South Africa’s mining magnates are more than industry leaders, they are central figures in an economy built on some of the world’s richest mineral reserves. From gold and platinum to coal and diamonds, these business heavyweights have shaped global commodity markets while anchoring the country’s industrial and financial systems. Their influence extends beyond extraction, spanning banking, infrastructure, and energy, key pillars of Africa’s most industrialized economy.

At the forefront are figures such as Ivan Glasenberg, Nicky Oppenheimer, and Patrice Motsepe, whose fortunes are closely tied to the production and trade of the country’s most valuable resources. Glasenberg built Glencore into one of the world’s most dominant mining and commodities trading firms, while the Oppenheimer family’s legacy continues to define the global diamond industry. Motsepe, widely recognized as Africa’s first Black billionaire, has reshaped the sector through African Rainbow Minerals, promoting diversification and broader participation in mining.

Their reach extends well beyond corporate boardrooms. Several of these figures have played influential roles in governance, philanthropy, and economic development. Cyril Ramaphosa and Bridgette Radebe have bridged the gap between business and politics, while investors such as Desmond Sacco and Brian Menell have broadened their footprint through strategic investments that support economic expansion and social initiatives.

As South Africa navigates volatile commodity prices, regulatory pressures, and global economic uncertainty, these mining leaders remain central to the country’s financial trajectory. Their wealth, largely derived from resources that power industries worldwide, underscores both the nation’s resource-driven strength and the persistent challenge of achieving inclusive growth.

In this report, Shore.Africa profiles the 10 wealthiest figures in South Africa’s mining sector, examining their business empires, investment strategies, and the evolving role of mining in shaping the country’s economic future.

1. Ivan Glasenberg
Net Worth: $13.1 billion
Ivan Glasenberg built his fortune at Glencore, the world’s largest commodity trading and mining company. As CEO from 2002 to 2021, he steered the company through major deals, including the $29 billion acquisition of Xstrata in 2013, cementing its dominance in global resources. Though he stepped down as CEO, he remains one of Glencore’s largest shareholders, holding a 10.39% stake worth £6.35 billion ($8.4 billion). Beyond mining, Glasenberg has served on the boards of Minara Resources, United Company Rusal, and Century Aluminum. In 2024, he made an unexpected move into the consumer sector by acquiring Italian bicycle manufacturer Pinarello, marking his first venture outside commodities.

Ivan Glasenberg Glencore dividend — Ivan Glasenberg

2. Nicky Oppenheimer
Net Worth: $10.6 billion
Nicky Oppenheimer, South Africa’s second-richest person and Africa’s third wealthiest, has expanded his business interests well beyond diamonds. Since selling his family’s 40% stake in De Beers to Anglo American for $5.2 billion in 2012, he has built a diverse investment portfolio through Oppenheimer Generations. His firm manages global investments across private equity, technology, and agriculture, with stakes in Tana Africa Capital, 4DI Capital, and Stockdale Street. Oppenheimer’s interests also extend to aviation and conservation. He owns Fireblade Aviation, a high-end private jet service, and controls vast conservation holdings, including Tswalu Kalahari, South Africa’s largest private game reserve, and Shangani Ranch, a key player in Zimbabwe’s beef exports. Through the Brenthurst Foundation, he actively promotes economic policy and sustainable development across Africa.

Tswalu Kalahari conservation reserve — Nicky Oppenheimer

3. Patrice Motsepe
Net Worth: $3.6 billion
Patrice Motsepe, South Africa’s wealthiest Black billionaire, built his fortune in mining and has since expanded into finance and energy. As the founder of African Rainbow Minerals (ARM), he holds a 45.9% stake in the company, which has major investments in gold, platinum, copper, and coal. Motsepe’s influence extends beyond mining. Through his investment firm African Rainbow Capital (ARC), he owns a stake in TymeBank, one of South Africa’s fastest-growing digital banks. ARC’s portfolio includes nearly 50 companies, among them Sanlam Investment Holdings and African Rainbow Energy and Power, which focuses on renewable energy. A committed philanthropist, he joined The Giving Pledge in 2013 and has donated millions to uplift communities across South Africa.

South African billionaire Patrice Motsepe.

4. Christo Wiese
Net Worth: $1.9 billion
Christo Wiese, a South African 83-year-old billionaire and retail magnate, is reigniting his early ties to diamond mining through Trans Hex Group. Best known for his stake in Shoprite Holdings, Africa’s largest retailer, Wiese first entered the diamond industry in 1976 but exited to finance the acquisition of Pepkor, a pivotal move in his retail empire. Now, his mining unit is exploring the Kaapvaal Craton, a diamond-rich region which geologists believe has shaped South Africa’s mining legacy for over 2.5 billion years. Co-owned by his son-in-law, Trans Hex aims to diversify into phosphate, lithium, gold, and platinum using advanced technology. Despite his net worth plunging from $7 billion to $1.9 billion after the 2017 Steinhoff crisis, Wiese remains undeterred, citing employment creation and foreign currency generation as key benefits of his mining resurgence.

Titan Fincap restructuring deal — Christo Wiese

5. Desmond Sacco
Net Worth: $1.1 billion
Desmond Sacco, a seasoned geologist and mining magnate, chairs Assore Group, one of South Africa’s leading mining firms. He owns 32% of Assore and a 50% stake in Assmang Limited, a joint venture with African Rainbow Minerals, giving him control over major iron ore, manganese, and chrome operations. His investments also extend into gemstones. He holds a 12.7% stake in Gemfields Group, one of the world’s top producers of emeralds and rubies, which owns the prestigious Fabergé brand. Through The Sacco Foundation, he funds education, poverty alleviation, and healthcare initiatives, cementing his legacy in both business and philanthropy.

6. Cyril Ramaphosa
Net Worth: $450 million
Cyril Ramaphosa, South Africa’s president since 2018, built his fortune before re-entering politics. A former anti-apartheid activist and trade unionist, he played a pivotal role in South Africa’s transition to democracy. After leaving politics in 1996, he founded Shanduka Group, investing in mining, McDonald’s South Africa, and financial services, amassing a net worth of $450 million. Returning to politics in 2012, he became deputy president under Jacob Zuma before taking office in 2018. Re-elected in 2024 despite the ANC losing its parliamentary majority, Ramaphosa remains a key figure in shaping South Africa’s political and economic landscape.

7. Brian Menell
Net Worth: $200 million
Brian Menell, a South African mining magnate, is the founder of TechMet, a critical minerals investment firm backed by the U.S. International Development Finance Corporation (DFC) and private investors like Mercuria Energy. In 2024, TechMet raised $200 million in equity, pushing its valuation past $1 billion. Since launching TechMet in 2017, Menell has focused on metals essential for clean energy, including lithium, vanadium, and rare earth elements. His global portfolio spans projects in the U.S., Brazil, and the UK, where the company recently invested $67 million in a lithium supply chain initiative.

8. Bridgette Radebe
Net Worth: $100 million
Bridgette Radebe, South Africa’s first Black female mining entrepreneur, built Mmakau Mining into a significant player in gold, platinum, and chrome extraction. She also played a key role in her brother Patrice Motsepe’s African Rainbow Minerals. Beyond mining, Radebe has held leadership roles in African Rainbow Capital Investments, Shaft Sinkers, and Sappi Limited. Through the New Africa Mining Fund, she supports Black-owned and junior mining companies, shaping the future of Africa’s mining industry.

9. Saki Macozoma
Net Worth: $25 million
Saki Macozoma, a former anti-apartheid activist and Robben Island prisoner, has risen to become a leading figure in South Africa’s corporate and investment sectors. He chairs Vodacom South Africa and Safika Holdings, a major investment firm he co-founded in 1995. Macozoma made history in 1996 as Transnet’s first Black managing director and later held leadership roles at Standard Bank, Liberty Holdings, and STANLIB. A key player in South Africa’s mining industry, he co-established Ntsimbintle Holdings, which controls the country’s largest manganese mine, Tshipi Borwa. His influence extends to Volkswagen South Africa, Mondi Plc, and Mokala Manganese, among others. Beyond business, Macozoma remains active in civil society, advising the Eastern Cape Premier and chairing the KwaZulu-Natal Philharmonic Orchestra.

10. Gary Nagle
Net Worth: $10 million
Gary Nagle, a leading South African business executive, has cemented his status as a key figure in the global mining industry. As CEO of Glencore since 2021, he has driven the Swiss multinational to record profits, with revenue soaring from $203.75 billion in 2021 to $230.94 billion in 2024. A Glencore veteran since 2000, Nagle played a pivotal role in the company’s expansion, notably contributing to Xstrata’s London listing in 2002. His leadership spans continents, from Colombia to Australia and South Africa, where he previously headed Glencore’s Ferroalloys division. Holding a 0.016% stake in the company, valued at £12.37 million ($16.36 million), Nagle continues to shape the global mining landscape, reinforcing Glencore’s dominance.