Richest people in South Africa at the end of 2024 – gaining R7.3 billion a month since January

While 2024 may have been a challenging year for many South Africans, it marked an extraordinary financial period for the country’s billionaires.

As the majority of the population grappled with economic hardships, South Africa’s six richest individuals experienced a dramatic surge in their wealth, collectively adding a staggering $4.8 billion (R87.6 billion) to their fortunes.

This translates to an average of R7.3 billion gained every month since January.

At the close of the year, the combined net worth of these six tycoons stood at $30.1 billion (R549.5 billion).

These individuals—luxury goods magnate Johann Rupert, former diamond baron Nicky Oppenheimer, media tycoon Koos Bekker, mining executive Patrice Motsepe, Capitec founder Michiel le Roux, and retail titan Christo Wiese—not only consolidated their positions as South Africa’s wealthiest but also climbed the global billionaire rankings tracked by Forbes.

Leading the pack, Johann Rupert maintained his status as the richest person in South Africa and the second richest in Africa, following Nigerian industrialist Aliko Dangote.

Rupert’s fortune, valued at $11.2 billion (R204.4 billion), was buoyed by a diversified portfolio of investments.

Richemont, the luxury goods company chaired by Rupert, experienced an 11% stock rally that increased the value of his stake to $9.16 billion.

Additionally, his holdings in Reinet, Remgro, and FirstRand contributed another $1.91 billion to his net worth.

Notably, Rupert briefly held the title of Africa’s richest individual earlier in the year before Dangote reclaimed the position in October after a revaluation of his assets.

Rupert’s wealth trajectory this year also included a $400 million rebound within a single week in late November, signalling the resilience of his financial empire.

Nicky Oppenheimer, who once controlled De Beers, secured his place among the world’s top 300 billionaires, climbing seven spots to rank 275th globally.

This ascent was underpinned by a $1.2 billion (R21.9 billion) increase in his net worth.

Oppenheimer’s investments and strategic asset management have continued to yield impressive returns, solidifying his legacy as one of the continent’s financial titans.

Patrice Motsepe, recognised as Africa’s first black billionaire, posted the smallest gains among South Africa’s wealthiest individuals, with an estimated $400 million (R7.3 billion) added to his fortune.

Despite this comparatively modest increase, Motsepe remains a significant figure in the global mining sector.

Media mogul Koos Bekker, Capitec founder Michiel le Roux, and retail magnate Christo Wiese each saw their net worth grow by approximately $700 million (R12.8 billion).

These gains propelled the trio up the global billionaire rankings, with their combined rise totalling 1,303 spots.

South Africans on Forbes’ list

Read: How many millionaires live in South Africa – with 82,000 more expected