Years ago the white minority which were lesser than 20% were in control of the much larger black majority. This institutionalized segregation which was legal became known as apartheid. While whites had easy access to the highest standard of living in all of Africa, the black majority lacked access to almost every standard, including education, income, housing, and life expectancy.
South Africa which is now post-apartheid , has been experiencing extremely high unemployment rate as the country struggles with so many changes. Although many blacks have grown to the middle or upper classes, the overall unemployment rate of black people got really bad between 1994 and 2003, nevertheless it reduced significantly with the use of expanded definitions while poverty which used to be rare amongst whites, increased.
Who Is The Richest Black Man In South Africa 2019?
Inasmuch as the richest South African is a white man this doesn’t deter black South Africans from climbing the country’s wealth ladder. Moreover, black South Africans has also assisted the government to achieve redistribution of wealth and economic growth. South Africa has embraced immense contributions from significant sectors, mining and telecommunications inclusive. With all that has been said, below is a list of the top ten richest black men in South Africa.
Top 10 Richest Black Men In South Africa 2019.
10. Dalikhaya Zihlangu ~ Net Worth: R533 Million
Dalikhaya R. Zihlangu, also known as Rain, serves as the Chief Executive Officer of Eyabantu Capital Consortium. He spent his time acquiring knowledge on the ins and outs of the mining industry and became a great expertise in mining which resulted to business success and wealth. He is also a top member and director of Exxaro Resources.He also serves on the board, audit, remuneration, nominations and investment committees of Sentula Mining Limited. He has an estimated net worth of R533 Million.
9. Saki Macozoma ~ Net Worth: R565 Million
With a net worth of R565 Million, Macozoma is one of a small group of former ANC politicians who left politics and rapidly became successful in the business world. Macozoma is a prominent businessman who studied political science, economics and journalism. He spent 5 years in prison in Robben Island for anti-apartheid activities. He is executive chairman of Safika Holdings, Tshipi é Ntle and Ntsimbintle Mining, and a director of Volkswagen South Africa and is deputy chairman of Vodacom Group Limited.
8. Mike Teke ~ Net Worth: R682 Million
Mike founded Dedicoal, a mining and beneficiation company, Executive Chairman of Masimong Group, and Non-Executive Director of Rolfes Technology Holdings. His grandmother is a huge part of his success because she cared for him and gave him words of advice as a child. He is currently the CEO of Optimum Coal Holdings with an estimated net worth of R682 million.
7. Nkululeko Sowazi ~ Net Worth: R726 million
Nkululeko has over 20 years of experience in investment and operational management with a vast knowledge and exposure in the mining, infrastructure and financial services sectors. He is the Chairman, Non- Executive Director and Non Independent Chairman of Kagiso Tiso Holdings Proprietary Limited and Tiso Investments Holdings (Pty) Ltd (RF). Sowazi is also the Chairman of Idwala Holdings (Pty) Limited and the Financial Markets Trust. With his net worth presently valued at R726 million he is the Chairman of Tiso Blackstar Group and Co-Chairman of Tiso Investment Holdings, as well as a board member of several reputable South African companies.
6. Zwelibanzi Vincent Mntambo ~ Net Worth: R1.01 billion
Vincent Mntambo obviously is not one to brag about his fortune despite him being one of the richest men in South Africa with a net worth of R1.01 billion. He is the founder of Sediba Consulting and Sediba Accords and an Executive Chairman of ASG Consulting Solutions and a Chairman of the Commission of Conciliation, Mediation and Arbitration. He holds director positions in Eyesizwe Mining (Pty) Limited, Everest Applied Technologies and Exxaro Resourses LTD.
5. Sipho Nkosi ~ Net Worth: R1.7 billion
Sipho Nkosi is a South African business icon who has created a mining empire. He is seen as a prominent figure in the mining sector with over 20 years of service. He is currently the president of Chamber of Mines of South Africa, the CEO of Exxaro Coal South Africa and is the Independent Non-Executive Director of Sanlam LTD. His father’s attitude to to South Africa,s Apartheid is what shaped his mission and made him who he is today with a net worth of R1.7 billion.
4. Phuthuma Nhleko ~ Net Worth: R1.74 billion
Freedom Phuthuma Nhleko is a South African businessman that is currently serving as executive chairman in MTN Group which is an Africa-focused holding group that deals with the operation of GSM cellular telephone networks. Nhleko is the chairman and one of the founders of Worldwide African Investment Holdings -an investment holding company that has interests in petroleum, telecommunications, and information technology industries. He is also a director of Johnnic Holdings, Nedbank Group and Old Mutual SA. He has a net worth of R1.74 billion.
3. Tokyo Sexwale ~ Net Worth: R2.14 billion
Mosima Gabriel “Tokyo” Sexwale is a South African businessman, politician, anti-apartheid activist, and former political prisoner. He has previously served as the Minister of Human Settlements and even a political prisoner -Sexwale was imprisoned on Robben Island for his anti-apartheid actions, together with the great Nelson Mandela. He has contributed greatly to the public and private sectors of South Africa and is currently the non-executive chairman of Mvelaphanda Holdings. Tokyo has a net worth of R2.14 billion.
2. Matamela Cyril Ramaphosa ~ Net Worth: R5.67 billion
Cyril Ramaphosa Matamela Cyril Ramaphosa is a South African politician and the fifth and current President of South Africa with a net worth of R5.67 billion.
Ramaphosa who was the Deputy President of South Africa from 2014 to 2018 was formerly an anti-apartheid activist, trade union leader, and businessman. He is also a business man, a skilled negotiator and strategist who played the role of a chief negotiator for ANC during South Africa’s battle to end apartheid in a peaceful manner. He has received honorary doctorates from various Local and International Universities.
1. Patrice Motsepe ~ Net Worth: R27.72 billion
Patrice Tlhopane Motsepe who is a mining businessman is the seventh-wealthiest South African billionaire by net worth (world rank: 1161). He is the founder and executive chairman of African Rainbow Minerals, which specialises in gold, ferrous metals, base metals, and platinum. He became the first black partner in the law firm Bowman Gilfillan in 1994. Presently, he is the interim chairman of the Black Business Council and is among the founders and former president of Business Unity SA (BUSA), one of South Africa’s most influential business advocacy and lobby group and he is the deputy chairman of Sanlam. He sits on several company boards including being the non-executive chairman of Harmony Gold, the world’s 12th largest gold mining company. He owns the football club, Mamelodi Sundowns, since 2003. Patrice Motsepe tops the list as the richest black man in South Africa 2019 with a whooping net worth of R27.72 billion.