Introduction
Are you curious about the top 10 richest black entrepreneurs in South Africa? In this article, get to know about the Top 10 Richest South Africans and prosperous business leaders in the country. From innovative tech moguls to visionary industrialists, these individuals have not only achieved financial success but have also made a significant impact on the business landscape of South Africa.
South Africa, known for its vibrant culture and rich natural resources, is a country of immense potential and opportunity. With a population of over 60 million citizens, it is home to a diverse range of individuals, each with their own unique journey to success. Among them, stands a select group of individuals who have risen to unprecedented levels of wealth and influence, not only within the country but on a global scale.
Read this article to explore the inspiring journeys and accomplishments of these exceptional entrepreneurs.
1. Patrice Motsepe
The founder and executive chairman of African Rainbow Minerals (ARM), he has built a diversified mining company with interests in gold, ferrous metals, base metals, and platinum.
Pros:
- Utilize undeniable business acumen and determination to succeed
- Recognize opportunities and create successful business ventures
- Establish and lead African Rainbow Minerals, a successful mining company
- Benefit from an extended downturn in the price of gold to purchase and turn low-yield assets profitable
- Receive recognition and awards for entrepreneurial achievements
Cons:
- Face challenges and criticisms associated with the mining industry and business ventures
- Experience pressure and competition in maintaining and growing personal fortune
- Raised in Soweto during apartheid
- Became South Africa’s first black billionaire
- Became the first African to sign Bill Gates and Warren Buffet’s Giving Pledge
- Attended the University of Swaziland and the University of the Witwatersrand
- Became the Executive Chairman of African Rainbow Minerals
- Accumulated a net worth of R27 billion
- Honored with South Africa’s Best Entrepreneur Award in 2002
- Voted 39th in SABC 3’s Greatest South African’s list in 2004
2. Tokyo Sexwale
Tokyo Sexwale, a former political prisoner turned entrepreneur, amassed his wealth through his successful ventures in the mining and energy industries, leveraging his business acumen and philanthropic efforts to become one of the richest black entrepreneurs in South Africa, with a net worth of R2.14 billion
Pros:
- Established Mvelaphanda Holdings, contributing to economic growth and job creation.
- Played a significant role in the diamond mining industry, contributing to the country’s mineral wealth and industry development.
- Engaged actively in philanthropy, contributing to community development and welfare.
- Served as a trustee of the Nelson Mandela Foundation, promoting his values.
Cons:
- Faced scrutiny for his involvement in the diamond mining industry, with some controversies surrounding his business practices.
- Encountered challenges related to his political affiliations and activities during the apartheid era.
- Grew up in Orlando West, Soweto, and became a recognized leader in the Black Consciousness Movement led by Steve Biko.
- Completed high school and joined the African National Congress’s armed wing, Umkhonto we Sizwe.
- Received military officers training in the Soviet Union, specializing in military engineering.
- Served 13 years at Robben Island maximum security prison.
- Founded Mvelaphanda Holdings, focusing on mining and energy, particularly in oil and diamond mining.
- Supports organizations such as the Johannesburg Child and Family Welfare Society, Streetwise South Africa, Save the Family Fund, and The Sky is No Limit.
3. Leonard Sowazi
Leonard Sowazi, also known as Nkunku, has amassed his wealth through over 15 years of experience in investment management and his involvement in various sectors such as mining, infrastructure, and financial services. He currently serves as the Chairperson of Kagiso Tiso Holdings and sits on the boards of several prominent South African organizations, contributing to his net worth of R726 million.
Pros::
- Boasts 15+ years of investment management experience with expertise in mining, infrastructure, and financial services.
- Holds a Master’s Degree in Urban and Regional Planning from the University of California and a Bachelor of Arts Degree from the USA International University.
- Owns stakes in diverse companies, including the Emira Property Fund and Litha Healthcare Groups, indicating a well-diversified investment strategy.
- Serves as the Chairperson of Kagiso Tiso Holdings, showcasing strategic leadership in a prominent investment company.
Cons:
- Faces challenges associated with market fluctuations and economic uncertainties that could impact the performance of his investments.
- Subject to various risks in sectors such as mining and infrastructure, including regulatory changes, commodity price fluctuations, and operational challenges.
- Obtained a Master’s Degree in Urban and Regional Planning from the University of California and a Bachelor of Arts Degree from the USA International University. Born in April 1963.
- Serves as the Chairperson of Kagiso Tiso Holdings and holds board positions in several organizations, including Idwala Industrial Holdings, Home Loan Guarantee Company, Financial Markets Trust, Litha Healthcare Group, Trident Steel, BAEL Holdco, Actom Holdings, Housing for HIV, African Explosives Limited, and more.
- Held various executive and non-executive positions in companies such as Mortgage Indemnity Fund, Emira Property Fund, Tiso Group, African Bank Investments, Exxaro Resources, Strategic Real Estate Managers, and Development Bank of South Africa.
- Involved in not-for-profit organizations, including the Tiso Foundation and Housing for HIV Foundation, showcasing commitment to social impact and community development.
4. Mike Teke
Mike Teke, the Chief Executive Officer at Optimum Coal Holdings, has amassed his substantial wealth through his keen eye for value and strategic investments in the mining sector, leading to the successful growth of Optimum Coal and contributing to his net worth of R682 million.
Pros:
- Demonstrates strong work ethic by consistently following the adage of “early to bed and early to rise,” reflecting dedication and discipline.
- Achieved higher education, including a Master’s in Urban and Regional Planning and an MBA.
- Progressed successfully in his career with extensive experience and leadership roles in prominent mining companies, contributing to wealth and industry influence.
Cons:
- Experiences a level of dependency on the broader economic climate and industry-specific factors that may impact the success of his investments and the value of his holdings.
- Manages operational complexities within the mining industry, involving considerations such as environmental impact and labor relations, presenting ongoing challenges in day-to-day operations.
- Raised by his grandmother after being parentless in his youth, Mike Teke attributes his success to the wisdom she shared with him, which has stuck with him for his whole life.
- Born on 15 August 1964, he is a South African national and an alumnus of the University of Limpopo, University of Johannesburg, and University of South Africa.
- Imparted with the age-old saying “early to bed and early to rise makes a man healthy, wealthy, and wise” by his grandmother, a motto he still lives by to this day.
- Demonstrates a keen eye for value, wisely investing in company infrastructure and ensuring consistent profits, pleasing Optimum’s employees who own just short of 10 percent of the company’s shares.
- Utilized his career in human resources to keep his staff content and undertook a three-year investment to fund a comprehensive HIV/AIDS testing and educational program at all of its mining operations, promoting responsible living.
5. Cyril Ramaphosa
Cyril Ramaphosa is one of the richest black entrepreneurs in South Africa due to his successful business ventures and investments in various sectors such as resources, energy, real estate, banking, insurance, and telecoms . He founded the Shanduka Group and served as its Executive Chairman before his election as the President of South Africa.
Pros:
- Played a significant role in the negotiations to bring about the peaceful end to apartheid, demonstrating strong negotiation and strategic skills.
- Founded the National Union of Mineworkers (NUM) and played a key role in the formation of the Congress of South African Trade Unions (Cosatu), contributing to the empowerment of workers and the labor movement in South Africa.
- Founded and served as Executive Chairman of Shanduka Group, with investments in various sectors, and held influential positions on the boards of prominent companies, showcasing business acumen and leadership.
Cons:
- Detained twice under the auspices of the Terrorism Act, which may raise concerns about his past involvement in political activities.
- Had business interests in various sectors, which could raise questions about potential conflicts of interest during his political career.
- Played a significant role, along with Roelf Meyer, in the negotiations to bring about the peaceful end to apartheid, showcasing strong negotiation and strategic skills.
- Born on 17 November 1952, he is a South African national and an alumnus of various universities, including the University of the North, University of Massachusetts (USA), University of Cape Town, University of KwaZulu-Natal, University of Port Elizabeth, University of Lesotho, and University of South Africa.
- Formed the National Union of Mineworkers (NUM) and played a key role in the formation of the Congress of South African Trade Unions (Cosatu), demonstrating a commitment to workers’ rights and empowerment.
- Founded and served as Executive Chairman of Shanduka Group, which has investments in various sectors including resources, energy, real estate, banking, insurance, and telecoms.
6. Sipho Nkosi
Sipho Nkosi, a highly esteemed corporate executive in South Africa, holds board positions in numerous leading companies, serves as the Chairman of the Sasol board, and, as the former President of the Chamber of Mines of South Africa, boasts a substantial net worth nearing R2 billion.
Pros:
- Brings extensive experience in energy, mining, and financial services, offering valuable insights for navigating complex industry challenges.
- Commits to promoting growth and development in South Africa, showcasing dedication to social responsibility through business leadership and organizational involvement.
- Acquires valuable global perspectives through experience with international companies and boards, enhancing his ability to navigate the complexities of international business.
Cons:
- Faces potential conflicts of interest
- Encounters criticism of corporate practices
- Focuses on large corporations
- Lacks information on current impact
- Holds a Bachelor of Commerce from the University of Zululand, an Honours degree in Commerce (Economics) from the University of South Africa, and an MBA from the University of Massachusetts.
- Led Exxaro as CEO, overseeing substantial growth and expansion.
- Holds board positions at Tronox and Talent10.
- Served as President of the Chamber of Mines of South Africa.
- Recognized for leadership, strategic acumen, and commitment to development.
7. Phuthuma Nhleko
Phuthuma Nhleko, a prominent black entrepreneur in South Africa, amassed significant wealth through his transformative leadership as the CEO of MTN Group, where he implemented a management buy-in scheme for empowerment, successfully achieving broad-based empowerment objectives, while his personal life remains relatively undisclosed, and no controversies are evident in his business activities.
Pros:
- Recognized for driving growth and transforming MTN Group into a leading African telecommunications provider.
- Leverages financial expertise from a background in finance and banking, making sound investment decisions and effectively managing large corporations.
- Gained extensive international experience, enhancing the ability to navigate complex global business environments.
- Supports Africa’s economic growth, actively participating in initiatives aimed at unlocking the continent’s economic potential.
- Engages in Philanthropy
Cons:
- Faces controversies, confronted with allegations of bribery and corruption in Nigeria, leading to concerns about corporate governance practices.
- Exhibits a dominant personality
- Lacks transparency in decision-making and communication, particularly in controversial business deals.
- Practiced briefly as a civil engineer in the US and Swaziland before returning to South Africa.
- Worked as a Project Manager at the Urban Foundation and gained corporate finance experience with Standard Corporate & Merchant Bank.
- Established himself as a director of Nedbank Group Limited and Old Mutual SA.
- Joined MTN in 2002, becoming CEO in 2004.
- Transformed MTN into a pan-African telecom giant, expanding into 22 countries.
- Stepped down as MTN CEO in 2011 but remained Chairman until 2019.
- Served on boards of prestigious companies: BP plc, Anglo American plc, and IHS Towers.
- Founded Pembani Group, focusing on petroleum, mining, and cement production.
- Faced bribery and corruption scandals during his MTN CEO tenure, though not personally implicated.
8. Dalikhaya Zihlangu
Dalikhaya Zihlangu, among South Africa’s wealthiest black entrepreneurs, has amassed substantial wealth through a successful career in the mining industry, showcasing a strong work ethic and leadership skills while holding key positions at prominent mining companies, yet limited details exist about his personal life, and no controversies were identified in his business activities.
Pros:
- Demonstrates extensive industry expertise
- Exhibits strong leadership and business Acumen
- Prioritizes social responsibility
- Advocates for responsible resource extraction and engages in personal farming, showcasing a concern for long-term environmental and social impacts.
- Serves as an Inspirational Figure
Cons:
- Raises concerns about potential conflicts of interest
- Faces criticism for Alexkor turnaround:
- Limits engagement outside mining
- Lacks full transparency
- Pursued a Bachelor of Science in Mining Engineering and earned an MBA from the University of Witwatersrand, showcasing commitment to education and professional development.
- Started at the bottom and progressed through roles like shift boss, mine overseer, operations manager, and mine manager in companies like Impala Platinum and Vaal Reefs Gold Mining.
- Appointed as CEO of the state-owned diamond mining company, where he implemented strategic restructuring measures, secured government support, and oversaw asset sales for stabilization and future growth.
- Established Eyabantu Capital Consortium in 2007, a private equity firm focusing on mining and resources, contributing to job creation and economic growth in South Africa.
- Engaged in sustainable agriculture in the Eastern Cape, showcasing a passion for rural development.
- Received various awards, including Financial Mail Top 100 CEOs in South Africa, Business Leader of the Year, and Mining Personality of the Year.
9. Saki Macozoma
Saki Macozoma, one of South Africa’s wealthiest black entrepreneurs, has amassed substantial wealth through his diverse leadership roles and contributions to civil society, transitioning from a former political prisoner and anti-apartheid hero to influential positions, with a net worth of R565 million and notable shareholding in the Tshipi Borwa manganese mine, while maintaining a relatively private personal life and lacking controversies in his business activities.
Pros:
- Drives transformational change
- Possesses business acumen
- Commits to social responsibility
- Advocates for economic inclusion
Cons:
- Involved in controversial deals
- Accused of authoritarian leadership
- Limited focus on systemic change
- Faces allegations of personal enrichment
- Born in 1957 in Gqeberha, South Africa: Shaped by the anti-apartheid struggle, Macozoma joined the South African Students Movement and led protests against apartheid
- Held roles in media and finance, including positions at Independent Newspapers, South African Breweries, and as Managing Director of Liberty Holdings.
- Elected to the South African Parliament in 1994; later became Managing Director of Transnet, implementing restructuring and infrastructure development.
- Played a pivotal role in establishing Vodacom, currently chairs the board, and holds leadership positions in companies like Safika Holdings and Mondi Group.
- Founded to improve educational opportunities for underprivileged youth in South Africa.
- Serves on the boards of non-profit organizations, including the KwaZulu-Natal Philharmonic Orchestra and the Rhodes University Council.
9. Saki Macozoma
Saki Macozoma, one of South Africa’s wealthiest black entrepreneurs, has amassed substantial wealth through his diverse leadership roles and contributions to civil society, transitioning from a former political prisoner and anti-apartheid hero to influential positions, with a net worth of R565 million and notable shareholding in the Tshipi Borwa manganese mine, while maintaining a relatively private personal life and lacking controversies in his business activities.
Pros:
- Drives transformational change
- Possesses business acumen
- Commits to social responsibility
- Advocates for economic inclusion
Cons:
- Involved in controversial deals
- Accused of authoritarian leadership
- Limited focus on systemic change
- Faces allegations of personal enrichment
- Born in 1957 in Gqeberha, South Africa: Shaped by the anti-apartheid struggle, Macozoma joined the South African Students Movement and led protests against apartheid
- Held roles in media and finance, including positions at Independent Newspapers, South African Breweries, and as Managing Director of Liberty Holdings.
- Elected to the South African Parliament in 1994; later became Managing Director of Transnet, implementing restructuring and infrastructure development.
- Played a pivotal role in establishing Vodacom, currently chairs the board, and holds leadership positions in companies like Safika Holdings and Mondi Group.
- Founded to improve educational opportunities for underprivileged youth in South Africa.
- Serves on the boards of non-profit organizations, including the KwaZulu-Natal Philharmonic Orchestra and the Rhodes University Council.
10 Vincent Mntambo
Vincent Mntambo, a leading black entrepreneur in South Africa, has amassed substantial wealth through his prosperous business career and role as a conflict mediation leader, holding key positions such as Chairman of ASG Consulting Solutions and Non-Executive Director for prominent companies, with his net worth of R1.01 billion reflecting his business success, while information on his personal life remains limited, and no controversies are evident in his business activities.
Pros:
- Demonstrates extensive experience and expertise
- Exhibits strong leadership and business skills
- Displays commitment to social responsibility
- Enjoys industry recognition and reputation
- Focuses on sustainable development
Cons:
- Lacks information about current activities
- Faces criticism of Alexkor turnaround
- Exhibits limited engagement outside mining
- Initiated career in mining
- Earned an MBA from the University of Witwatersrand, combining practical knowledge with a strong academic foundation.
- Guides a consulting firm dedicated to optimizing performance within the mining and resources sector.
- Drives portfolio diversification, contributing to various sectors and impacting South Africa’s economic landscape.
- Deep industry understanding, commitment to responsible resource extraction practices, and active contribution to shaping the mining sector’s future.
Overview of the Top 10 Richest Black Entrepreneurs in South Africa
South Africa boasts a dynamic business landscape, and its diverse economy has created opportunities for many successful black entrepreneurs. Among the top 10 richest black entrepreneurs in South Africa are Patrice Motsepe, founder of African Rainbow Minerals, Cyril Ramaphosa, President of South Africa and former businessman, and Phuthuma Nhleko, former CEO of MTN Group. These visionary individuals have not only achieved financial success but have also made significant contributions to the country’s economic growth and development.
Pros and Cons of the Top 10 Richest Black Entrepreneurs in South Africa
Pros:
- Driving job creation and economic growth
- Inspiring role models
- Championing philanthropy and social responsibility
- Advocating for black economic empowerment
Cons:
- Potential involvement in unethical practices
- Limited impact beyond personal wealth
- Lack of transparency and accountability
- Concerns about cronyism and unfair advantage
What to Watch Out For
- Be aware of the potential controversies surrounding some of the top 10 richest black entrepreneurs in South Africa, as their success and wealth may have been subject to scrutiny and criticism.
- Take note of the industries in which these entrepreneurs have made their fortunes, as certain sectors may be more prone to economic fluctuations and regulatory challenges.
- Stay informed about any legal or ethical issues that may have arisen in the business practices of these entrepreneurs, as this can impact their reputation and future endeavors.
Pro Tips
- Research the success stories and journeys of the top 10 richest black entrepreneurs in South Africa to gain valuable insights into their strategies, challenges, and achievements.
- Consider attending business conferences, seminars, or workshops where these entrepreneurs may share their experiences and offer valuable advice.
- Network with professionals and individuals in the business community to potentially connect with or learn from these successful entrepreneurs.
- Seek inspiration from the resilience, determination, and innovative approaches demonstrated by these entrepreneurs, as they have overcome numerous obstacles to achieve their goals.
Recap
The top 10 richest black entrepreneurs in South Africa have achieved remarkable success through their hard work, determination, and innovative approaches. Among them is Patrice Motsepe, who amassed his wealth in the mining industry and is widely recognized as one of South Africa’s most accomplished entrepreneurs. Another notable figure is Tokyo Sexwale, who, despite being a former political prisoner and anti-apartheid activist, has made significant contributions in both the public and private sectors. To learn from these entrepreneurs and potentially collaborate with them, it is crucial to research their success stories, attend relevant conferences or workshops, and build professional networks.
