November 1 2009

HOW THEY MAKE IT... HOW THEY SPEND IT

MEET THE REAL TYCOONS OF SOUTH AFRICA

Worth: R16.95bn Worth: R14.25bn Worth: R5.36bn Paid: R411.60m Paid: R50.38m Paid: R49.52m

LAKSHMI MITTAL PATRICE MOTSEPE NICKY CHIP GOODYEAR BRETT LEVY STEPHEN KOSEFF
The steel Lost some value OPPENHEIMER Share gains Huge benefits Basic salary less
baron’s wealth but still the Only his shares boost an already for a small but performance
has dropped richest South in Anglo are huge salary player bonus huge
more than half African counted

In a year the top 10 richest in SA lost ...

R56.1-BILLION

FULL RICH LIST P2, FULL EARNINGS LIST P4

 HOW THEY MAKE IT... HOW THEY SPEND IT

2 RICH LIST
November 1 2009

THE RICHEST METHODOLOGY

Director & company % Investment Director & company % Investment Director & company % Investment
holding total (R-m) holding total (R-m) holding total (R-m)
1 Lakshmi Mittal R16 950 48 Willie Marais R311 98 Simon Susman R144
ArcelorMittal SA 52.02% R16 950 Omnia Holdings 13.22% R311 Woolworths Holdings 1.58% R144

Counting
2 Patrice Motsepe R14 246 49 Alec Wapnick R304 99 Hymie Levin R138
Sanlam 5.75% R2 093 Premium Properties 10.53% R151 Netcare 0.77% R87
African Rainbow Minerals 41.46% R12 153 Octodec Investments 12.50% R154 Advtech 2.50% R37
3 Nicky Oppenheimer R5 359 50 Gordon Schachat R302 Famous Brands 1.06% R15
Anglo American plc 2.50% R5 359 African Bank Investments 1.49% R302 100 Ian Kantor R137
4 Christo Wiese R5 053 51 Hans Enderle R292 Investec plc 0.35% R59

5
Shoprite Holdings
PSG Group
Invicta Holdings
Tradehold
Ackerman Family
15.15%
8.05%
33.15%
61.19%
R4 166
R217
R502
R168
R3 267
52

53
City Lodge Hotels
Roland Sassoon
Sasfin Holdings
Robert Nisbet
MTN Group
10.61%

44.14%

0.14%
R292
R285
R285
R273
R273
101

102
Investec Ltd
Shaun Rai
Ambit Properties
Thys Visser
British American Tobacco plc
0.75%

6.60%

0.03%
R78
R132
R132
R131
R131
the many
pennies
Pick n Pay Holdings 49.33% R3 267 54 Stephen Koseff R272 103 Perikles Halamandaris (jnr) R130
6 Elephant Consortium R3 214 Investec plc 1.15% R198 Famous Brands 9.48% R130
Telkom 5.85% R3 214 Investec 0.71% R74 104 Glynn Burger R124
7 Rembrandt Trust R3 116 55 Michael (Motty) Sacks R254 Investec plc 0.49% R83
Remgro (holding in B shares) 0.00% R3 116 Netcare 2.09% R238 Investec Ltd 0.39% R40
8 Desmond Sacco R2 886 Advtech 0.10% R1 105 John Robertson R120
Assore 23.79% R2 886 Afrocentric 2.10% R14 Discovery Holdings 0.81% R120
Stephen Saad R2 422 Meyer Kahn R250 Jebb McIntosh

Data is checked, and

9 56 106 R120
Aspen Pharmacare 14.71% R2 422 SABMiller plc 0.11% R236 Combined Motor Holdings 23.73% R120
10 Laurie Dippenaar R1 956 Afrocentric 2.10% R14 107 Herman Mashaba R119

checked again
FirstRand 0.06% R90 57 Whitey Basson R249 Growthpoint Properties 0.62% R119
RMB Holdings 7.49% R1 866 Shoprite Holdings 0.91% R249 108 Adam Fleming R119
11 GT Ferreira R1 796 58 Pat Goss R247 Witwatersrand Cons Gold 9.50% R119
RMB Holdings 7.21% R1 796 FirstRand 0.00% R4 109 Christopher Seabrooke R115
12 Bruno Steinhoff R1 629 RMB Holdings 0.96% R239 Massmart Holdings 0.30% R42
Steinhoff International 11.79% R1 629 AVI 0.07% R4 Datatec 0.40% R10 HOW IT WAS ALL FIGURED OUT
13 Bill Venter R1 518 59 Bernard Kantor R242 Metrofile Holdings 5.43% R17 Directors’ holdings for the Rich List reflect
Altech 0.02% R1 Investec plc 0.01% R2 Set Point Technology 19.65% R46 wealth at March 31 2009. The earnings
Altron 56.14% R1 516 Investec Ltd 1.98% R206 110 Chris Kruger R114
Adrian Gore R1 405 Phumelela Gaming & Leisure 4.52% R34 Africa Cellular Towers 34.23% R114
table reflects what was earned in 2008.
14
Discovery Holdings 9.47% R1 405 60 Claas Daun R241 111 Arnold Goldstone R114
15 Giovanni Ravazzotti R1 346 Steinhoff International 0.03% R4 Invicta Holdings 7.50% R114 THE RESEARCH WAS DONE AS FOLLOWS:
Italtile 32.13% R877 Kap International 39.98% R238 112 Thami Sokutu R113 An initial extraction of the remuneration
Ceramic Industries 33.03% R469 61 Ragi Moonsamy R236 African Bank Investments 0.56% R113 and options, headline earnings and di-
16 Tokyo Sexwale R1 162 Growthpoint Properties 0.43% R82 113 Gregory Lotis R111
Mvelaphanda Resources 13.24% R825 Mvelaphanda Resources 2.46% R154 Metmar 15.30% R111
rector and family holdings was made by
Mvelaphanda Group 16.90% R337 62 William Battershill R234 114 Piet Boshoff R111
Who Owns Whom research staff. The
17 Cyril Ramaphosa R988 BSI Steel 44.66% R234 Metmar 15.30% R111 information was reviewed from the pub-
SABMiller plc 0.00% R1 63 Riaan Swart R233 115 Glen Forsdyke R111 lished documents by Who Owns Whom
Standard Bank Group 0.29% R366 Blue Financial Services 16.62% R233 Metmar 15.30% R111 management and compared with the ex-
Bidvest Group 0.46% R135 64 Dave Van Niekerk R233 116 David Ellwood R111
Assore 4.01% R487 Blue Financial Services 16.62% R233 Metmar 15.30% R111
traction. The information was again re-
18 Giuseppe Zannoni R949 65 Nkululeko Sowazi R229 117 Dennis Polak R109
searched from the published documents
Italtile 22.69% R619 Exxaro Resources 0.61% R151 Foschini 1.03% R109 and compared with the management re-
Ceramic Industries 23.17% R329 Emira Property Fund 1.59% R78 118 Nick Vlok R107 sult by the Who Owns Whom executive
19 Gus Attridge R821 66 Alwyn Martin R224 Digicore Holdings 15.73% R107 directors. Each director’s holding was
Aspen Pharmacare 4.99% R821 Petmin 28.92% R224 119 Steve Pacak
Naspers -N 0.16%
R106
R106
sent to the relevant company secretary for
20 Koos Bekker R750 67 Gary Morolo R222
Naspers -N 1.16% R750 Datacentrix Holdings 39.54% R222 120 John Halamandres R103
corroboration.
21 Barry Swartzberg R730 68 Mikki Xayiya R218 Famous Brands 7.51% R103
Discovery Holdings 4.92% R730 Mvelaphanda Resources 2.21% R137 121 Nigel Townshend R103 PLEASE NOTE:
22 Royal Bafokeng Consortium R674 Mvelaphanda Group 4.04% R81 TWP Holdings 24.46% R103 ý The calendar years 2007 and 2008 were
Merafe Resources 29.28% R504 Kevin James R217 122 Steven Joffe
69 R103 researched from hard copy and Internet
Metair Investments 24.85% R170 Country Bird Holdings 57.98% R217 Gold Reef Resorts 2.07% R103
23 Jannie Mouton R673 70 Herschel Mayers R212 123 Brian Buckham R102
documents published in terms of the Com-
Steinhoff International 0.26% R35 Discovery Holdings 1.43% R212 Advtech 6.95% R102 panies Act and JSE listing requirements;
PSG Group 23.66% R638 71 Edwin de la Harpe Hertzog R212 124 Antoinette Sedibe R101 ý Shareholdings were extracted as pub-
24 Paul Harris R666 Remgro 0.46% R137 Keaton Energy Holdings 6.89% R101 lished in public documents and public
FirstRand 0.05% R35 Medi-Clinic Corporation 0.57% R73 125 Gavan Ryan R101 share registers;
Remgro 0.04% R11 Distell Group 0.02% R2 Coronation Fund Managers 3.68% R57
RMB Holdings 2.49% R620 72 Msolisi Diliza R209 Metair Investments 6.47% R44 ý Shareholdings included those held via
25 Michael Lewis R666 Growthpoint Properties 1.09% R209 126 Moss Ngoasheng R100 trusts, where this was deemed appro-
Foschini 6.30% R666 73 Herbert Theledi R207 Kelly Group 30.77% R100 priate;
26 Maxim Krok R655 Blue Label Telecoms 5.87% R207 127 Graham Mackay R100 ý The market price as at March 31 2009
Aspen Pharmacare 2.34% R385 74 Alan Burke R205 SABMiller plc 0.04% R100 was used for the valuation of holdings;
Gold Reef Resorts 5.45% R270 ARB Holdings 51.39% R205 128 Leslie Maasdorp R97
Phuthuma Nhleko R637 Jeffery Wapnick R205 Pangbourne Properties 1.59% R97
ý It was assumed that the conditions of
27 75
MTN Group 0.32% R637 Premium Properties 6.46% R92 129 Tony Scharrighuisen R97 conditional options would be met;
28 Markus Jooste R605 Octodec Investments 9.18% R113 Argent Industrial 11.41% R97 ý Options issued under more than one
Steinhoff International 2.28% R315 76 Maldwyn Zimmerman R204 130 Elliot Salkow R96 scheme or over a period were added where
PSG Group 10.39% R280 Combined Motor Holdings 40.43% R204 Ellies Holdings 37.18% R96 this was deemed appropriate;
Phumelela 1.28% R10 77 Reginald Sherrell R204 131 David Samuels R96
Sipho Nkosi R558 Invicta Holdings 13.49% R204 Invicta Holdings 6.34% R96
ý Gains on options exercised in the year
29
Sanlam 0.01% R3 78 Sifiso Dabengwa R204 132 Paul Theodosiou R95 under review were included in remuner-
Exxaro Resources 2.26% R555 MTN Group 0.10% R204 Acucap Properties 2.29% R93 ation;
30 Lazarus Zim R538 79 Sharon Wapnick R195 Sycom Property Fund 0.06% R2
R2 ý Earnings and directors’ fees paid to
Sanlam 0.01% R3 Premium Properties 6.19% R89 133 Ronald Price R94 other companies were excluded;
Northam Platinum 1.25% R116 Octodec Investments 8.71% R107 Eureka Industiral 41.10% R94
Mvelaphanda Resources 6.74% R420 Dalikhaya Zihlangu R195 Mamphela Ramphele
ý Severance packages and retention
80 134 R93
31 Johnny Copelyn R529 Exxaro Resources 0.79% R195 Medi-Clinic Corporation 0.73% R93 bonuses were included in remuneration;
HCI 10.33% R529 81 Michael Wylie R195 135 Grant Pattison R93 ý Conversion rates to the rand were as
32 Mark Willcox R493 Wilson Bayly Holmes - Ovcon 3.46% R195 Massmart Holdings 0.66% R93 follows: British pound 14.3, US dollar 7.5,
Mvelaphanda Resources 6.62% R412 82 Sean Melnick R193 136 Horst Sass R90 euro 11.3.
Mvelaphanda Group 4.04% R81 Peregrine Holdings 14.69% R193 Bowler Metcalf 21.49% R90
33 Koos Raubenheimer R450 83 Jens Montanana R182 137 Martin Moritz R90
Raubex Group 13.69% R450 Datatec 7.04% R182 Comair 10.37% R90 NOTES REGARDING THE RESEARCH:
34 Michiel le Roux R424 84 Robert Gumede R181 138 Fred Robertson R87 ý MTN Directors
Capitec Bank Holdings 15.78% R424 Gijima AST Group 34.07% R181 Remgro 0.00% R0 The Alpine Trust and Newshelf 664 were
Zeder Investments 0.04% R0 85 Michael Mark R178 Brimstone 11.62% R87 unwound in December 2008 as per their
35 Phoevos Pououlis R421 Truworths International 1.22% R178 139 Barry Stuhler R86
Keaton Energy Holdings 28.68% R421 Brian Holmes R174 Pangbourne Properties 0.60% R36
six-year mandate and the shares distribut-
86
36 Brett Levy R413 Wilson Bayly Holmes - Ovcon 3.10% R174 Capital Property Fund 1.42% R50 ed to directors and staff in accordance
Blue Label Telecoms 11.73% R413 87 Ivan Clark R168 140 Hugh Herman R85 with the mandate after settlement of debt,
37 Leon Kirkinis R410 Grindrod 2.58% R168 Growthpoint Properties 0.00% R1 primarily to the PIC. In terms of previous
African Bank Investments 2.02% R410 88 Panagiotis Halamandaris R167 Investec plc 0.31% R53 valuations of director entitlements we
38 Saki Macozoma R392 Famous Brands 12.22% R167 Investec Ltd 0.28% R30
Standard Bank Group 0.31% R392 Pat Goldrick R165 Pick n Pay Holdings 0.02% R2
were not privy to the funding arrange-
89
39 Zweli Mntambo R383 Cashbuild 9.42% R165 141 Louis Stassen R85
ments and qualified those holdings as
Exxaro Resources 1.56% R383 90 Wolf Cesman R163 Coronation Fund Managers 5.52% R85 follows: “It should be noted that the fund-
40 Mark Levy R379 Redefine Income Fund 0.03% R2 142 Yolanda Cuba R85 ing arrangements for these holdings have
Blue Label Telecoms 10.76% R379 Apexhi Properties 0.02% R2 Steinhoff International Holdings 0.59% R82 not been disclosed, which could offset
41 Freddie Kenney R371 Madison Prop. Fund Managers 12.04% R159 Mvelaphanda Group 0.16% R3
Raubex Group 11.29% R371 Lionel Jacobs R159 Akhter Deshmukh
against the value of the holdings.”
91 143 R85
42 Marcel Golding R363 Bidvest Group 0.54% R159 Sea Kay Holdings 24.42% R85 The valuation of directors’ holdings in
HCI 7.08% R363 92 Marc Wainer R157 144 Graeme Gordon R82 the current study have not been confirmed
43 Peter Malungani R360 Redefine Income Fund 0.02% R1 Liberty International plc 0.42% R82 by the company and were calculated based
Investec Ltd 2.88% R300 Madison Prop. Fund Managers 11.81% R156 145 Mustaq Brey R82 on SENS announcements on the trans-
Phumelela Gaming & Leisure 4.54% R34 93 Terry Moolman R157 Nedbank Group 0.00% R0
Super Group 7.39% R25 Caxton & CTP Pub. & Printers 2.64% R157 Brimstone Investment Corp. 11.25% R81
action issued by the company.
44 Des de Beer R351 94 Neil Jowell R156 146 Riaan Stassen R81
ý Patrice Motsepe
Pangbourne Properties 0.06% R4 Trencor 0.03% R1 Capitec Bank Holdings 2.94% R81 Motsepe’s holding in African Rainbow
Resilient Property Income Fund 5.64% R325 Mobile Industries 12.64% R155 147 Yogesh Narsing R80 Minerals is via African Rainbow Minerals
Capital Property Fund 0.65% R23 95 Jeff Zidel R154 Pangbourne Properties 1.32% R80 Exploration Investments (Pty) Ltd, but the
45 Gino Stefanutti R326 Resilient Property Income Fund 2.68% R154 148 Jonathan Hlongwane R79
Stefanutti & Bressan 25.72% R326 Vukile Property Fund 1.84% R50
shareholding of this private company is
96 Cecil Jowell R153
46 Steven Gottschalk R324 Trencor 0.03% R1 Esor 4.32% R29 not disclosed.
Value Group 55.60% R324 Mobile Industries 12.41% R152 149 David Lewis R78
47 Brian Joffe R312 97 Theofanis Halamandaris R145 Resilient Property Income Fund 1.35% R78
Bidvest Group 1.02% R302 Famous Brands 10.59% R145 150 Brian Bruce R77
Afrocentric 1.51% R10 Figures in this table have been rounded off Murray & Roberts 0.57% R77
HOW THEY MAKE IT... HOW THEY SPEND IT
RICH LIST 3
November 1 2009
BOSSES RAKE IN MILLIONS IN BONUSES REGARDLESS OF HOW WELL THEY DO
Tricks of the trade
CEOs look after No 1
MARCIA KLEIN
M
EMBERS of remuner-
ation committees have
a lot to answer for.
This year’s Rich List,
which tracks not only SA’s rich-
est people, but also the country’s
biggest earners, shows that exec-
utives are pocketing all sorts of
additional bonuses and making
mega-profits on unacceptably
generous share options.
This is in addition to huge basic
salaries and performance bonus-
es, with bonuses still being
earned by many despite the non-
performance of their companies.
The innovative ways and
means to add to executives’ pots
increases with every year.
The list also shows executives
get special payments when com-
panies dispose of assets or list.
In 2008 Chip Goodyear, the for-
mer boss of BHP Billiton, earned a
staggering R411.6-million, with
R380-million pocketed from gains
on shares. The top of the top-
earners list is dominated by ex-
ecutives of offshore-listed com-
panies, including Richemont’s
Norbert Platt, and British Amer-
ican Tobacco’s Paul Adams.
Investec’s Stephen Koseff is
ranked fifth in the earnings table
with R49.5-million pay in 2008,
and MD Bernard Kantor, who
ranked sixth, earned similarly.
But alongside the top inter-
national earners are a few glaring
anomalies.
Brett Levy, the joint CEO of
pre-paid telecoms company Blue
Label Telecoms, was the fourth-
highest earner on the list, pock-
eting over R50-million in 2008.
This includes R40-million paid in
lieu of a pre-listing contractual
bonus entitlement, which was
then used to buy shares. This is
over and above an exceptionally
generous R5.9-million salary for a
company of that size, and a per-
formance bonus of R3.4-million.
Having got the shares from the
pre-listing payment, and the
many more he owns, Levy is now
SA’s 36th richest person, with
R413-million of Blue Label stock.
Blue Label’s other joint CEO,
Brett’s brother Mark Levy, was
ranked seventh in the earnings
table, raking in R49.5-million, the
bulk of it coming from the same
scheme. His wealth is R379-mil-
lion, ranking him 40th.
Prakash Desai, the CEO of
Avusa, the owner of this pub-
lication, earned a massive R29.3-
million in 2008, including a R10.7-
million top-up payment on the
sale of M-Net SuperSport and un-
bundling of Naspers and other
assets, and over R13-million gain
on the sale of shares.
The Levys, Grindrod’s Tim Mc-
Clure (earnings: R39.8-million),
Rainbow Chicken’s Miles Dally
(R39.7-million) and Desai, all of
whom received special payments
of some kind, all earned more
than executives of major com-
panies like FirstRand’s outgoing
CEO Paul Harris, Bidvest CEO
Brian Joffe and Anglo American
CEO Cynthia Carroll.
Retention bonuses and re- LAKSHMI MITTAL PATRICE MOTSEPE CHIP GOODYEAR
straints of trade also featured on
this year’s earnings list. Telkom shows that there has been only a the family’s wealth is largely held ment in Telkom is valued at
CEO Reuben September earned slight recovery between then and in De Beers. R3.2-billion, and Royal Bafokeng
R19-million, including a R13-mil- March this year, the cut-off date Christo Wiese, ranked fourth, Holdings, ranked 22nd, are not
lion restraint-of-trade payment. for the research, as their col- is one of the few in the top ranks individuals but are still included
Kgomotso Mosehla, a former lective wealth inched up to whose wealth increased, from on the list.
executive of Mvelaphanda Re- R58.5-billion. R4.3-billion to just over R5-billion, Rembrandt Trust, essentially
sources, earned R15.8-million Among the wealthiest, Nicky largely due to strong performers the Rupert family, slips from
during the year, which included a Oppenheimer follows Motsepe at Shoprite and PSG Group. fourth to seventh, although the
R12-million long-term retention number three, with wealth of The Ackerman family’s Pick n value, at R3.1-billion, is un-
bonus and a R2.5-million termi- R5.4-billion, down from R16-bil- Pay interest was static at R3.3- changed. The Ruperts and Op-
nation benefit — meaning he was lion last year. This only includes billion. The Elephant Consor- penheimers were once the richest
paid both to stay and to go away in his holding in Anglo American; tium, ranked sixth, whose invest- in the country by far.
the same year.
Termination benefits signifi-
cantly boosted a number of
salaries. Mondi paid Paul Holling-
worth almost R19.5-million to go,
while Sasol paid Trevor Munday
INSIGNIA ADVERTISING 5964/E/ST
R16-million. In fact, of SA’s 100
biggest earners of 2008, close to 20
are no longer working at the com-
panies who felt the need to pay
them so handsomely to retain
their services.
Executives earn performance
bonuses in good and bad times.
The best example is Larry Lip-
schitz, the former CEO of Super
Group, who earned R10.9-million
including a R5-million perfor-
mance bonus in what was one of
the company’s worst years ever.
He finally left it struggling for
survival. While he was still being
paid performance bonuses, in-
vestors lost most of their money.
The earnings list, (available in
detail on Page 4), reflects re-
search into the top executives and
directors of all of SA’s listed com-
panies. The Rich List, (on Page 2),
is a comprehensive report on SA’s
richest people whose wealth is a
matter of public information.
The economic crisis has been a
blow to the fortunes of SA’s
wealthiest, almost without excep-
tion. Lakshmi Mittal, although
not a South African, remains at
the top through his holding in
ArcelorMittal SA. At this time
last year, this holding was worth
R45.7-billion. This year it is worth
R16.95-billion, but he retains his
position. This is just a fraction of
what he is worth through his
other international holdings. Aston Martin Sandton. Aston Martin Cape Town.
Patrice Motsepe, the richest Sandton Isle, Cnr. Rivonia Rd. The V & A Waterfront,
South African and the second- and Linden Rd.,
Sandown, 2146.
Cnr. Dock Rd.
& Breakwater Boulevard,
ranked person in the SA Rich List, Tel: (011) 301 7100 Cape Town, 8002.
was worth R22-billion last year, Shaun: 082 905 2399 Tel: (021) 425 2007
Nicolas: 082 497 3299 Andrew: 082 905 5520
and is now worth R14.25-billion.
He has, however, made some re-
covery as his wealth was R9.7-
billion in mid-November, at the
peak of the economic crisis.
Between March and November
last year, SA’s 10 richest people
lost a total of R61.5-billion. Their
wealth was R114.6-billion last
Without Equal,
March. By mid-November their
wealth plunged to R54.1-billion.
The Rich List published today Within Reach WWW.ASTONMARTIN.CO.ZA
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 THE BIG EARNERS
HEPS Termin- Perfor- Gains Fees/ HEPS Termin- Perfor- Gains Fees/
Total Other Total Total % salary Total Other Total Total % salary
Name & company increase Designation Salary ation mance on levy Name & company increase Designation Salary ation mance on levy
benefits benefits 2007 2008 increase benefits benefits 2007 2008 increase
/decrease (R'000) benefit bonus shares pay /decrease (R'000) benefit bonus shares pay
(R'000) (R'000) (R'000) (R'000) from 2007 (R'000) (R'000) (R'000) (R'000) from 2007
2007/2008 (R'000) (R'000) (R'000) (R'000) 2007/2008 (R'000) (R'000) (R'000) (R'000)
1 Chip Goodyear 6 666 3 200 – 14 095 6 999 380 639 – 29 746 411 598 48 David Hathorn 13 854 431 – – 3 321 – – 34 415 17 606
BHP Billiton plc 20.0% Former CEO 6 666 3 200 – 14 095 6 999 380 639 – 29 746 411 598 1283.7% Mondi plc -48.6% CEO 13 854 431 – – 3 321 – – 34 415 17 606 -48.8%
2 Norbert Platt 51 966 739 – – – – – – 52 705 49 Sean Flanagan 2 259 525 – – 3 000 11 343 49 4 700 17 176
Compagnie Financière Richemont 18.4% CEO 51 966 739 – – – – – – 52 705 Murray and Roberts Holdings 69.2% Exec 2 259 525 – – 3 000 11 343 49 4 700 17 176 265.4%
3 Paul Adams 20 273 1 503 – – 29 398 – – 31 210 51 174 50 Mark Cutifani 9 513 1 501 – – 5 877 – – 18 458 16 891
British American Tobacco plc 11.0% CEO 20 273 1 503 – – 29 398 – – 31 210 51 174 64.0% Anglogold Ashanti 96.1% CEO 9 513 1 501 – 5 877 – – 18 458 16 891 -8.5%
4 Brett Levy 6 764 260 – 40 000 3 360 – – 15 910 50 384 51 Michael Mark 3 712 1 007 – 1 545 10 400 – – 13 572 16 664
Blue Label Telecoms 97.9% Joint CEO 6 764 260 – 40 000 3 360 – – 15 910 50 384 216.7% Truworths International 18.9% CEO 3 712 1 007 – 1 545 10 400 – – 13 572 16 664 22.8%
5 Stephen Koseff 4 629 1 055 – – 41 470 2 264 106 52 449 49 524 52 Whitey Basson 13 158 3 482 – – – – – 12 638 16 640
Bidvest Group 10.1% Non-exec – – – – – – 70 54 70 29.6% Shoprite Holdings 53.7% CEO & MD 13 158 3 482 – – – – – 12 638 16 640 31.7%
Investec Ltd -3.3% CEO – – – – – 787 – 1 392 787 -43.5% 53 Dennis Gammie 1 845 405 – – 2 446 11 943 – 16 276 16 639
Investec plc -3.3% CEO 4 629 1 055 – – 41 470 1 477 – 50 871 48 631 -4.4% Aveng 72.2% Exec Financial 1 845 405 – – 2 446 11 943 – 16 276 16 639 2.2%
JSE 56.4% Former Non-exec – – – – – – 36 133 36 -72.9% 54 Peter Surgey 2 280 9 390 – – 2 132 2 805 – 9 812 16 607
6 Bernard Kantor 5 294 539 – – 41 470 2 140 78 51 923 49 522 Barloworld -48.0% Exec 2 280 9 390 – – 2 132 2 805 – 9 812 16 607 69.3%
Investec plc -3.3% Exec MD 5 294 539 – – 41 470 2 140 – 51 851 49 444 -4.6% 55 Alain Perrin 16 350 – – – – – – – 16 350
Phumelela Gaming & Leisure -22.0% Non-exec – – – – – 78 72 78 8.3% Compagnie Financière Richemont 18.4% Exec 16 350 – – – – – – – 16 350
7 Mark Levy 5 861 263 – 40 000 3 360 – – 13 245 49 484 56 Tom Boardman 4 104 309 – – 6 000 5 783 – 24 865 16 196
Blue Label Telecoms 97.9% Joint CEO 5 861 263 – 40 000 3 360 – – 13 245 49 484 273.6% Nedbank Group -4.2% CEO 4 104 309 – – 6 000 5 783 – 24 865 16 196 -34.9%
8 Brian Bruce 3 119 932 – – 6 250 37 430 49 99 181 47 780 57 Jens Montanana 7 890 1 597 – – 6 700 – – 13 236 16 186
Murray and Roberts Holdings 69.2% CEO 3 119 932 – – 6 250 37 430 49 99 181 47 780 -51.8% Datatec 11.8% CEO 7 890 1 597 – – 6 700 – – 13 236 16 186 22.3%
9 Graham Mackay 14 586 5 377 – 4 434 22 966 – – 39 200 47 362 58 Bob Carpenter 3 232 977 – – 11 843 – 96 9 624 16 148
SABMiller plc 19.5% CEO 14 586 5 377 – 4 434 22 966 – – 39 200 47 362 20.8% Assore 317.7% Exec Deputy Chair 3 232 977 – – 11 843 – 96 9 624 16 148 67.8%
10 Glynn Burger 3 142 612 – – 34 976 7 211 – 43 944 45 941 59 Kgomotso Brian Mosehla 1 193 – 2 484 12 209 – – – 4 235 15 886
Investec Ltd -3.3% Exec – – – – – 2 614 – 2 957 2 614 -11.6% Mvelaphanda Resources 107.7% Former Exec 1 193 – 2 484 12 209 – – – 4 235 15 886 275.1%
Investec plc -3.3% Exec 3 142 612 – – 34 976 4 597 – 40 987 43 327 5.7% 60 Chris Cory 2 950 920 – – 11 682 – 96 9 260 15 648
11 Tim McClure 2 001 619 – 32 465 2 420 2 352 – 23 773 39 857 Assore 317.7% CEO 2 950 920 – – 11 682 – 96 9 260 15 648 69.0%
Grindrod 94.5% Exec 2 001 619 32 465 2 420 2 352 – 23 773 39 857 67.7% 61 Bruce Campbell 2 069 280 13 000 – – – – 1 839 15 349
12 Miles Dally 3 418 413 – – 2 627 33 208 – 10 315 39 666 Alexander Forbes CEO 2 069 280 13 000 – – – – – 15 349
Rainbow Chicken 7.8% CEO 3 418 413 – – 2 627 33 208 – 10 315 39 666 284.5% Mutual & Federal -113.4% Former MD – – – – – – – 1 839 – -100.0%
13 Johann Rupert 16 647 17 514 – – – – – – 34 161 62 Anthony Stewart 1 805 627 – – 2 240 10 575 – 15 975 15 247
Compagnie Financière Richemont 18.4% Exec Chairman 16 647 17 514 – – – – – – 34 161 Grindrod 94.5% Exec 1 805 627 – 2 240 10 575 – 15 975 15 247 -4.6%
14 Marius Kloppers 12 578 5 591 – – 13 544 – – 17 388 31 713 63 Phil Crous 2 592 811 – – 11 478 – 96 8 680 14 977
BHP Billiton plc 20.0% CEO 12 578 5 591 – – 13 544 – – 17 388 31 713 82.4% Assore 317.7% Exec 2 592 811 – – 11 478 – 96 8 680 14 977 72.5%
15 Carl Grim 2 525 444 – – 3 000 25 410 – 34 761 31 379 64 Chris Otto 2 172 81 – – 2 000 10 306 175 15 550 14 734
Aveng 72.2% Former CEO 2 525 444 – – 3 000 25 410 – 34 761 31 379 -9.7% Capitec Bank Holdings 16.5% Non-exec – – – – – – 175 149 175 17.4%
16 Richard Lepeu 28 773 696 – – – – – – 29 469 PSG Group -43.2% Exec 2 172 81 – – 2 000 10 306 – 15 401 14 559 -5.5%
Compagnie Financière Richemont 18.4% Execl 28 773 696 – – – – – – 29 469 65 Dirk Van Staden 2 986 599 3 128 3 5 772 2 230 – 6 092 14 719
17 Prakash Desai 1 929 379 – 10 650 3 000 13 378 – 4 474 29 337 Exxaro Resources -100.0% Exec 2 986 599 3 128 3 5 772 2 230 – 6 092 14 719 141.6%
ElementOne (prev. Johnnic Communications) 130.8% Former exec 1 929 379 – 10 650 3 000 13 378 – 4 474 29 337 555.7% 66 Brett Dawson 5 063 233 – – 9 113 – – 13 258 14 408
18 Diane Radley 2 723 521 – – – 25 294 – 4 490 28 538 Dimension Data Holdings plc 65.1% CEO 5 063 233 – – 9 113 – – 13 258 14 408 8.7%
Allied Electronics Corp. 32.5% Former Exec 2 723 521 – – – 25 294 – 4 490 28 538 535.6% 67 Duncan Wanblad 1 966 235 – – 2 423 9 565 – 10 453 14 188
19 Paul Harris 4 495 2 705 – – 8 200 12 353 268 25 867 28 021 Anglo Platinum 7.1% Former Exec 1 966 235 – – 2 423 9 565 – 10 453 14 188 35.7%
Discovery Holdings 4.1% Former Non-exec – – – – – – 93 138 93 -32.6% 68 Abdul Mahomed 3 423 752 – 741 1 675 7 553 – 9 189 14 144
FirstRand -8.9% CEO 4 495 2 705 – – 8 200 12 353 – 25 582 27 753 8.5% Imperial Holdings -49.4% Exec 3 423 752 – 741 1 675 7 553 – 9 189 14 144 53.9%
Remgro 16.5% Non-exec – – – – – – 175 147 175 19.0% 69 Jacko Maree 4 547 1 018 – – 8 516 – – 32 390 14 081
20 Brian Joffe 6 692 1 046 – – 8 545 11 503 – 26 903 27 786 Standard Bank Group -1.9% CEO 4 547 1 018 – 8 516 – – 32 390 14 081 -56.5%
Bidvest Group 10.1% CEO 6 692 1 046 – – 8 545 11 503 – 26 903 27 786 3.3% 70 Peter Oswald 11 440 4 – – 2 402 – – – 13 846
21 Brad Mills 8 923 18 271 – – – – – 19 166 27 194 Mondi plc -48.6% Exec 11 440 4 – 2 402 – – – 13 846
Lonmin plc 100.5% Former CEO 8 923 18 271 – – – – – 19 166 27 194 41.9% 71 Alan Ferguson 6 042 7 292 – – – – – 3 008 13 334
22 Paul Hollingworth 7 406 286 19 466 – – – – 19 334 27 158 Lonmin plc 100.5% Exec 6 042 7 292 – – – – – 3 008 13 334 343.2%
Mondi plc -48.6% Former Exec 7 406 286 19 466 – – – – 19 334 27 158 40.5% 72 René Médori 9 438 787 – – 2 974 – – 14 630 13 199
23 Jim Sutcliffe 11 440 4 404 – – – 9 929 235 29 583 26 009 Anglo American plc 4.3% Exec 9 438 787 – 2 974 – – 14 630 13 199 -9.8%
Nedbank Group -4.2% Former Non-exec – – – – – – 235 270 235 -13.0% 73 Jonathan Nicholls 7 508 2 588 – – – 3 042 – 15 176 13 138
Old Mutual plc -55.2% Former CEO 11 440 4 404 – – – 9 929 – 29 313 25 774 -12.1% Old Mutual plc -55.2% Former Exec 7 508 2 588 – – – 3 042 – 15 176 13 138 -13.4%
24 Nicandro Durante 7 390 3 992 – – 13 333 – – – 24 715 74 Grant Pattison 2 550 445 – 6 125 3 880 – – 13 453 13 000
British American Tobacco plc 11.0% Exec 7 390 3 992 – – 13 333 – – – 24 715 Massmart Holdings 17.3% CEO 2 550 445 – 6 125 3 880 – – 13 453 13 000 -3.4%
25 Pieter Cox – – – – – 20 297 3 750 8 297 24 047 75 David Redshaw 2 930 616 – – 2 288 7 115 – 6 700 12 949
Sasol 50.1% Non-exec Chairman – – – – – 20 297 3 750 8 297 24 047 189.8% Allied Electronics Corp. 32.5% Exec 2 930 616 – – 2 288 7 115 – 6 700 12 949 93.3%
26 Julian Roberts 8 823 3 089 – – 6 993 4 880 – 21 689 23 784 76 Sizwe Nxasana 4 065 683 – – 8 100 – – 13 433 12 848
Old Mutual plc -55.2% CEO 8 823 3 089 – – 6 993 4 880 – 21 689 23 784 9.7% FirstRand -8.9% Exec 4 065 683 – – 8 100 – – 13 433 12 848 -4.4%
27 Sifiso Dabengwa 3 771 1 036 – – 6 250 12 585 – 31 519 23 642 77 Johan Van Zyl 4 492 684 – – 7 500 – – 13 755 12 676
MTN Group 43.0% Exec 3 771 1 036 – – 6 250 12 585 – 31 519 23 642 -25.0% Sanlam -58.9% CEO 4 492 684 – – 7 500 – – 13 755 12 676 -7.8%
28 Cynthia Carroll 15 015 2 831 – – 4 562 – – 37 367 22 408 Santam -35.3% Non-exec – – – – – – – – –
Anglo American plc 4.3% CEO 15 015 2 831 – 4 562 – – 37 338 22 408 -40.0% 78 Nolitha Fakude 2 925 1 037 – – 2 309 6 258 – 4 758 12 529
Anglogold Ashanti 96.1% Former Non-exec – – – – – – 29 – -100.0% Sasol 50.1% Exec 2 925 1 037 – – 2 309 6 258 – 4 758 12 529 163.3%
29 Malcolm Wyman 8 795 4 169 – – 9 152 – – 20 506 22 115 79 Stuart Murray 5 842 323 – – 5 676 – 563 9 247 12 404
SABMiller plc 19.5% Exec Financial 8 795 4 169 – – 9 152 – – 20 506 22 115 7.8% Aquarius Platinum 26.3% CEO 5 842 323 – – 5 676 – 563 9 247 12 404 34.1%
30 Paul Rayner 9 219 3 453 – – 9 261 – – 20 220 21 933 80 Izak De Wet Goosen 2 125 831 – 445 7 146 1 573 – 5 974 12 120
British American Tobacco plc 11.0% Former Director 9 219 3 453 – – 9 261 – – 20 220 21 933 8.5% Afgri 18.7% Former Exec 2 125 831 – 445 7 146 1 573 – 5 974 12 120 102.9%
31 Jabu Mabuza 1 997 1 484 – – 1 900 16 545 – 8 230 21 926 81 Papi Molotsane 12 036 26 – – – – – 3 926 12 062
Hosken Consolidated Investments 34.7% Exec 1 997 1 484 – – 1 900 16 545 – 8 230 21 926 166.4% Telkom Group -4.4% Former CEO 12 036 26 – – – – – 3 926 12 062 207.2%
32 Jannie Mouton 2 897 81 – – 4 500 13 714 468 23 098 21 660 82 Frank Thompson 1 639 511 – – 1 485 8 412 – 4 911 12 046
Capitec Bank Holdings 16.5% Former Non-exec Chairman – – – – – 1 253 88 500 1 341 168.2% Advtech 25.6% CEO 1 639 511 – – 1 485 8 412 – 4 911 12 046 145.3%
PSG Group -43.2% Exec Chairman 2 897 81 – – 4 500 12 461 – 22 129 19 939 -9.9% 83 Venkat Venkatakrishnan 5 585 1 004 – – 3 613 1 837 – 7 295 12 039
Remgro 16.5% Former Non-exec – – – – – – – 99 – -100.0% Anglogold Ashanti 96.1% Exec 5 585 1 004 – 3 613 1 837 – 7 295 12 039 65.0%
Steinhoff International 31.7% Non-exec – – – – – – 380 370 380 2.7% 84 Markus Jooste 10 690 718 – – – – 625 9 751 12 033
33 Ian Farmer 5 027 16 565 – – – – – 7 902 21 592 PSG Group -43.2% Non-exec – – – – – – 75 75 75 0.0%
Lonmin plc 100.5% CEO 5 027 16 565 – – – – – 7 902 21 592 173.3% Steinhoff International 31.7% CEO 10 690 718 – – – – 550 9 676 11 958 23.6%
34 Trevor Munday – – 16 165 – 4 360 – 908 33 250 21 433 85 Louis Von Zeuner 3 386 335 – – 8 000 – 160 13 642 11 881
Absa Group 4.6% Non-exec – – – – – – 720 357 720 101.4% Absa Group 4.6% Exec 3 386 335 – – 8 000 – 160 13 642 11 881 -12.9%
Barloworld -48.0% Former Non-exec – – – – – – 152 211 152 -28.0% 86 Michael Kilbride 1 921 571 5 414 2 3 557 264 – 6 050 11 729
Reunert 139.3% Non-exec – – – – – – 36 – 36 Exxaro Resources -100.0% Former Exec 1 921 571 5 414 2 3 557 264 – 6 050 11 729 93.9%
Sasol 50.1% Former Exec – – 16 165 – 4 360 – – 32 682 20 525 -37.2% 87 John Bortolan 4 205 267 – – 1 000 6 133 – 8 693 11 604
35 Robert Venter 4 439 717 – – 4 331 11 220 – 7 311 20 707 Nampak -4.0% CEO 4 205 267 – – 1 000 6 133 – 8 693 11 604 33.5%
Allied Electronics Corp. 32.5% CEO 4 439 717 – – 4 331 11 220 – 7 311 20 707 183.2% 88 Richard Inskip 2 104 261 – 9 224 – – – 5 235 11 589
36 Jeff Wright 3 430 1 060 – 2 728 10 831 2 488 – 12 051 20 537 Woolworths Holdings -9.5% Former Exec 2 104 261 – 9 224 – – – 5 235 11 589 121.4%
Afgri 18.7% Former MD 3 430 1 060 – 2 728 10 831 2 488 – 12 051 20 537 70.4% 89 Jan Rupert 11 038 520 – – – – – – 11 558
37 Phuthuma Nhleko 6 498 460 – – 13 000 – – 16 257 19 958 Compagnie Financière Richemont 18.4% Exec 11 038 520 – – – – – – 11 558
MTN Group 43.0% CEO 6 498 460 – – 13 000 – – 16 257 19 958 22.8% 90 Craig Venter 3 407 721 – – 2 659 4 765 – 7 055 11 552
38 Alan Tapnack 3 694 441 – – 10 725 5 057 – 26 214 19 917 Allied Electronics Corp. 32.5% Exec 3 407 721 – – 2 659 – – 5 682 6 787 19.4%
Investec Ltd -3.3% Exec – – – – – 1 370 – 1 148 1 370 19.3% Allied Technologies 22.2% CEO – – – – – 4 765 – 1 373 4 765 247.1%
Investec plc -3.3% Exec 3 694 441 – – 10 725 3 687 – 25 066 18 547 -26.0% 91 Gerald Riemann 4 208 1 209 – – 6 021 – – 8 454 11 438
39 Ben Stevens 7 563 1 381 – – 10 429 – – – 19 373 Imperial Holdings -49.4% Exec 4 208 1 209 – – 6 021 – – 8 454 11 438 35.3%
British American Tobacco plc 11.0% Exec 7 563 1 381 – – 10 429 – – – 19 373 92 Marius Heyns 2 686 334 – – 8 333 – – 11 285 11 353
40 Reuben September 2 454 – – 13 219 3 436 – – – 19 109 Basil Read 68.4% CEO 2 686 334 – – 8 333 – – 11 285 11 353 0.6%
Telkom Group -4.4% CEO 2 454 – – 13 219 3 436 – – – 19 109 93 Clive Thomson 3 873 1 219 – – 4 348 1 876 – 13 044 11 316
41 Peter Cooper 2 211 493 – – 4 750 11 469 170 7 506 19 093 Barloworld -48.0% CEO 3 873 1 219 – – 4 348 1 876 – 13 005 11 316 -13.0%
Discovery Holdings 4.1% Non-exec – – – – – – 170 – 170 Pretoria Portland Cement 7.6% Former Non-exec – – – – – – – 39 – -100.0%
RMB Holdings -6.1% Exec 2 211 493 – – 4 750 11 469 – 7 506 18 923 152.1% 94 David Rennie 1 902 718 – – 2 420 5 880 – 15 798 10 920
42 David Brown 4 884 1 059 – 1 059 427 11 447 167 10 746 19 043 Grindrod 94.5% Exec 1 902 718 – 2 420 5 880 – 15 798 10 920 -30.9%
Impala Platinum Holdings 57.4% CEO 4 884 1 057 – 1 059 427 9 269 – 10 644 16 696 56.9% 95 Larry Lipschitz 4 871 962 – – 5 063 – – 8 401 10 896
Simmer and Jack Mines -29.4% Former Non-exec – 2 – – – 2 178 167 102 2 347 2200.5% Super Group -89.3% CEO 4 871 962 – 5 063 – – 8 401 10 896 29.7%
43 Pat Davies 5 758 1 557 – – 6 314 5 395 – 20 846 19 024 96 Hubert Brody 3 787 689 – – 1 700 4 666 – 4 602 10 842
Sasol 50.1% Exec 5 758 1 557 – – 6 314 5 395 – 20 846 19 024 -8.7% Imperial Holdings -49.4% CEO 3 787 689 – – 1 700 4 666 – 4 602 10 842 135.6%
44 Gavin Soll 1 335 30 – – 17 605 – – 18 309 18 970 97 Aubrey Karp 2 053 722 – – 2 250 5 792 – 5 292 10 817
Clientele 27.8% Exec 1 335 30 – – 17 605 – – 18 309 18 970 3.6% Shoprite Holdings 53.7% Exec 2 053 722 – – 2 250 5 792 – 5 292 10 817 104.4%
45 Steve Booysen 5 556 456 – – 12 000 – 141 18 774 18 153 98 David Robinson 4 561 1 213 – – 4 917 – – 7 257 10 691
Absa Group 4.6% Former CEO 5 556 456 – – 12 000 – 141 18 774 18 153 -3.3% Aveng 72.2% Exec 4 561 1 213 – – 4 917 – – 7 257 10 691 47.3%
46 Walter Ballandino 17 252 510 – – – – 150 6 929 17 912 99 David Kneale 4 054 450 – 4 207 1 801 – – 5 650 10 512
Highveld Steel & Vanadium Corp. 81.9% CEO 17 252 510 – – – 150 6 929 17 912 158.5% New Clicks Holdings 26.7% CEO 4 054 450 – 4 207 1 801 – – 5 650 10 512 86.1%
47 Steve Phiri 2 299 484 – – 1 962 12 540 432 4 668 17 717 100 Neil Cumming 1 734 149 – 7 982 – 599 – 5 025 10 463
Impala Platinum Holdings 57.4% Non-exec – – – – – – 251 17 251 1376.5% Nampak -4.0% Former Exec 1 734 149 – 7 982 – 599 – 5 025 10 463 108.2%
Merafe Resources 320.0% CEO 2 299 484 – – 1 962 12 540 – 4 471 17 285 286.6%
Zurich Insurance Co. SA -30.5% Non-exec – – – – – – 181 180 181 0.6% Graphic: FIONA KRISCH
 HOW THEY MAKE IT... HOW THEY SPEND IT

RICH LIST 5
November 1 2009

THE GLOBAL RECESSION HAS KNOCKED CRUCIAL ZEROES OFF THEIR WORTH

The rare billionaires

There are 10 fewer of The India-born businessman,
who tops the list for the fifth
consecutive year, has been in-
lion of its value since March last
year. While there were 26 bil-
lionaires — with a combined for-
capital of R12 000 in 1965, dropped
in the rankings.
Steinhoff’s shareholding in

them in SA this year

SIMPIWE PILISO Entrepreneurs, sports stars,
holders of patent rights and own-
cluded on the list by virtue of his
shareholding in ArcelorMittal
SA. His wealth represents the
value of his investment in SA
only. Mining tycoon Patrice Mot-
sepe, ranked second on the list,
tune of R118-billion — last year,
today there are only 16 in South
Africa and their combined wealth
is R67.3-billion.
The former chairman of the
Mvelaphanda Group, Tokyo
Steinhoff International Holdings
dropped from R2.8-billion to R1.6-
billion. He is now ranked 12th.
The financial crisis cost Ven-
ter, who is ranked 13th, half the
value of his shares in Altron and

T
HE financial crisis took
its toll on South Africa’s
richest people, wiping
out almost half the value
of their shares.
Plunging stock markets,
volatile commodities and the col-
lapse of several financial insti-
tutions around the world, saw the
value of shares owned by the
country’s top 10 wealthiest in-
dividuals plummet from R114.6-
billion to R58.5-billion.
Research staff of Who Owns
Whom analysed holdings of all
JSE-listed companies — the only
quantifiable way of measuring
wealth based on publicly avail-
able documents. They could not
include property, cash, offshore
investments or money held with
fund managers in their calcu-
lations, so one can assume that
people on the list are much richer
than they appear.
ers of unlisted companies may be
as rich as people on the list, but it
is impossible to determine their
wealth.
In just eight months last year,
between March and November,
the combined worth of the coun-
try’s 10 richest people plummet-
ed by a staggering R61.5-billion.
By last November the com-
bined wealth of the 10 individuals
stood at R54.1-billion, compared
with R114.6-billion on March 31.
According to the latest Rich
List, released today, Indian steel
magnate Lakshmi Mittal, who is
officially the richest man in the
country, remains at the top of the
list, despite his shares in steel-
maker ArcelorMittal SA losing
more than half their value.
The value of his shares in the
steel giant dropped from R45.7-
billion to R16.95-billion in just one
year.
watched the value of his share-
holding in African Rainbow Min-
erals and Sanlam dive from R22-
billion to R14.2-billion.
Nicky Oppenheimer, chairman
of the world’s biggest diamond
producer, De Beers, saw his
shareholding in Anglo American
drop from R16-billion to R5.3-
billion.
In sixth position on the Rich
List is the controversial Elephant
Consortium, an empowerment
vehicle that acquired 6.7% of
Telkom for R3.5-billion in 2005,
and at the time had among its
beneficiaries former civil ser-
vants, politicians and business-
men.
But, like scores of wealthy in-
dividuals hit hard by local and
international financial turmoil,
the Elephant Consortium, head-
ed by Andile Ngcaba and Gloria
Serobe, has lost about R783-mil-
Sexwale, who now holds the gov-
ernment post of minister of hu-
man settlements, just made the
cut-off with R1.2-billion worth of
shares.
The global financial collapse
helped two billionaires gain entry
into the exclusive list of the coun-
try’s 10 wealthiest individuals.
Laurie Dippenaar, who holds
shares worth R1.9-billion in bank-
ing giant FirstRand and RMB
Holdings, is now ranked 10th,
compared with 12th last year.
Pharmaceutical boss Stephen
Saad, who was ranked 17th last
year, with R1.6-billion worth of
shares in Aspen Pharmacare
Holdings, is now ranked ninth
with R2.2-billion.
While Dippenaar and Saad laid
claim to a place on the top 10,
Bruno Steinhoff and electronics
billionaire Bill Venter, who
founded the Altron Group with
Altech. His fortune in shares
dropped from R3.2-billion to R1.5-
billion.
Cellular operator MTN’s chief
executive, Phuthuma Nhleko , os-
tensibly experienced one of the
biggest reversals of fortune, slip-
ping to number 27 on the list from
number 11, as the value of his
shares in the MTN group sank
from R2.3-billion to R637-million,
but this reflects the unwinding of
Newshelf shares in MTN.
Families in the retail sector
seem to have dodged the melt-
down. Pick n Pay’s Ackerman
family, ranked ninth on the list
last year, are now positioned
fifth. Their R3.2-billion share-
holding in Pick n Pay Holdings
has barely budged in the 12
months. Pepkor’s Christo Wiese,
listed fourth — from fifth position
— saw his fortune jump from
R4.3-billion to R5-billion.

OUR CLIENT LIST READS LIKE

THE WHO’S WHO.
BUT WE PREFER NOT TO SAY WHO.
OMcI 15259

Some might consider our strict policy of discretion a hindrance. After all, advertising would be so much easier if we
could mention just a few of our many wealthy and influential clients. But then Citadel has never done anything the
easy way. We prefer to do it the right way, which is to be discreet at all times. Not that we’re paragons of virtue. It’s
just that our wealthcare managers can only do their job of providing highly tailored, efficient and effective solutions
to our clients if they know about their dreams and ambitions, their families and their lifestyles; all of which requires
an atmosphere of openness and trust. It’s an approach that has attracted many people you may have heard of, but
not from us. And that’s the way we think it should be.

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HOW THEY MAKE IT... HOW THEY SPEND IT

6 RICH LIST
November 1 2009

GOLDEN HANDSHAKES ARE CLEAR EVIDENCE OF POOR GOVERNANCE

What a way to go
For some, poor performance seems to be a highway to riches

DALI MPOFU NEIL CUMMING TREVOR MUNDAY RICK REATO

ROB ROSE payout was R19-million for Paul to Munday, which boosted his take only R2.7-million in “other trade” payments.
Hollingworth, the former finan- overall package last year to R20.5- benefits”, which included leave In this year (not included in

A
S the debacle at the SA
Broadcasting Corpora-
tion succinctly illus-
trates, the quickest
route to a swollen bank account is
to be handed a pink slip.
Former SABC boss Dali Mpofu
was given a R12-million “golden
handshake” despite leaving the
broadcaster in far worse shape
than he found it.
This continues a fine tradition
that reached an arguable high
point in 2002 when Coleman An-
drews was paid R256-million to
leave South African Airways.
By comparison, the “termina-
tion of contract” benefits paid to
Khaya Ngqula to leave the airline
last year are small change.
While it is tempting to label
this a disease of state-owned
companies, the private sector has
been only marginally less gen-
erous with the departing.
The largest on termination
cial director of SA- and London-
listed paper company Mondi, as
part of his R27-million salary.
According to Mondi, Holling-
worth left because the finance
ministry stipulated that the fi-
nancial director must be based at
the South African head office.
Hollingworth decided not to re-
locate, so he resigned.
Mondi’s annual report said
that Hollingworth was given a
payment “reflecting his salary,
car allowance and pension con-
tribution for his 12 months’ notice
period”.
Shareholders generally do not
like “golden handshakes” at all.
At Sasol’s annual meeting last
December, pointed questions
were asked about the R16.1-mil-
lion paid to former executive
Trevor Munday after he left in
mid-2007.
Sasol’s annual report said this
was a restraint of trade payment
million.
CEO Pat Davies explained that
Munday had “strategic and tech-
nological” knowledge, so it
“wouldn’t have been in our in-
terests if he went to work for a
competitor”.
Perhaps Davies has a point, but
that looks like a particularly
handy “restraint of trade pay-
ment”.
Neil Cumming, the former
head of the perpetually under-
performing packaging company
Nampak, also scored by resign-
ing.
Last year, Cumming was paid
R10.4-million (more than double
his 2007 salary), including R7.9-
million mostly to compensate
him for an “early retirement”, a
“retirement gratuity”, and a “re-
straint of trade” payment.
Jeff Wright’s departure after
eight years as CEO of agricul-
tural company Afgri saw him
pay. Not that anyone should feel
sorry for Wright, given that he
was paid R20.5-million last year,
and is not earning that badly up
at Country Bird either.
Rick Reato, former CEO of the
South African arm of Arcelor-
Mittal Steel SA, may have only
been shifted to the company’s
London office, but he still man-
aged to secure a R2-million ter-
mination payment.
Signing-on bonuses are handy
too. A broker at Alexander
Forbes, Bruce Campbell, was paid
R13-million as a sign-on fee when
he joined in 2007 as executive
chairman. After much turbulence
he replaced Peter Moyo, who had
quit citing “irreconcilable differ-
ences” with the board.
What is worrying is that gold-
en handshakes seem to be as
popular as ever, even if some of
them are now being cloaked un-
der the guise of “restraint of
this year’s rich list), Steve Booy-
sen was paid a R19.1-million gold-
en handshake for leaving Absa
before his contract expired. As
Booysen recently spoke about his
testy relationship with Absa
chairman Gill Marcus, this is a
clear sign that bad relations at
the board can be expensive for
shareholders.
But the popularity of golden
handshakes is surprising, despite
clear evidence that it is poor
governance.
The new King III report says
that “balloon payments on ter-
mination do not generally meet
the requirements of a fair and
balanced remuneration policy”.
After all, any director who
knows that poor performance
will net him a windfall is not
incentivised to perform to his
peak.
Time for the sordid practice to
stop.

All pay, but no work
SA’S highest paid
nonexecutive director,
Pieter Cox, took home
R24-million from Sasol
last year without having
a day job at the group.
His take-home pay
includes R3.7-million in
chairman’s fees and
R20.3-million from
cashing in some shares.
There are many people
who earn millions from
companies without
having to clock in each
morning.
Cyril Ramaphosa
earned R8.75-million
from six companies, with
the bulk coming from his
chairmanship of Mondi.
None of his earnings in
2008’s Rich List are from
the company where he
does have a day job —
Shanduka.
Multiple board
member David Nurek
earned R6.85-million
from eight companies
where he holds
nonexecutive positions.
This includes a
R3.5-million gain on
Clicks shares (so much
for nonexecutives being
independent).
Bruno Steinhoff,
nonexecutive at Steinhoff
International, took home
R9.8-million last year,
including a R6.9-million
salary, and the rest in
fees. — Marcia Klein
Tapping the mother lode Taking their fair share
MOST of SA’s billionaires
have made it rich in mining
and commodities, if one
looks at the top ranks of the
Rich List. Also high up are
people who have made it in
the retail sectors, financial
services, pharmaceuticals
and telecommunications.
The top three — Lakshmi
Mittal, Patrice Motsepe and
Nicky Oppenheimer —
have all made their for-
tunes in mining and com-
modities. Christo Wiese,
ranked fourth, has a num-
ber of investments, but the
bulk of his wealth is in
retail through Shoprite.
The Ackerman family,
through Pick n Pay, are just
behind.
In healthcare, Aspen and
Discovery have made some
people very wealthy. As-
pen’s Stephen Saad and
Gus Attridge are ranked
9th (R2.4-billion) and 19th
(R821-million) on the Rich
List, while Discovery’s
Adrian Gore and Barry
Swartzberg are ranked
14th (R1.4-billion) and 21st
(R730-million). Among the
bankers, Laurie Dippenaar
and G T Ferreira, through
FirstRand and RMB, are
ranked 10th and 11th with
R1.9-billion and R1.8-billion
respectively. The other
member of the FirstRand
trio, Paul Harris, is ranked
24th with R666-million. —
Marcia Klein
IT HAS been profitable to
leave poorly paid politics
for business.
A number of former po-
litical bigwigs who have
crossed the floor feature
on this year’s Rich List.
The most notable is
Cyril Ramaphosa, whose
investments in Standard
Bank, Bidvest and Assore
place him 17th on the list,
worth R988-million.
Just above him is Tokyo
Sexwale, who has re-
turned to politics — and
who can afford to, because
his investments in Mve-
laphanda (Group and Re-
sources) were worth R1.2-
billion at the end of
March.
Among other former no-
table politicians, Saki Ma-
cozoma had shares in Stan-
dard Bank worth R392-mil-
lion. Jakes Gerwel’s shares
in Brimstone were worth
R58-million while Valli
Moosa’s Sun International
shares, as well as smaller
holdings in Angloplat and
Sanlam, were worth R56-
million.
Bulelani Ngcuka’s shares
in Buildmax and Basil Read
were worth R20-million.
Alistair Ruiters’s shares
in Metmar were worth R33-
million.
Lulu Gwagwa’s shares in
Sun International and Vox
Telecom were worth R49-
million. — Marcia Klein
HOW THEY MAKE IT... HOW THEY SPEND IT

RICH LIST 7
November 1 2009

GLASS CEILING MUCH IN EVIDENCE ON RICH AND EARNINGS LISTS

Big paydays still eluding women

Just not good
enough— BWA

an Authorised Financial Services Provider. FAIS Licence no. 30414

tbsp /// beyond the line 32946

JANE STEINACKER

S
OUTH African women are
still stuck in the corporate
kitchen, with only three
making this year’s Sunday
Times Top 100 earnings list.
Diane Radley from Altron is 18th
on the list (earning R28.5-million,
largely made up of R2.7-million
salary and R25.3-million on share
gains), followed by Cynthia Carroll
at 28th, with R22-million. Carroll
was ranked 11th last year, when she
earned more than R37-million.
The only other high-earning
woman in the Top 100 earners was
Sasol’s Nolitha Fakude, who took
home R12.5-million last year, a high
salary for a company executive.
Another high-earning female ex-
ecutive at Sasol is Christine Ramon,
who earned R6.1-million.
Nonkululeko Nyembezi-Heita,
one of the few women who is CEO of
a major company, ArcelorMittal SA,
earned R4.9-million — a salary not
anywhere near putting her on the
list of high earners.
At parastatals, Transnet paid its
former CEO Maria Ramos R5.8-mil-
lion last year. Her salary is set to
soar this year now that she is at
Absa.
Among SA’s richest people, there
is only one woman in the Top 100.
SA’s richest woman, according to
the Rich List, is the relatively un-
TEXTOPHOBIA
known Sharon Wapnick, whose in- ~ The fear of fabrics.
vestments in Octodec Investments
and Premium Properties are valued
at R195-million, placing her 79th.
Antoinette Sedibe’s investment
in Keaton Energy, valued at R101-
million, places her second among
women, but only 124th on the list.
Mamphela Ramphele is worth
R93-million through the value of her
Medi-Clinic shares, and Mvelaphan-
da’s Yolanda Cuba is worth R85-
million through her shareholding in
Steinhoff International.
The number of women rising to
stronger commercial positions is
growing, but at a snail’s pace.
The South African Women in
Corporate Leadership study con-
ducted by the Business Woman’s
Association (BWA) shows that the
percentage of executive manage-
ment posts held by women has in-
creased from 14.7% in 2004 to 25.3%.
According to BWA president
Basetsana Kumalo: “In real terms,
this has grown from 739 to 1 227
women,” of which only 13 hold po-
sitions as CEOs and chairmen of
boards.
While the study showed an in-
crease in top positions held by wom-
en, it also showed that these women There are lots of things to be scared of. Insurance needn’t be one of them.
were being paid significantly less
than men and that female repre-
At Alexander Forbes, we’ve learnt a thing or two over the years about putting motor and household
sentation on boards was still low.
insurance-related fears to rest. We provide the widest cover with the least exclusions, and we give
The study further showed that
even though board representation you the option of an up-front discount on your premium when you sign up with us, which puts money
had increased by 1.4% since 2007, back into your pocket immediately. We also give each of our clients their own personal consultant
this was actually a downward trend who deals exclusively with their policy and all matters pertaining to it. Simply, we make insuring as
as the number of company boards effortless and as comprehensive as possible. Because we believe that while some fears in life might
had increased by 17 in the past year. need to be accepted, insurance-related fears are just irrational.
There were 318 in 2007 and 335 in
2008. www.afi.co.za Tel: 0860 111 234 Your World is our World
This was just not good enough,
said the BWA’s Yvette Montalbano. Terms and conditions apply.
HOW THEY MAKE IT... HOW THEY SPEND IT
8 RICH LIST
FIVE OF THE TOP WALLET-WHACKING WHEELS OF FORTUNE
Simply the best
Head-turners with all the power and luxury money can buy
PORSCHE PANAMERA TURBO
F
RESH from its debut at
the 2009 Frankfurt Motor
Show, the Ghost is the lat-
est member of the exclu-
sive Rolls-Royce clan.
Sleeker and more driver-
focused than its bigger Phantom
brother, this Roller is endowed
with a 6.6-litre twin-turbo V12
engine that is good for 100km/h in
4.7 seconds.
Undeniably cool on the outside,
the Ghost also has one of the
plushest interiors known to man.
Handcrafted from the finest
Fine fare Spas an
for the truly option to
discerning the scalpel
JUSTICE MALALA
DON’T go to the Michelangelo
Hotel and think you have been
places. That’s crass. So is the faux
sophistication of Auberge Michel
— that’s for people on govern-
ment expenses, like Paul
Mashatile.
Show some class. Go here:
1. Assaggi: There are probably
more millions per table at this
Johannesburg eatery than you
will find anywhere else in the
country. The food is fantastic (try
the chicken or the spaghettini
aglio olio, and start with the zuc-
chini fritti).
2. The Fisherman’s Plate: The
crab curry is, simply, heaven.
3. The Tasting Room: Be sure to
book into the Quartier Francais,
home of this restaurant. Then
settle down to the eight-course
tasting menu paired with local
wines. A meal to savour and an
experience to treasure.
4. Reuben’s: Unassuming, un-
derstated, but heck, the food is so
mouth-watering, so well pre-
pared, it is no wonder it flirts with
being one of the best in the coun-
try.
5. Mariana’s Home Deli: To get
a table in the next three months
you will have to know someone
who knows someone. But when
you do finally get there, you will
experience one of the most grat-
ifying dining experiences in SA.
MASERATI QUATTROPORTE SPORT GT S
hides and wood veneers, it is
home to a 16-speaker sound sys-
tem and lamb’s wool floor mats.
Porsche Panamera Turbo: From
R1.18-million
Forget that ostentatious
Cayenne. The Porsche making
the biggest impression in the
business world at the moment is
the new Panamera Turbo, a
Bahn-busting supercar that can
carry four people in comfort and
top out at a speed of more than
300km/h.
ADELE SHEVEL
THOUGH plastic surgery is
still on the menu of the well-
heeled, many continue to
support non-surgical ways of
looking after themselves.
At good spas, a day package
costs anything from R900 to
R4 500. Top spas, according to
Sarah McGrath, MD of
concierge service
Quintessentially, include:
ý Ellerman Villa in Bantry
Bay, which offers seclusion and
privacy. Guests can hire the
whole floor should they wish;
ý The Island Spa at the
One & Only Hotel in Cape
Town is so called because
different sections are
surrounded by water;
ý OneWellness in Sandton
and Cape Town, where you can
get spa and gym membership;
ý Equinox Spa at the Cape
Royale Hotel and Residence in
Green Point and
ý Mangwanani Day Spas,
with the flagship spa just
outside Pretoria.
McGrath said clients become
loyal to a particular spa and
spas become popular through
word of mouth.
For those who find even
getting to a spa is too much like
hard work, there is the option
of calling the masseur or
therapist to your home.
BENTLEY CONTINENTAL FLYING SPUR
Maserati Quattroporte Sport
GTS: From R2-million
While the original Maserati
Quattroporte was a good enough
car to begin with, this new Sport
GT S version offers increased
straight-line performance and
cornering prowess. A stiffened
suspension ensures keener han-
dling and that all-new eight-cylin-
der engine dishes out more pow-
er and torque than ever.
Bentley Continental Flying Spur:
POA
Pay up to Can I buy
tee up at you a
River Club drink?
JEREMY THOMAS
IT IS nice to know there is still
something not even the wealth-
iest person can be guaranteed
being able to buy — and that’s the
right to play on South Africa’s
most exclusive golf course.
Membership of River Club in
Bryanston is tightly limited and
opportunities to play on the
course are extremely rare — un-
less you have a roster of mates
who happen to be members.
If you do crack the nod, the
course is a revelation. Apart from
one eyesore on the horizon down
Randburg way, there is little to
remind you that common people
lurk in the vicinity. River Club is
tranquil, manicured to perfection
and a devil of a test for anyone
who thinks it too pretty to be
more than a pushover.
There may be tougher courses,
like Randpark, or ones with a
more openly illustrious list of
members — like Johannesburg
Country Club — but River Club
quietly trumps them all.
Forget about pitching up with
your chequebook and hoping to
join. The only time you need con-
cern yourself with annual subs is
after you get the discreet tap on
the shoulder inviting you to be a
member. Costs of membership
vary from year to year and it
would be considered vulgar to
ask what you are in for.
Another rapid four-door luxury
saloon, the Bentley Continental
Flying Spur combines the best of
British styling with bulletproof
German mechanicals. On the
open road it provides impressive
performance too, thanks to a 12-
cylinder engine. Fitted with twin
turbochargers, it whips out an
incredible 412kW and is capable
of running this 2.4-tonne mono-
lith to a top speed of 312km/h.
Mercedes-Benz S 65 AMG: From
R2.1-million
CRAIG JACOBS
IF YOU are turning up at GT
Ferreira’s place and you would
like to bring him a tipple that
would earn you kudos,
Vaughan Johnson of the
Vaughan Johnson Wine and
Cigar Shop at Cape Town’s
Waterfront suggests you
consider a bottle of Columella
from Malmesbury winemaker
Eben Sadie, which earned the
highest score in the latest John
Platter guide.
There is nothing wrong with
bringing along a bottle of
Billecart-Salmon Rosé (which
goes for just R900 a pop from
Vaughan Johnson Wine and
Cigar Shop), but if you really
want to impress a trendy
billionaire, follow R&B
superstar P Diddy’s lead and
cough up R8 050 for a 750ml
bottle of Louis Roederer
Cristal Rosé, the undisputed
king of champagne bling. You
will find Cristal at Norman
Goodfellows in Illovo,
Johannesburg.
Norman Goodfellows also
sells 50-year-old Glenfiddich,
which will set you back
R150 000 for the 750ml in a
select cask — which is bound
to impress Tokyo, though
possibly not if you throw in the
fact that he could have built
five RDP houses for that price.
November 1 2009
MERCEDES-BENZ S 65 AMG
Still the world’s best mainstream
limo, Mercedes-Benz’s legendary
S-Class delivers uncompromis-
ing comfort and power. This
classy executive can dash to
100km/h in 4.4-seconds thanks to
its V12 bi-turbo engine.
Also renowned for its driver
safety, the S 65 AMG is equipped
with Night View Assist Plus, an
innovative optic system that pro-
jects a clear, infra-red image of
the road ahead onto the LCD
display for night driving.
— Thomas Falkiner
Breaking
bread with
billionaires
CRAIG JACOBS
BILLIONAIRES love fine dining,
and many breathed a sigh of re-
lief in April this year when Sun
King Sol Kerzner returned to the
local hotel industry with the star-
studded arrival of the One & Only
at Cape Town’s Waterfront.
While the hotel boasts its own
private villas, it is Nobu restau-
rant that has really attracted the
pinnacle of the local wealth set.
The restaurant under the helm
of famed Japanese chef Nobu
Matsuhisa is the only Nobu
restaurant in Africa and features
décor touches like an origami
light fixture and a sculpture by
SA artist Brett Murray. Who on
our Rich List has been known to
savour Nobu’s Japanese fine din-
ing experience, which includes
black cod Den Miso for R435 or its
specially flown-in Wagyu beef (at
R385 per 100 grams)?
Johann Rupert and Patrice
Motsepe have both been spotted
there. Also in Cape Town, but
further out, on the Constantia-
Uitsig wine estate, billionaires
with a penchant for Asian and
French fusion food from award-
winning chef Luke Dale-Roberts
frequent La Colombe. The restau-
rant is a favourite of Raymond
Ackerman and Tokyo Sexwale. It
offers a six-course menu for R600
without wine, or R800 per head
with the estate’s wines.