Six familiar Africans had swings of fortune in the last year that catapulted them back onto the Forbes 2015 list of Africa’s 50 Richest. Coincidentally, they are all South Africans.
Michiel Le Roux, Banking, $530 million
Le Roux is the founder and chairman of Capitec Bank, a successful South African commercial bank with more than 6 million clients and close to 700 branches. The bank’s stock price is up by more than 100% since last year. In October last year, Rational Expectations, an investment vehicle in which he has a substantial interests, acquired a 10% stake in Digicore, a vehicle-tracking firm.
Raymond Ackerman & family, Retail, $490 million
Raymond Ackerman’s Pick N Pay Group is a supermarket chain with about 900 stores in South Africa, Zimbabwe and Australia. Pick N Pay has been facing stiff competition from competitors such as Woolworths and Shoprite. Ackerman, who founded Pick N Pay, no longer has executive responsibilities; he and his immediate family owns 53% of the stock through the Ackerman Family Trust.
Adrian Gore, Insurance, $480 million
Adrian Gore is the founder of Discovery Group, South Africa’s largest medical insurer. Gore started the company in 1992 after receiving financial backing from Laurie Dippenaar, the cofounder of Rand Merchant Bank. Discovery, which listed on the Johannesburg Stock Exchange in 1999, provides health insurance for more than 200,000 companies and close to 2 million people.
Cyril Ramaphosa, Investments, $450 Million
In May last year, Ramaphosa was appointed South Africa’s Deputy President and sold most of his stake in Shanduka Group, an investment holding company he helped found which has interests in mining, financial services, telecom and media. Ramaphosa sold the assets to avoid any conflict of interest given his new political role. Shanduka then merged with Pembani, an investment company owned by Phuthuma Nhleko, the former CEO of telecom group MTN.
Markus Jooste, Furniture, $400 Million
Jooste is CEO of Steinhoff International, a large furniture manufacturer and retailer. Steinhoff peddles low cost furniture and household goods in Europe, the Pacific Rim and southern Africa and employs more than 55,000 people.
Giovanni Ravazzotti, Ceramics, $330 Million
Italian immigrant began importing and retailing affordable tiles and ceramic products into South Africa back in the 60s. He began manufacturing those tiles in 1976 through his company Italtile. The company listed on the Johannesburg Stock Exchange in 1992. Shares are up 22% since last year. Ravazzotti maintains dual South African and Italian citizenship and in 2009 he received the decoration of “Cavaliere” in the Order “Al Merito della Repubblica Italiana.”
Source: Forbes