Popular, Rich List

The Richest People in South Africa

6) Stephen Saad – $2.1 Billion

Stephen Saad is the founder of Aspen Pharmacare, the largest pharmaceutical Company in Africa. His worth rose by $400 million over the past year due to an upward movement in the drug maker’s stock price. Aspen Pharmacare expanded its global footprint with a handful of acquisitions in 2013; revenue grew by 53% in the year through June 2014 to $2.7 billion Dollars (29.5 billion Rand). Aspen Pharmacare sells generic medicines in 150 countries. Saad became a millionaire at age 29 after he sold his share in the drug business Covan Zurich for $3 million. He cofounded Aspen in 1997 and is chief executive and head of the board. 2012 saw Saad become chairman of The Sharks, a Durban Rugby team. He spends his free time at Exeter, his private game reserve at Sabi Sands, which is adjacent to the largest national park in South Africa – Kruger National Park.

Stephen Saad

5) Patrice Motsepe – $2.1 Billion

Patrice Motsepe – South Africa’s first and only black billionaire, founded African Rainbow Minerals, a firm that mines minerals such as iron, coal, manganese, copper, platinum and gold.

Motsepe is also a stakeholder in Sanlam, a listed financial services firm, and is the president and owner of Mamelodi Sundowns Football Club. He became the first black partner at the Bowman Gilfillan law firm in Johannesburg, and then started a contracting business doing mine scut work. In 1994, he bought low-producing gold mine shafts and turned around their fortunes leading to better productivity.

Motsepe benefitted from South Africa’s Black Economic Empowerment (BEE) laws, which mandates that companies be at least 26% black-owned in order to get a government mining license. He has pledged $1 million to help combat the Ebola epidemic in West Africa. The mining magnate is also the first African to sign Bill Gates’ and Warren Buffett’s Giving Pledge, in which he promised to give at least half his fortune away to charity.

Patrice Motsepe

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