292 | 1234 | Patrice Motsepe | $2.4 billion | $2.7 billion | +$0.3 billion |
2347 | 1883 | Michiel le Roux | $1.2 billion | $1.7 billion | +$0.5 billion |
2494 | 1990 | Christoffel Wiese | $1.0 billion | $1.6 billion | +$0.6 billion |
Total | $25.3 billion | $31.1 billion | +$5.8 billion |
Calls for intervention to end extreme wealth
“Oxfam urges governments to tax the richest to reduce inequality, end extreme wealth, and dismantle the new aristocracy,” said the company.
“Former colonial powers must address past harms with reparations,” it added.
Additionally, it proposes measures to end the flow of wealth from the Global South to the Global North, including canceling debts and restructuring voting powers in international financial institutions.
The report emphasises that the extreme wealth of a few diverts needed resources from vital public services like education and healthcare.
Oxfam said that the issues of unearned wealth, and the perpetuation of wealth through inheritance, have become key points of concern.
The growth in wealth of South African billionaires, in tandem with global trends, highlights worsening economic inequality.