5 South African billionaires who could lose millions of dollars as rand depreciates against US dollar

5 South African billionaires who could lose millions of dollars as rand depreciates against US dollar

#3 Koos Bekker 

Koos Bekker, a prominent South African billionaire, is renowned for his shrewd investments and business acumen that paved the way for the success of companies like Naspers – a multinational holding company headquartered in Cape Town, and Prosus N.V. – an investment group based in Amsterdam.

Bekker’s net worth of US$2.4 billion is primarily derived from his 0.96-percent stake in Naspers and 0.89-percent stake in Prosus NV. Presently, his stake in Naspers is valued at US$700 million, reflecting a US$50-million decline in its market value due to the recent depreciation of the rand.

#4 Christoffel Wiese

Christoffel Wiese, the South African billionaire who amassed his wealth through the success of his Pepkor retail empire, owes a significant portion of his fortune to his 11.63-percent stake in Shoprite, the largest supermarket group in Africa, as well as his holdings in Tradehold, Brait, and Invicta Holdings.

His stake in Shoprite, which generates 80 percent of its sales from South Africa, is presently valued at US$820 million, reflecting a US$60-million decline in its market value due to the recent depreciation of the rand.

#5 Stephen Saad

South African billionaire businessman Stephen Saad is the brain behind Aspen Pharmacare Holdings — a leading global specialty and branded pharmaceutical firm with its headquarters in Durban, South Africa.

Saad’s 12.5-percent stake in the company accounts for the majority of his wealth.

Presently, his stake in Aspen Pharmacare is valued at US$570 million, reflecting a US$40-million decline in its market value due to the recent depreciation of the rand.- Billionaires.Africa

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