Make up Your Mind Media: Who are South Africa’s Richest?

The List

This month, the Sunday Times launched its list of South Africa’s richest people. Unfortunately the list only considers holdings in JSE listed companies, making it a totally inaccurate estimate of their true wealth.

The list does, however, clearly show that the richest people in South Africa continue to be disproportionality white. At the top of the Sunday Times list sits Shoprite’s Chairman, Christoffel “Christo” Wiese. The newspaper values his wealth at ZAR81.2 billion – three times the government’s subsidy budget for universities.

Not Every Rich List is Created Even.

However the Forbes rich list, a far more accurate estimate of wealth, believes Wiese’s fortune to be greater than ZAR90 billion! Shockingly, the Sunday Times estimates Johann Rupert to be worth just ZAR10.6 billion. Forbes think his fortune is closer to ZAR75 billion!

How have Wiese and Rupert got so rich? By exploiting their black workers.

Shoprite’s trade union reps claim that many of the company’s employees are paid as little as ZAR 2,500 per month. Shoprite’s success has been built on the hard work of black employees barely paid enough to feed their families and way less than the ZAR3,500 the government thinks is needed to live.

Photo of Christo Wiese
Christoffel H. Wiese of Shoprite (Image: SA Entrepreneurs Magazine)

Employed, But Poor

The gap between white South African executives, and their mainly black workers, isn’t unique to Mr. Wiese and Shoprite.

Is it right that someone in full time employment should still find themselves so far below the poverty line?

Perhaps Shoprite’s executive board, which is 82% white, just doesn’t understand the everyday struggle of its black employees? Maybe they don’t care?

 

Let us know what you think in the comment section, tweet us @Voetsek_SA, or Like us on Facebook. Whatever you do – SPEAK UP! Let everyone know what you think. Always.

3 thoughts on “Make up Your Mind Media: Who are South Africa’s Richest?

  • December 30, 2016 at 6:00 am
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    Agree-but surely in a free market economy with a large pool of unskilled,unemployed (some unemployable) workers the market will dictate what an unskilled job i.e. a till operator , will be acceptable to the prospective employee. Its a choice no job, no money. No skill poor job prospects. The half a loaf is better argument may be condescending to the poor but for the poor themselves most will have the half thanks!

    Reply
  • January 5, 2017 at 12:02 am
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    Nice read, I just passed this onto a colleague who was doing
    a little research on that. And he just bought me lunch because I found it for him smile Therefore let me
    rephrase that: Thanks for lunch!

    Reply
  • February 7, 2017 at 11:49 am
    Permalink

    Good one, do you have more?

    Reply

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