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The South African
9 hours ago
- Business
- The South African
How rich are South Africa's 7 richest men this week?
It's comparatively 'easy' to make money – when you have money to start with. Compound interest is indeed the eighth wonder of the world! As they say, the rich get richer, while the poor stay, well, poor. Money makes money – and these seven South African men have made a lot of it over the years. And by a lot, we mean a LOT ! According to Forbes' real-time tracking of billionaires, Johann Rupert and his family are the richest in South Africa, with a net worth of $14 billion. The Ruperts are followed by diamond magnate Nicky Oppenheimer, who boasts a net worth of $10.5 billion. They are followed by Koos Bekker, Patrice Motsepe, Michiel Le Roux, Jannie Mouton and Christo Wiese. South Africa's seven dollar billionaires all made their money in different ways – from luxury goods, diamonds, mining, media, banking and retail. In the last week alone, Bekker, Motsepe and Wiese all added $100 million (R1.77 billion) to their net worths. Rupert was the big 'loser' as his net worth dropped by $600 million (R10.6 billion). Cumulatively, South Africa's seven dollar billionaires are worth $37.4 billion (R663 billion). Meanwhile, in terms of the overall world list, South Africa-born Elon Musk remains the world's richest person with a reported $393.8 billion. Below, the list of the top seven richest South Africans in the world as of 9 June 2025. Rank Name Last week This week Source 179 Johann Rupert & family $14.6bn $14bn Luxury goods 270 Nicky Oppenheimer & family $10.5bn $10.5bn Diamonds 1 061 Koos Bekker $3.5bn $3.6bn Media, investments 1 147 Patrice Motsepe $3.2bn $3.3bn Mining 1 481 Michiel Le Roux $2.5bn $2.5bn Banking 2 023 Jannie Mouton & family $1.8bn $1.8bn Retail 2 112 Christo Wiese $1.6bn $1.7bn Financial services TOTAL $37.7bn $37.4bn 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.
IOL News
27-05-2025
- Business
- IOL News
Msunduzi Municipality faces R2 billion debt burden due to theft of services and non-payment
The Msunduzi Municipality city hall. Image: Doctor Ngcobo Independent Newspapers The debt crisis in Msunduzi Municipality is worsening due to theft and non-payment for services, with the municipality now owing its key service providers close to R2 billion. Reports detailing the payments owed to Eskom and uMngeni-uThukela Water Board reveal that the municipality owes these two entities close to a billion rand each. The details of the debt are contained in a report tabled before the city's Municipal Public Accounts Committee, which was presented at its recent meetings. City councillors have attributed the debt to the theft of water and electricity, estimating that this theft costs the municipality about R3 million each month. Councillors have raised concerns about thousands of bypassed water and electricity meters in the city, which prevent the municipality from generating revenue from these services. They noted that city officials have failed to act against theft and non-payment, causing the city to accumulate this debt. The municipality has been actively trying to collect what is owed by businesses and government entities, employing harsh tactics, including the disconnection of electricity to businesses and even schools. The financial statement, including payment notifications contained in the report, shows that the municipality is making payments. One statement of accounts attached to the agenda indicates that as of March this year, the municipality had a balance due to uMngeni-uThukela of approximately R980 million. This includes about R663 million that is more than 120 days in arrears, R93 million that is 90 days in arrears, R42 million that is 60 days in arrears, and more than R80 million that is 30 days in arrears. The account summary for February this year for the city's Eskom account shows that the total due is just over R1.052 billion. Bank statements confirm that the municipality has continued to make payments towards its debts. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. 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Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ Rienus Neimand of the ACDP expressed concern over the massive variations that have led to the adjusted budget. He further noted that the administration presented the National Treasury with an unfunded budget that has been rejected. 'The huge deficit in collections and the spiralling increase in theft, along with the forfeiture of grants due to non-performance, is a sure sign of a dysfunctional administration. Furthermore, the escalating debt to uMngeni-uThukela Water and Eskom is a sign of an administration out of control. The Section 106 investigations implemented by national and provincial Cogta into maladministration, corruption, and theft show that the governing ANC minority is a party to this chaos,' he said. The DA announced that it will table a budget plan it claims will rescue the municipality, addressing the issue of this debt as part of that plan. The council is set to table its budget for the 2025-2026 financial year on Wednesday. MPAC chair councillor Zwelinjani Magubane said there has been negligence on the part of the officials, adding that the situation was unacceptable as it continues to compromise the municipality's finances. 'They have let this situation get out of hand. How are they going to collect a billion from people? They have been trying to collect, but they have not been aggressive enough. There are still companies that owe millions to the municipality that have not been sanctioned. What we have found is that people are just stealing and not paying. There are poor people who cannot afford to pay, but there are wealthy individuals who can pay but choose not to, and those are the same people that owe the most to the council,' he said. Magubane said they have asked for a breakdown in each ward to see who was paying for services and who was not and why.
News24
23-04-2025
- Entertainment
- News24
Travel docuseries creators sue SABC for R10m
The creators of the SABC2's travel documentary series, Voetspore, are suing the public broadcaster for breaching a R10 million TV and commercial rights agreement for the episodes completed two years ago. In court papers filed last week, Kew Productions CC says it had a valid contract with the SABC for the production of seasons 12, 13, and 14 of the award-winning series, but claims the public broadcaster has failed to pay the R10 million owed under the agreement. There were 46 episodes in total. Johan Badenhorst and his team have undertaken many epic journeys throughout the African continent since the first Voetspore adventure in 2000. Head of communications Mmoni Ngubane, confirmed to City Press that the SABC was aware of the matter. "The SABC is aware of the matter. As it is currently before the courts, we are unable to comment further," Ngubane said. The production company says the cash-strapped SABC paid R663 344 in December last year. Key Productions lodged its claim at the Johannesburg High Court on 15 April after attempts to resolve the matter amicably failed after the SABC failed to respond to written demands. According to the claim, the SABC failed to pay R578 345 monthly since January. The court papers also show that it made four payments of R818 064 between December 2023 and last September. The papers read: The parties agreed that the SABC shall be granted exclusive rights to broadcast the series on any of its platforms as per the payments agreed upon. However, the production house says did not relinquish its rights to the master tapes of the documentary. The papers continue: If any dispute arises in connection with this agreement, whether directly or indirectly, the parties must refer the dispute for resolution by way of negotiation and in the event of that failing, by way of arbitration. The company also claims that the SABC ignored its invoices for outstanding payments and a letter of demand. "In March this year we gave written notice to the SABC of the breach and demanded that it remedy this within 14 days of receipt of the written notice," reads the papers. Last month, City Press reported that the public broadcaster had allegedly failed to pay the production companies responsible for some of its hit prime time TV shows including Muvhango, Generations The Legacy and Skeem Saam. According to an insider, Word of Mouth Pictures, Serite Productions and MMSV Production responsible for hit SABC1 and SABC2 drama series have not been paid since February, with the SABC citing financial struggles. "Over the last couple of months, SABC television has prioritised the smaller production houses when it comes to payments, leaving out the bigger partners and pleading with them that payments would come later than expected," said the source. Ngubane said the SABC would not discuss the financial affairs of production houses with the media.
