South African Billionaires See Rapid Wealth Surge Amid 2024 Market Volatility

In the first half of 2024, all South African billionaires experienced an increase in their net worth despite a turbulent start to the year. The top six wealthiest individuals in the country have collectively gained $4.6 billion. However, this increment is minor compared to their combined wealth, now estimated at $29.9 billion.

By mid-2024, the wealthiest South Africans remain Johann Rupert, Nicky Oppenheimer, Koos Bekker, Patrice Motsepe, Michiel le Roux, and Christoffel Wiese. Rupert retains his position as the richest South African and the second wealthiest individual in Africa, with a net worth of $11.7 billion, largely attributed to his diversified investments.

Rupert is the chairman of Richemont, a Swiss luxury goods conglomerate owning brands like Cartier, Dunhill, and Mont Blanc, where he holds 51% voting power. For the fiscal year ending March 31, 2024, Richemont’s sales rose by 3% at actual exchange rates and 8% at constant exchange rates, reaching approximately $22.1 billion.

Additionally, Rupert chairs Remgro, an investment holding company in Stellenbosch, with interests in healthcare, food, sports, and media. Over the year, he advanced 22 spots on the global rich list to rank 173, remaining the only South African in the top 200 wealthiest individuals worldwide.

Nicky Oppenheimer, formerly in the diamond business, has climbed 38 places to rank 244, with a net worth of $9.5 billion, securing his place among the world’s top 300 richest people.

Patrice Motsepe, Africa’s first black billionaire, has surpassed the $3 billion mark. His wealth increase is largely due to TymeBank’s growth in South Africa and the Philippines, with a combined customer base of 12.4 million. Motsepe’s 40.37% stake in African Rainbow Minerals (ARM) also contributed to his financial success.

Naspers chairman Koos Bekker, Capitec founder Michiel le Roux, and retail magnate Christoffel Wiese have all seen substantial gains in their net worth and global rankings, collectively advancing 513 positions.

Elon Musk, originally from South Africa, remains the wealthiest individual globally, with a net worth of $215.6 billion, driven by his ventures Tesla and SpaceX, while Jeff Bezos has overtaken Bernard Arnault as the second richest, with a net worth of $201.6 billion.

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