SA’s Wealthiest Seven Control R646 Billion as Inequality Debate Grows

JOHANNESBURG — 11 August 2025

South Africa’s seven billionaires now hold a combined $36.4 billion (R646 billion), according to Forbes’ real-time billionaire tracker, highlighting extreme wealth concentration amid national inequality debates.

The list includes luxury goods moguls, mining magnates, and banking innovators, all expanding fortunes through long-term strategies and reinvestment across industries. Johann Rupert and family top the ranking at $12.7 billion.

Economist Duma Gqubule observes these dynasties operate beyond single businesses: “This is what intergenerational wealth looks like. They don’t just build businesses – they build ecosystems of wealth that generate returns across decades.”

Meanwhile, 93% of South Africa’s population shares the remaining 35% of national wealth, fueling arguments over privilege and access. (World Bank 2024 inequality data)

Critics allege many fortunes originated in apartheid-era advantages like preferential land and capital access. Supporters counter that billionaires create jobs and fund philanthropy where the state falters.

Investment analyst Thandeka Sibanda stresses balanced perspective: “We can’t ignore inequality, but we also can’t ignore the strategic discipline that’s required to grow and sustain wealth.”

South Africa-born Elon Musk remains the world’s richest person at $413.2 billion, though not counted among local billionaires.

The full list:

1. Johann Rupert & family: $12.7B (Luxury goods/finance)

2. Nicky Oppenheimer & family: $10.4B (Diamonds/investment)

3. Koos Bekker: $3.7B (Media/technology)

4. Patrice Motsepe: $3.4B (Mining/finance)

5. Michiel Le Roux: $2.6B (Banking)

6. Jannie Mouton & family: $1.9B (Investments)

7. Christo Wiese: $1.7B (Retail)

With wealth gaps widening, the adage that “the rich get richer” now frames South Africa’s urgent policy challenge.