In post-apartheid South Africa, there has been a huge rise of successful black entrepreneurs, and as a result of their success, some of them have passed the billionaire mark, yes, the billionaire mark!
These black entrepreneurs have made a variety of investments, ranging from mining to holding shares in major corporations across the country.
Although there has been a rise in the ranks of many black billionaires, when it comes to the US dollar, the story is a bit different – there is only one known billionaire, according to Forbes.
Patrice Motsepe sit at no.1
Patrice Motsepe has consistently held the number 1 spot for a number of years now and is currently estimated to have a net value of $2 billion according to Forbes as of 08/08/2020.
In 2008, he made his first appearance on the Forbes Billionaires list, becoming the first black South African ever to appear there.
As the president of Africa, Rainbow Minerals, his vast wealth comes mainly from his mining ventures. He started his mining journey in 1997 when he bought low gold mines and turned them into profitable mines.
In addition to his mining company, he also set up a private equity firm that focuses on investing in Africa, called Africa Rainbow Capital.
Apart from mining, he owns the Mamelodi Sundowns Football Club, the TymeBank retail bank and is a stakeholder in Sanlam.
In 2013, he was the first African billionaire to sign up for Bill Gates and Warren Buffett’s Giving Pledge, where he promised to give more than half of his wealth to charitable organizations.
Cyril Ramaphosa is the President of South Africa who took over the presidency of South Africa when former President Jacob Zuma resigned in 2017.
Forbes lists his net wealth at around $550 million in 2015, which amounts to roughly R8 billion. He has a number of investments through his Shanduka Group, including banking, mining, insurance, energy, real estate, retail, insurance, among others.
His company, Shanduka Group, was responsible for bringing the McDonald franchise to South Africa and even has a stake in the Coca-Cola bottling company.
In 2015, he resigned from his position as Chairman of the Shanduka Group due to a conflict of interest with the Deputy President position.
Mosima “Tokyo” Sexwale is one of the richest black businessmen in the country and has a number of investments across a number of sectors. His nickname Tokyo was derived from his childhood love of Karate.
He is listed by Forbes to be around the R2 billion mark and is currently the chairman of the Mvelaphanda Group, which specializes in the mining and energy sectors. His mining company is said to be the third largest diamond mining company in South Africa.
His diamond mining company was so successful that he was even complimented by fellow diamond tycoon Harry Oppenheimer.
He is reported to have purchased 35 hectares of Quilalea Island in the Indian Ocean for $70 million in 2008. The island has pristine beaches, absolute privacy and a spectacular view of the Indian Ocean.
Some of his toys include the Learjet R100 million, the Game Lodge R60 million, the Franschloek winery R20 million and the Durbanville winery R113 million.
Sipho Nkosi is CEO of Exxaro Resources, a diversified group with interests in the mining and energy markets. His 2.7 per cent stake in the company is reported to be worth R1.7 billion.
He started his entrepreneurial journey in 1998 when he started Eyesizwe Coal with his partners and became a very successful black mining company.
He also has a stake in Sanlam and is the President of the Chamber of Mines of South Africa.
Bridget Motsepe-Radebe is a black female entrepreneur with an estimated net worth of R1.3 billion owned by Mmakau Mining, a deep rock mining company that mines coal, chromium, gold , platinum and uranium.
Her company began as a mining contract that managed shafts and acquired on behalf of larger mining companies until it had owned its own mining company in the early 1990s.
In 2008, she received an International Businessperson of the Year award from the Global Foundation for Democracy.
She is married to Jeff Radebe and is Patrice Motsepe ‘s sister, as well as President Cyril Ramaphosa’s sister-in – law.