Business 11.12.2016 09:37 am

Nearly 80% of the richest 200 in SA are white men

Nearly 80% of the richest 200 in SA are white men

It may not quite be a complete monopoly of capital, but financial might is still very white and male in SA.

The Sunday Times has released its rich list for 2016, and Christo Wiese remains the richest person in the country after taking the top honours from Glencore CEO Ivan Glasenberg in 2014.

The paper says he is worth R81.26 billion, based on the value of his disclosed directors’ holdings in JSE- listed companies.

However, the publication points out that Wiese “is also the biggest loser after the value of his shareholdings in, for example, Brait, Shoprite and Steinhoff International, to name a few, fell R23.5 billion from a year ago”.

“An overwhelming majority of those in the Top 200 – 157, to be exact – are white men, while black men take up 35 spots. There are only seven women in the Top 200, led by Sygnia CEO Magda Wierzycka at No 34,” reveals the paper.
That figure means 78.5% of those individuals in the top 200 are white males.

Atul Gupta is now in seventh place and has become the list’s top black billionaire, with R10.69 billion.

READ MORE: Atul Gupta is SA’s richest black businessman

Patrice Motsepe, previously South Africa’s richest black man, also seems to be significantly better off this year, as his stake in African Rainbow Minerals puts him in 11th position, with R9.5 billion, compared with the year before’s R3.79 billion.

Read the full story here.

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