New report tracks impact of urban renewal in key Bay precincts
The Mandela Bay Development Agency (MBDA) has published its latest
Since its establishment in 2003, the MBDA has led the charge in revitalising parts of Nelson Mandela Bay through focused capital investment and operational programmes. This new report takes a closer look at the economic and social impact of those interventions, both direct and indirect, across three important precincts.
Drawing from over a decade of research and economic monitoring, the report combines public perception surveys with data modelling using the Social Accounting Matrix (SAM). This approach helps quantify changes in GDP, employment and household income. It also reflects how communities feel about safety, cleanliness, infrastructure and the Mandela Bay Development Agency's overall contribution.
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Mail & Guardian
5 hours ago
- Mail & Guardian
DA slams R700m national dialogue as pricey ‘talk shop'
Democratic Alliance leader John Steenhuisen. (Delwyn Verasamy/M&G) The The 'The fact that others are now withdrawing from the national dialogue shows that it is an illegitimate talk shop. South Africans do not need more dialogue; they need real delivery. The DA will relentlessly use our influence inside the GNU and parliament to push for these reforms. It is time for urgent action. We must create economic growth and jobs,' he said. His comments came days after several legacy organisations announced they would not participate in the dialogue or the work of its preparatory task team. These include the Steve Biko, Thabo Mbeki, Chief Albert Luthuli, Desmond and Leah Tutu Legacy, FW de Klerk and Oliver and Adelaide Tambo foundations, as well as the Strategic Dialogue Group. The organisations cited insufficient funds and not enough time to prepare for the first national convention and a shift towards government control of the programme. 'We feel the organisation of the matter was not entirely honest as to where the funds will be directed. This is due to our belief that core principles meant to underpin the whole National Dialogue have been violated in the rush to host a gathering on 15 August,' they said in a joint statement. President Cyril Ramaphosa first publicly Last month National Dialogue steering committee chairperson Nkosinathi Biko Besides the DA, other critics have also slammed the proposed R700 million plus budget for the initiative, with labour federation Cosatu said the idea, pushed by a few officials, was 'imprudent and insensitive' amid deep public frustration, with workers already facing spending cuts on health, education, policing and home affairs services, as well as rising living costs and an economy crippled by unemployment, poverty and inequality. Following the withdrawal of the foundations from the preparatory task team last week, a new convention organising committee, including representatives from civil society, National Economic Development and Labour Council (Nedlac), the University of South Africa (Unisa) and the presidency, has taken over preparations. The convention organisers confirmed the first national convention of the National Dialogue will take place on 15 and 16 August at Unisa's main campus. It will host 1 000 delegates from more than 30 sectors, with special weighting for marginalised groups including youth, women and LGBTQI+ people. Some 557 participants from 28 sectors have confirmed attendance. Costs have been reduced through in-kind contributions, national convention spokesperson Zwoitwaho Nevhutalu said, adding: 'Unisa is providing venues, catering, audio-visual services, printing and other logistics free of charge. 'Additional support includes donated transport and a digital platform for the dialogue. The main expenses are being covered from Nedlac and presidency budgets, in line with the Public Finance Management Act.' The plan is to hold at least three dialogues in each of the country's 4,300 wards, supplemented by sectoral discussions and the media, Nevhutalu said. A mobile app will allow the public to contribute and track outcomes. 'The outcomes framework of the public dialogues will focus on radical change, rapid response and rebuilding the nation. We must not allow any grouping to control a process that should truly belong to citizens,' he said. For the DA, the time for talking has passed. 'It is now time for the majority of South Africans to taste the freedom of a new democracy through a job, not jobs and tenders only for the politically elite,' Steenhuisen told journalists. He argued that dismantling the Broad-based Black Economic Empowerment Act (broad-based BEE), the Employment Equity Act and the Expropriation Act, alongside taking a stronger stance against corruption, would open the economy to more meaningful growth. 'These laws were intended to advance transformation, but they have increasingly entrenched elite enrichment, deterred investment, and blocked small businesses from accessing opportunities,' he said. But last week ANC secretary general Fikile Mbalula said the party 'would not be coerced' into reversing its 'progressive transformation laws', echoing a position stated by Ramaphosa earlier this year. The president told parliament that the coalition government's commitment to broad-based BEE remained 'steadfast' and aligned with the Constitution's equality clause, which allows for measures to advance those disadvantaged by unfair discrimination. 'If the privileged class tried to fight back against economic redress, that would be unconstitutional,' he said. ActionSA has also signalled it may withdraw from the dialogue, citing public dissatisfaction and the withdrawal of respected foundations. 'We are not prepared to lend credibility to what many already believe to be a window-dressing exercise that risks becoming a government-directed platform,' the party's Athol Trollip said, describing the process as 'crumbling' and losing credibility.
The South African
8 hours ago
- The South African
South Africa's billionaires: How seven tycoons struck it super rich
They say the first million is the hardest – but for South Africa's richest, the challenge lies in managing billions. According to Forbes' real-time billionaire tracker, seven South African billionaires now hold a combined net worth of $36.4 billion (R646 billion), highlighting the country's entrenched wealth disparities and the enduring power of capital. From mining magnates to retail tycoons, these business figures sit atop empires that span continents and industries. While their individual journeys differ – some born into fortune, others self-made – they share a common formula: long-term strategy, reinvestment, and the art of compounding wealth. Several of these billionaires began with family wealth or favourable access to capital, allowing them to take bold business risks. Others seized the moment – pivoting early into emerging sectors like fintech, pharmaceuticals, and global luxury brands. 'This is what intergenerational wealth looks like,' says economist Duma Gqubule. 'They don't just build businesses – they build ecosystems of wealth that generate returns across decades.' In a country battling one of the world's highest unemployment rates, sky-high inequality, and rising living costs, the concentration of wealth in so few hands remains deeply contentious. Critics argue that wealth accumulation often benefits from historical advantages – from apartheid-era access to capital and land, to modern loopholes in tax regimes and corporate governance. Nonetheless, others point out that these billionaires employ thousands, drive exports, and fund key philanthropic projects, helping fill gaps left by the state. 'We can't ignore inequality, but we also can't ignore the strategic discipline that's required to grow and sustain wealth,' says investment analyst Thandeka Sibanda. Whether admired for their acumen or critiqued for the privilege of position, South Africa's billionaire class demonstrates a consistent truth: money, when managed well, multiplies – often across generations and borders. They represent the sharp apex of the country's economic pyramid, where capital doesn't just accumulate – it amplifies, delivering both returns and influence on a global scale. As the old saying goes: 'The rich get richer.' But as South Africa debates how to close its gaping wealth divide, that saying may be less of an observation – and more of a challenge. Meanwhile, in terms of the overall world list, South Africa-born Elon Musk remains the world's richest person with a reported $413.2 billion. Below, the list of the top seven richest South Africans in the world as of 11 August 2025. Rank Name Last week This week Source 205 Johann Rupert & family $12.7bn $12.7bn Luxury goods 271 Nicky Oppenheimer & family $10.4bn $10.4bn Diamonds 1 030 Koos Bekker $3.7bn $3.7bn Media, investments 1 166 Patrice Motsepe $3.3bn $3.4bn Mining 1 472 Michiel Le Roux $2.5bn $2.6bn Banking 2 023 Jannie Mouton & family $1.8bn $1.9bn Retail 2 182 Christo Wiese $1.6bn $1.7bn Financial services TOTAL $36bn $36.4bn Net Worth: $12.7 billion Industry: Luxury Goods, Finance At the top of the list is Johann Rupert, chair of Compagnie Financière Richemont, the Swiss luxury goods group behind brands like Cartier, Montblanc, and Dunhill. With significant holdings in financial services and investments, Rupert has masterfully expanded his wealth while maintaining a relatively low public profile. Net Worth: $10.4 billion Industry: Diamonds, Investment The former chairman of De Beers, Nicky Oppenheimer sold the family's 40% stake in the diamond giant to Anglo American for $5.1 billion in 2012. Since then, he has grown his fortune through private equity investments and conservation initiatives across Africa. Net Worth: $3.7 billion Industry: Media, Technology Known for turning Naspers into a global tech giant, Koos Bekker made headlines by investing early in China's Tencent. That decision alone brought in tens of billions for Naspers. Bekker's strategic leadership transformed the company from a local media firm into a global player. Net Worth: $3.4 billion Industry: Mining, Finance Patrice Motsepe made his fortune through African Rainbow Minerals, becoming South Africa's first black billionaire. A key figure in Black Economic Empowerment, he also holds a stake in financial services firm Sanlam and is a noted philanthropist and investor in sports. Net Worth: $2.6 billion Industry: Banking Founder of Capitec Bank, Michiel Le Roux revolutionised South Africa's banking landscape by creating a low-cost, accessible banking model. The bank's growth and profitability have made it a darling on the JSE and a consistent driver of Le Roux's wealth. Net Worth: $1.9 billion Industry: Investments The founder of PSG Group, Jannie Mouton earned the nickname 'Boere Buffett' for his savvy investment strategy. PSG has stakes in Capitec, Curro (education), and various agricultural and financial firms, making Mouton a quiet force in South African business. Net Worth: $1.7 billion Industry: Retail Despite setbacks with the collapse of Steinhoff, Christo Wiese remains a retail titan with interests in Shoprite and other ventures. Once South Africa's richest man, Wiese is rebuilding and diversifying his portfolio. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1 Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
Mail & Guardian
8 hours ago
- Mail & Guardian
G20, endorse a tax on the world's ultra-rich to feed the world's starving
Rohingya refugees in Bangladesh. A 0.3% tax would generate enough to secure life's necessities for many tens of millions of the world's most vulnerable. Photo: File As host of this year's G20 Summit, South Africa could help end one of the greatest injustices in the world today — the cavernous gaps in wealth and in access to life's basic necessities. Most acutely, people living through humanitarian crises are dying for want of food and medicines because funding for aid agencies is wholly insufficient. Yet, our world is awash in wealth. Nobel Peace Laureate and former World Food Programme executive director David Beasley The G20 summit scheduled for This shortfall translates into food rations being cut to well below minimum daily human requirements, which can lead to people ' Those suffering are invariably among the world poorest and most vulnerable people — people who have survived genocide and mass atrocities in Governments have moral and human rights obligations to increase their funding, but between a highly parochial, ill-conceived 'America First' US foreign policy, pressures to vastly increase defense spending in Europe, and economic uncertainty, even a return to recent levels of funding — themselves inadequate — are remote. It would be wrong to yield to this unconscionable reality. If governments refuse to fund humanitarian needs, they must find another way. There could hardly be a fairer way than asking the world's richest people to give a sliver of their wealth to save their lives and restore the dignity of the world's poorest people. The G20, whose members are home to the overwhelming majority of the world's billionaires, would be the natural forum for nurturing a humanitarian assistance tax into existence. At last year's Summit in Brazil, G20 leaders Using strategies not available to a typical taxpayer, the ultra-rich are able to earn vast fortunes that go virtually untaxed. Billionaires pay an effective tax rate equivalent to To compensate, a This tax scheme The world now has slightly more than On average, billionaires enjoy a 7.5% annual pre-tax wealth increase (after inflation). With a minimum effective tax of 2% of their wealth in place, these super rich individuals would see their wealth increase by 5.5% year-on-year — $55 million for every $1 billion of wealth. That leaves plenty of room for them to continue to significantly increase their wealth while also paying a small humanitarian assistance surcharge. And even a small tax for humanitarian assistance could make an enormous difference. A tax equivalent to 0.2% of ultra-high-net-worth individuals' wealth and applied to all current billionaires worldwide would raise $23.5-29.4 billion. Increase the tax to 0.3% and include centi-millionaires, and it would raise at least $52.9 billion. That exceeds this year's UN appeal and would also encompass much or all of a separate, partially overlapping Consider the world's worst displacement crisis, Sudan, with It doesn't have to be this way. If higher-income governments refuse to meet their responsibilities through regular budget processes, then they should meet them by imposing a humanitarian wealth tax. It is not too much to ask that the super-rich pay their fair share so that the world's most disadvantaged people can live with the dignity due every human being. Human dignity is the first right listed in South Africa's Constitution. By pushing the G20 to endorse a humanitarian assistance tax on ultra-high-net-worth individuals, South Africa can breathe life into its highest value and share it with the world. Eric A Friedman is the global health justice scholar at the O'Neill Institute for National and Global Health Law at the Georgetown University Law Center in Washington, DC. Lawrence O Gostin is a distinguished university professor and founding O'Neill Chair in Global Health Law at the Georgetown University Law Center, and co-faculty director of the O'Neill Institute.
