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Net Worth
Cyril Ramaphosa, the President of South Africa, has a net worth estimated at $450 million. He accumulated his wealth through various ventures, including his role as the founder and chairman of the investment firm Shanduka Group. Additionally, he owned McDonald’s South Africa through Shanduka Group. Ramaphosa also made investments in the mining, finance, and Coca-Cola bottling industries.
Highlights
– Cyril Ramaphosa has a net worth of $450 million.
– He is best known for being the President of South Africa.
– Ramaphosa founded and chaired the investment firm Shanduka Group.
– His company Shanduka Group once owned McDonald’s South Africa.
– Ramaphosa has been ranked as one of the richest people in South Africa.
Early Life
Cyril Ramaphosa was born on November 17, 1952, in Soweto, Johannesburg, in what was then the Union of South Africa. He was the second of three children born to Venda parents Erdmuth and Samuel. Ramaphosa attended Tshilidzi Primary School, Sekano Ntoane High School, and Mphaphuli High School as a youth.
After completing his secondary education, Ramaphosa pursued a law degree at the University of the North in Limpopo Province. He actively participated in student politics during his time at the university. In 1974, he faced a period of solitary confinement for 11 months due to his involvement in organizing pro-FRELIMO rallies. He was detained once again in 1976. Following his release, Ramaphosa worked as a law clerk while continuing his legal studies through the University of South Africa.
Career
National Union of Mineworkers: After completing his law degree, Ramaphosa became an advisor in the legal department of the Council of Unions of South Africa. He went on to establish the National Union of Mineworkers (NUM), which became an affiliate of the Congress of the South African Trade Unions. Ramaphosa served as the first secretary general of the NUM and played a crucial role in leading mineworkers during one of the largest strikes in South Africa’s history. Additionally, he played a significant role in developing the Mass Democratic Movement.
African National Congress (ANC): Following his resignation from the NUM in 1991, Ramaphosa became the secretary general of the African National Congress. He headed the ANC’s delegation during the negotiations that marked the end of apartheid. In 1994, he became a Member of Parliament following South Africa’s first fully democratic elections. Ramaphosa was elected as the chairperson of the constitutional assembly and was reelected as the secretary general of the ANC. He later resigned from the ANC in 1996 with the intention of leaving politics.
Business and Public Service: Venturing into the business world, Ramaphosa founded the investment holding company Shanduka Group, which focused on various sectors, including mineral resources, insurance, real estate, and banking. He also held positions as the chairman of MTN, Bidvest, and Mondi, and served on the board of platinum metal producer Lonmin. In 2011, Ramaphosa acquired the master franchise agreement for owning McDonald’s in South Africa.
Ramaphosa also engaged in public service at an international level. He served as the first vice chairman of the Commonwealth Business Council, was appointed to the Independent International Commission on Decommissioning in Northern Ireland, and had a role as the deputy chairperson on the National Planning Commission.
Return to Politics: In 2012, Ramaphosa reentered politics and was elected as the deputy president of the ANC. He held onto that position after being reelected in 2014.
Deputy President of South Africa: Following his reelection as the deputy president of the ANC, Ramaphosa was appointed as the deputy president of South Africa. He also took on the role of chairman of the National Planning Commission. In 2018, he led South Africa’s delegation to the World Economic Forum in Davos, taking over from President Zuma.
President of ANC and South Africa: Running on an anti-corruption platform, Ramaphosa was elected as the president of the ANC in late 2017. The following year, he became the president of South Africa after President Zuma’s resignation. In his first State of the Nation Address, Ramaphosa emphasized the importance of economic growth, youth employment, and increased tourism. He also reduced the size of the Cabinet, removing many individuals from Zuma’s former Cabinet. In May 2019, Ramaphosa was elected unopposed for his first full presidential term.
During his presidency, Ramaphosa prioritized the economy and land reform as key issues. He worked towards legitimizing the South African cannabis industry and established the Youth Employment Service. Ramaphosa received praise for his effective safety measures during the COVID-19 pandemic. However, criticism has been directed towards him regarding potential corruption and obstruction of justice in relation to the Phala Phala robbery in 2020, where he was accused of kidnapping and bribing the burglars of his game farm into silence.
Personal Life
Ramaphosa was married to Hope from 1979 to 1989, and they have a son together. He then married Nomazizi Mtshotshisa from 1991 to 1993. In 1996, Ramaphosa married physician Tshepo Motsepe. He is believed to have five children in total.
In addition to his luxury Lion’s Head mansion in Cape Town, Ramaphosa owns 30 other properties around the world.
Net Worth Over Time
Cyril Ramaphosa’s net worth has experienced significant growth throughout his career. As the founder and chairman of Shanduka Group, he accumulated wealth from various industries, including mining, finance, and Coca-Cola bottling. In 2011, the Chinese Investment Corporation paid $245 million for a 25% stake in Shanduka Group. Eventually, the entire company was sold to the Pembani Group in 2015, which reportedly earned Ramaphosa a minimum of $200-300 million from the transaction. Today, his net worth stands at $450 million.
Components of Net Worth
Cyril Ramaphosa’s net worth can be attributed to various sources:
1. Investments: Ramaphosa generated significant wealth through his investment firm, Shanduka Group, which focused on mineral resources, insurance, real estate, banking, and other sectors.
2. Ownership: He owned McDonald’s South Africa through Shanduka Group.
3. Business Ventures: Ramaphosa held positions as chairman and board member in several prominent companies, including MTN, Bidvest, Mondi, and Lonmin.
4. Political Career: As the President of South Africa, Ramaphosa receives an annual salary of 3.9 million Rand, equivalent to $227,000 USD.
It is important to note that net worth estimates are subject to change and can fluctuate based on various factors, including changes in investments and business activities.
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