The City Press Wealth Index, compiled by Who Owns Whom, is a list reflecting the 50 wealthiest South African directors of JSE-listed companies according to the shares they owned at the end of March. Importantly, no other assets, such as shares, bonds, and debt, are taken into consideration in this ranking. Altogether, the 50 executives on this list are worth a cumulative R323 billion!
Here are the top 15 JSE-listed executives in South Africa:
Shoprite, Brait, Steinhoff and Tradehold
African Rainbow Minerals and Sanlam
Reinet, Remgro and Richemont
Michiel le Roux
Reflections on the Wealth Index:
The list speaks highly of the current wealth gap in South Africa. Of the top 50, only 5 executives are black. A decade ago, there were 13 black executives on the list.
Coming in at the 40th spot, Sygnia chief executive Magda Wierzycka is the only woman to make the list.
The average age of the top 50 execs is 61.
The assets underpinning the top 50’s fortunes have shifted decisively away from mining with the spectacular rise of financial services companies and the appearance in South Africa of frequently speculative property investment vehicles, real estate investment trusts, pioneered in the US. While Wendy Appelbaum is estimated to be the richest woman in South Africa, she is not on the list because she has no current JSE-directorship.
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