20 richest South Africans get richer

The 20 richest South Africans saw their holdings increase in value over the year to March, with the biggest gains observed in the retail, health and media sectors. But mining and manufacturing continued to punish its investors.

The collective wealth of the top 20 grew 8.6% over the previous year and saw Shoprite's Christo Wiese knocking mining magnate Patrice Motsepe off his perch as the richest South African.

Wiese's assets were worth close to R27.5-billion at the end of March, compared with R15.2-billion at the same time last year.

This is despite a slightly smaller share portfolio - Wiese sold his stake in investment business PSG in a cash-and-share-swap deal with Steinhoff.

This gained him a stake in the diversified investment company, although it was not substantial enough to make it on the company's annual report and the Rich List.

Wiese's wealth grew mainly because of a surge in the share price of grocer Shoprite, which is now worth about R182.80 a share, compared with R137 last year.

He also has a stake in Invicta Holdings, an investment holding company managing assets of more than R12-billion. Invicta's share price closed at R102 at the end of March, compared with R65 last year.

Although Motsepe, who retains stakes in Sanlam and African Rainbow Minerals, is about R2.6-billion richer than last year, his R22.6-billion fortune was no match for Wiese's, which is why he slipped to second spot.

Last year, a 10% fall in the value of African Rainbow Minerals wiped out a big chunk of Motsepe's wealth. But the share price rose in the past year, escaping misfortunes, such as a strike at its Modikwa platinum mine in Limpopo, unscathed.

Lakshmi Mittal, who plays in the manufacturing sector, was not so lucky. The Indian steel billionaire plunged six places down the list as his 52% stake in ArcelorMittal shrank in value.

Lower prices and weak demand for its product halved the value of Mittal's stake in the world's largest steelmaker - from R12.9-billion last year to only R6.6-billion.

Replacing him in third place is Aspen Pharmacare boss Stephen Saad, previously in ninth spot on the Rich List. Saad's colleague Gus Attridge entered the top 20 for the first time with a R3.6-billion fortune.

Both are beneficiaries of gains in Aspen's share price, which hit R190.99 in March, up from R119 the previous year.

News of Aspen's deal-making appears to be behind the gains: two deals with British pharmaceutical giant GlaxoSmithKline - collectively worth R4.3-billion - and talks with US company MSD to buy a product facility in the Netherlands and a related suite of products.

The Western Cape has contributed most of the biggest gainers on the Rich List.

Koos Bekker, CEO at Cape Town-based Naspers, climbed six places in the rankings to make him the eighth-richest. Bekker's R7.1-billion fortune was gleaned mostly from Naspers, which has had a great year owing to its internet businesses.

This year, the businesses - including Hong Kong-based Tencent and Russia's Mail.ru - brought in more money than Naspers's pay-television arm, Multichoice, for the first time.

The Rembrandt trust, an investment vehicle belonging to the scions of the Rupert industrial family, represented by businessman Johann Rupert, rose five places on the list.

Its sole listed asset, the Remgro investment group based in Stellenbosch, more than doubled in value, closing at R238.10 at the end of its financial year.

Jannie Mouton, founder of PSG - yet another Stellenbosch-based business - rose four places in the rankings with assets worth almost R3.2-billion. PSG owns stakes in Capitec bank and private education provider Curro.

Mittal should feel better knowing he was not the only loser this year. Joining him on his downward slide were GT Ferreira - down four places - and Laurie Dippenaar - three places - the co-founders of the FirstRand banking group. Paul Harris, another FirstRand executive, dropped out of the top 20 altogether.

Cyril Ramaphosa's exit from mining holding company Assore pushed him four places down the list.

Entering the top 20 for the first time was Discovery's Barry Swartzberg, with his sole listed asset gaining 52% to reach R2.2-billion and earning him 18th spot on the Rich List.