Small change? SA’s Patrice Motsepe no longer region’s richest black man

Small change? SA’s Patrice Motsepe no longer region’s richest black man

Strive Masiyiwa officially surpassed South Africa’s Patrice Motsepe net worth to become the richest black man in southern Africa, according to Business Insider.

Motsepe, who is the founder and chairman of African Rainbow Minerals, became a billionaire in 2008 – the first black African on the Forbes list. Motsepe also has a stake in Sanlam and is the president and owner of the Mamelodi Sundowns Football Club.

Masiyiwa surpassing Motsepe on the richest black man of southern Africa’s list, is as a result of the year-to-date price increase in the shares of his telecom company, Econet Wireless Zimbabwe, and his smart-tech company, Cassava Smartech.

Billionaire’s Africa reported that Masiyiwa’s net worth increased from $2.7 billion (R42 billion) to $4.4 billion (R69.9 billion).

Forbes’ authoritative rich list still has Masiyiwa behind Motsepe. However, both men have had a surge in their wealth since the beginning of the year.

Masiyiwa retired as chairman and director of Econet Wireless Zimbabwe Limited and director of Econet Wireless Zimbabwe Limited recently. However, he still has a more than 50% stake in the company he listed on the Zimbabwe Stock Exchange in 1998.

Masiyiwa’s daughter Elizabeth Tanya Masiyiwa was soon after appointed to the board of the telecom company to propel the firm’s growth.

The former entrepreneur is the richest black man in southern Africa, but who is the richest man in Africa?

Aliko Dangote, a manufacturing magnate from Nigeria, is the richest person in Africa. He had a net worth of a whopping $14 billion (R220 billion) at the end of last year, according to Business Insider.

His wealth is primarily built from his company Dangote Cement. He is said to have started his business empire by selling commodities such as sugar, salt, and flour.

Masiyiwa may be the richest black man in southern Africa, but the families of Johann Rupert and Nicky Oppenheimer are still wealthier than him.

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