South Africa is a country of sharp contrasts, characterized by a substantial gap between the rich and the poor. Despite its challenges, it is home to some of the wealthiest individuals in Africa, whose influence extends beyond their borders.

These individuals have amassed immense wealth through diverse industries, including mining, banking, real estate, agriculture, and more.

Below, we explore the top ten richest people in South Africa as of 2024, delving into their backgrounds, businesses, and sources of wealth.

Herman Mashaba, ranked at number ten, is a fascinating figure in South Africa’s wealth hierarchy. He is not only one of the country’s wealthiest individuals but also a prominent politician.

Mashaba is the founder of ActionSA, a political party with a strong focus on reform. His entrepreneurial journey began with “Black Like Me,” a leading hair care products company widely sold across Africa.

Apart from his thriving business in cosmetics, Mashaba is a savvy investor with stakes in various undisclosed companies. He also owns several high-value properties in Johannesburg’s Sandton area and Cape Town.

Mashaba’s estimated net worth stands at $100 million, equivalent to 1.8 billion South African rands. His humility and low-profile lifestyle further add to his appeal.

Tokyo Sexwale, at number nine, transitioned from politics to the business world and built a fortune in industries like oil, gas, and diamonds.

A former activist during South Africa’s anti-apartheid struggle and a government minister, Sexwale leveraged his political connections to establish himself as a successful businessman.

He owns diamond mines in countries like Namibia and Botswana and has diversified his investments into football, holding stakes in clubs overseas. Despite his immense wealth, valued at $200 million or 3.6 billion rands, Sexwale maintains a relatively private life.

At number eight is Ref Wayne, a self-made millionaire who gained prominence as a Forex trader.

Known for his company Forex AMG, Wayne has revolutionized the trading industry in South Africa by offering education and training on financial markets. In addition to being a trader, he is an author of several best-selling books on financial literacy and entrepreneurship.

Wayne also earns as a motivational speaker, sharing his knowledge with budding entrepreneurs. His estimated net worth of $500 million or 9 billion rands reflects his success as one of South Africa’s top financial minds.

Vusi Thembekwayo occupies the seventh spot and is a global entrepreneur, investor, and motivational speaker. Thembekwayo co-founded MyGrowthFund Venture Partners, which focuses on venture capital, enterprise development, and corporate finance.

He also owns Motive8 Advisory, specializing in business restructuring and capital raising, and Watermark Capital Partners, which focuses on high-growth businesses across Africa.

Beyond his business ventures, Thembekwayo is a prolific public speaker, earning millions annually through global events. His net worth is estimated at $600 million or 11 billion rands.

At number six, Cyril Ramaphosa, South Africa’s president, is also one of its wealthiest politicians. His business empire spans farming, property investments, and various industries. Ramaphosa owns Shanduka Group, which is involved in coal mining and commercial properties.

He is also a prominent investor in global brands like McDonald’s and Coca-Cola. Additionally, he has stakes in financial institutions like Standard Bank and Bidvest, making him a significant figure in South Africa’s economic landscape.

His net worth is valued at $700 million or 12.6 billion rands, making him a unique blend of political and economic influence.

Ranked fifth is Michiel Le Roux, a banking magnate best known for founding Capitec Bank, one of South Africa’s most popular banks, with over 10 million users.

Le Roux’s focus on banking and insurance has made him a key player in the country’s financial industry. His estimated net worth is $1.2 billion, showcasing his ability to transform South Africa’s banking landscape with innovative financial solutions.

Patrice Motsepe, the fourth wealthiest individual, is celebrated as South Africa’s first black billionaire. His journey began with African Rainbow Minerals, a mining company specializing in gold, platinum, and other resources.

Motsepe’s investment portfolio includes stakes in TymeBank and telecommunications company Rain, as well as ownership of several mining ventures.

Additionally, he owns the Mamelodi Sundowns Football Club, a testament to his interest in sports. Motsepe’s current net worth of $2.5 billion underscores his position as a prominent figure in African business.

The third spot is held by Koos Bekker, a media tycoon who played a significant role in transforming Naspers, a global media group.

Under Bekker’s leadership, Naspers expanded its footprint to over 130 countries, with listings on the London and Johannesburg stock exchanges.

He also co-founded M-Net and MultiChoice, South Africa’s leading satellite television providers. Bekker’s investments in technology and telecommunications further highlight his business acumen. His estimated net worth of $2.7 billion reflects his vast influence in the media and tech industries.

At number two is Nicky Oppenheimer, a scion of the Oppenheimer family and a titan in the diamond industry. Formerly the chairman of De Beers, Oppenheimer oversaw the company’s global dominance in diamond mining and trading.

He later founded Fireblade Aviation, offering exclusive charter flights, and Tana Africa Capital, focusing on agribusiness and retail investments. His diversified portfolio and family legacy have made him a billionaire worth $8.1 billion, securing his place among Africa’s wealthiest individuals.

Topping the list as the richest person in South Africa is Johann Rupert, a luxury goods magnate. Rupert chairs the Swiss-based Richemont, the second-largest luxury goods company in the world, which owns brands like Cartier and Montblanc.

Additionally, he has significant investments in Remgro, a South African investment firm, and Reinet, a Luxembourg-based investment vehicle.

Rupert’s ability to navigate both international and local markets has cemented his status as a business leader. His net worth of $9.8 billion places him at the pinnacle of South Africa’s wealth hierarchy.

In conclusion, South Africa’s wealthiest individuals have achieved success through diverse ventures, ranging from mining and banking to media and luxury goods. Their wealth reflects not only their entrepreneurial spirit but also the opportunities available in the country.

Despite the stark inequalities that persist in South Africa, these billionaires serve as examples of what can be accomplished through vision, strategy, and hard work. As their businesses continue to grow, they play an essential role in shaping the country’s economy and inspiring future generations of entrepreneurs.