Seven of the country’s wealthiest dollar billionaires have once again made it onto Forbes’ annual Rich List, while SA mining magnate Desmond Sacco fell off the latest list
Mining magnate and Assore Limited managing director Desmond Sacco is no longer a billionaire following disappointingly steep declines in the company’s share price brought on by a marked drop in the price of iron ore.
According to Forbes, Sacco’s net worth has halved over the past year from $1,4 billion (R16,4 billion) in 2013, disqualifying him for inclusion.
Also eyebrow raising was African Rainbow Minerals CEO Patrice Motsepe’s spectacular 18,5% net worth fall over the year from $2,7 billion (R31,7 billion) last year to $2,2 billion (R25,8 billion) this year.
Motsepe was ranked 894th on the global list and 5th among SA’s richest people.
Click “Continue Reading” to see the South Africa’s wealthiest dollar billionaires