How Rich List rankings were figured out

11 December 2016 - 02:00 By DINEO TSAMELA

The wealth table for the Rich List reflects the disclosed holdings of JSE-listed companies' directors as at November 30 2016, while the remuneration table reflects their earnings disclosed in the associated annual reports and results for the 2015 financial year.

While great care has been taken to ensure accuracy, the possibility of error does exist. The Rich List research was compiled by Who Owns Whom.


• Information was extracted from physical and electronic documentation published in terms of the Companies Act and JSE listing requirements during the 2015 and 2016 calendar years.

• Shareholdings were extracted as published in public documents and public share registers.

• Shareholdings, including those held via trusts, were included where this was deemed appropriate.

• The share prices as at November 30 2016 were used for the valuation of holdings.

• Share-based payments including options awarded were excluded unless exercised.

• Gains on options exercised in the year under review were included in remuneration.

• Severance packages and retention bonuses were included in remuneration.

• The following exchange rates were used for foreign-denominated earnings for the 2015 financial year (2014):

USD: 12.93 (10.87); GBP: 19.71 (17.89); EUR: 14.25 (14.35); NZD: 8.95 (8.97); AUD: 9.62 (9.76); CAD: 10.00 (9.81); HKD: 1.67 (1.40); NGN: 0.07 (0.07); BWP: 1.26 (1.21); CHF: 13.38 (11.83).


• The Ackerman family's wealth via the Ackerman Investment Holdings (Pty) Ltd and Mistral Trust's investments in Pick n Pay Holdings ("Pikwik") were not represented in our calculations. This was because Pikwik was de-listed from the JSE on August 30 2016 (after being suspended from trade on the JSE on August 24).

• As per our 2015 research, the undisclosed wealth of Patrick Soon-Shiong, Elon Musk, Nicky Oppenheimer, Clive Calder, Nathan Kirsh and Allan Gray, among others, is not reflected on the Rich List.

• The value of the unlisted Remgro B shares held by Rupert Beleggings (previously Rembrandt Trust) were calculated at a hypothetical 30% premium on the listed Remgro ordinary share price.

Rupert Beleggings is the holding vehicle for the Rupert family interests in Remgro.

• Patrice Motsepe, African Rainbow Minerals and Exploration Investments and Botho-Botho Commercial Enterprises collectively hold 40.8% of the issued share capital in African Rainbow Minerals. The shares of the two above-mentioned private companies are held indirectly by trusts, all of which, with the exception of the Motsepe Foundation, hold those shares for the benefit of Motsepe and his immediate family.

• Wilson Bayly Holmes-Ovcon: the shareholding of Nonhlanhla Maziya, Nonhlanhla (Nhlanhla) Mjoli-Mncube and James Matingi Ngobeni disclosed in the Rich List represents allocated shares in respect of the WBHO group empowerment initiative and do not represent the number of shares likely to vest upon fulfilment of the vesting conditions.