This is South Africa’s newest dollar billionaire

Africa’s dollar billionaires are collectively wealthier than they were a year ago.

This is according to Forbes‘ latest Africa Rich list, which found that the 23 dollar billionaires across Africa – up from 21 billionaires last year – are worth a combined $75.4 billion, compared to $70 billion in January 2017.

The richest African, for the seventh year in a row, is Nigerian cement and commodities tycoon Aliko Dangote, with a net worth that Forbes pegs at $12.2 billion, up $100 million from a year ago.

South Africa’s Nicky Oppenheimer is second with a net worth of $7.7 billion, up $700 million from last year, while Richemont’s Johann Rupert rounded off the top three with a net worth of $7.2 billion.

Including Rupert and Oppenheimer, eight South Africans feature on the list, making it the African country with the most billionaires.

Included in this year’s rankings is newcomer Michiel Le Roux, the founder and former chairman of Johannesburg-listed Capitec Bank Holdings, whose stock has climbed more than 50% in the past year, making Le Roux a new billionaire worth $1.2 billion.

South African mining tycoon Desmond Sacco, chairman of listed Assore Group, also returned to the list following a stock price surge of some 60% in the past 12 months. Sacco last appeared as a billionaire on the Africa’s Richest list in 2012 with a $1.4 billion fortune.

Steinhoff and Shoprite’s Christo Wiese retained a spot on the list after the company’s share price rebounded in January. Forbes said that Wiese wouldn’t have made the cut a month ago as the retailer’s share plunged after the company divulged accounting irregularities in December.

In early January the company said it would restate its financial results as far back as 2015 and the share price rebounded enough to put Wiese back in billionaire territory with a net worth of $1.1 billion – down from $5.5 billion a year ago.

These are the richest South Africans according to Forbes’ African Rich List for 2018.

African Rank Name Net worth (dollars) Wealth source
2 Nicky Oppenheimer $7.7 billion Diamonds
3 Johann Rupert $7.2 billion Luxury Goods
8 Koos Bekker $2.8 billion Media, Investments
11 Patrice Motsepe $2.4 billion Mining
19= Michiel Le Roux  $1.2 billion Banking
19= Stephen Saad $1.2 billion Pharmaceuticals
21= Desmond Sacco $1.1 billion Mining
21= Christoffel Wiese $1.1 billion Retail

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