South Africa

All the companies Cyril Ramaphosa owned that made him a billionaire

President Cyril Ramaphosa is one of the country’s wealthiest individuals, making billions in the private sector before returning to politics.

While Ramaphosa’s exact net worth is not currently known, his wealth was estimated at over R6.4 billion in 2018.

His wealth is the product of a journey that spans anti-Apartheid activism to significant business ventures, making him a key figure in South African politics and the country’s business landscape.

Born on 17 November 1952 in Soweto, Johannesburg, Ramaphosa was the second of three children to Erdmuth and retired policeman Samuel Ramaphosa. 

He completed his high school education at Mphaphuli High School in 1971. 

A year later, Ramaphosa enrolled in the University of the North (Turfloop) to study law, but his growing involvement in student politics led to several detentions under Apartheid laws. 

He spent 11 months in solitary confinement in 1974 for organizing pro-Frelimo rallies and was arrested again during the 1976 Soweto uprising.

Despite these interruptions, Ramaphosa continued his legal studies through the University of South Africa (UNISA), eventually earning his Bachelor of Procurationis (B.Proc) degree in 1981. 

His legal career helped him to get involved in the Council of Unions of South Africa (CUSA), where, in 1982, he was asked to form a union for mineworkers. 

This led to the creation of the National Union of Mineworkers (NUM), with Ramaphosa serving as its first General Secretary.

Ramaphosa’s work with NUM solidified his prominence in the labour movement. He was instrumental in forming the Congress of South African Trade Unions (COSATU) and the broader anti-Apartheid Mass Democratic Movement. 

By 1991, Ramaphosa had become a leading figure in the African National Congress (ANC), serving as its General Secretary and chief negotiator during the Apartheid negotiations that led to South Africa’s first democratic elections in 1994.

Cyril Ramaphosa in 1987 during the aftermath of a NUM strike. Image: Flickr/Abayomi Azikiwe

Many considered him a potential successor to Nelson Mandela, but Ramaphosa opted for the private sector after losing out to Thabo Mbeki for the presidency in 1999.

In 2001, Ramaphosa founded Shanduka Group, a black economic empowerment (BEE) investment firm. 

Shanduka rapidly expanded its portfolio across sectors such as mining, telecommunications, energy, and real estate. 

Notable investments included stakes in MTN, Coca-Cola, Standard Bank, and Seacom. Under Ramaphosa’s leadership, Shanduka became a model for BEE’s success and was valued at over R20 billion by 2014.

One of Ramaphosa’s most significant business deals was acquiring a 20-year master franchise agreement for McDonald’s South Africa, overseeing the operation of 145 restaurants. 

His influence extended further through board positions at companies such as Bidvest, Mondi, and SABMiller. He also chaired MTN, one of Africa’s largest telecom providers, for over a decade.

However, Ramaphosa’s ventures were not limited to corporate boardrooms. He has also dabbled in agriculture, particularly with Ankole cattle, importing them to South Africa after a deal with Ugandan President Yoweri Museveni. 

His cattle business flourished through Ntaba Nyoni Estates, and a 2024 auction at his Phala Phala farm earned nearly R15 million in sales.

Despite his success in the private sector, Ramaphosa made his political comeback in 2012, winning the position of ANC Deputy President. 

Supported by then-President Jacob Zuma, Ramaphosa returned to government and became South Africa’s Deputy President in 2014.

To avoid conflicts of interest, Ramaphosa divested from his business holdings when he became Deputy President, merging Shanduka with the black-owned Phembani Group in 2015. 

Although the financial details of the deal were not disclosed, it was estimated that Ramaphosa earned between $200 and $300 million from the sale.

In 2017, Ramaphosa ran for the ANC presidency, eventually defeating Nkosazana Dlamini-Zuma. 

Following Zuma’s resignation in 2018, Ramaphosa became President of South Africa. He was re-elected in 2019 and again in 2024 after securing the support of various political parties.

When Ramaphosa was elected in 2019, optimism about his presidency was widespread, even earning its own name – ‘Ramaphoria’.

‘Ramaphoria’ refers to the wave of optimism, hope, and enthusiasm that swept through South Africa when Ramaphosa succeeded Zuma, who had been mired in corruption scandals and economic mismanagement during his presidency.

Ramaphosa was seen as a reformist leader with the potential to restore confidence in South Africa’s political leadership, revive the economy, and tackle corruption. 

His background as a successful businessman and former union leader contributed to the perception that he was uniquely positioned to address the country’s challenges, including unemployment, inequality, and the economic damage left by the Zuma administration.

However, this initial optimism gradually soon gave way to “Ramareality” as the difficulties of implementing reforms in a challenging political environment became more apparent.

Despite his business success and initial optimism, Ramaphosa’s presidency has been mired in controversy.

Notably, while better than his predecessor, Ramaphosa has been criticised for his handling of South Africa’s economy.

Under Ramaphosa’s leadership, South Africa’s fiscal health has continued to deteriorate, with the government posting deficit after deficit and debt skyrocketing.

Ramaphosa’s most notable scandal was the 2022 theft of $580,000 from his Phala Phala farm. 

Allegations of a cover-up were made by former spy chief Arthur Fraser, leading to calls for investigations. 

However, Ramaphosa was cleared of breaching ethical guidelines, and the Reserve Bank cleared him of allegations that he contravened exchange control regulations.

As of 2024, Ramaphosa earns an annual salary of around R4.2 million, which he has previously donated to charity. 

Rampahosa’s political image took a turn this year when, following the national elections in May, he was instrumental in establishing the Government of National Unity (GNU).

The GNU has only been in power for a few months, and the coalition’s effectiveness over the long term is still yet to be seen.

However, the formation of the GNU has been widely celebrated, and is already implementing reforms that could see South Africa’s fortunes change.

While steeped in controversy, it is undeniable that Ramaphosa has had a marked influence in South Africa’s political and economic spheres. 

His journey from Soweto to the presidency encapsulates his role as one of South Africa’s most influential and wealthy figures.

President Cyril Ramaphosa meeting with business leaders

The companies Cyril Ramaphosa owned

Below is an overview of all the companies in the Shanduka portfolio before it merged with Phembani.

These companies include many of South Africa’s top businesses, including MTN, Coca-Cola, McDonald’s, Standard Bank, Alexander Forbes, Liberty Group, and Bidvest.

Ramaphosa’s financial interests are also recorded in Parliament’s Register of Members’ Interests for 2017.

Ramaphosa has not been included in this register since, as 2017 was the last year he formed part of the legislative rather than executive arm of government and was required to disclose his interests.

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