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  • Down, but not out - The Desk · BUSINESS TIMES Business Times, 30-Nov-2008-Page 1, Cyan Business...
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Lakshmi Mittal Patrice Motsepe Nicky Oppenheimer Rembrandt Trust (Rupert Family) Christo Wiese Desmond Giulio Sacco Elephant Consortium Bill Venter Ackerman Family Bruno Ewald Steinhoff Phuthuma Nhleko Laurie Dippenaar Royal Bafokeng Consortium GT Ferreira Giovanni Ravazzotti Rob Nisbet Stephen Saad Irene Charnley Sifiso Dabengwa Tokyo Sexwale ArcelorMittal South Africa African Rainbow Minerals Sanlam Anglo American plc Remgro Invicta Holdings PSG Group Shoprite Holdings Tradehold Assore Telkom SA Limited Allied Electronics Corporation Allied Technologies Pick n Pay Holdings PSG Group Steinhoff International Holdings MTN Group Discovery Holdings FirstRand RMB Holdings Merafe Resources Limited RMB Holdings Italtile Ceramic Industries MTN Group Aspen Pharmacare Holdings MTN Group MTN Group Absa Group Mvelaphanda Group Mvelaphanda Resources 52.02% 41.55% 5.36% 2.50% 33.15% 8.18% 15.15% 61.19% 23.43% 5.80% 56.14% 0.02% 49.31% 0.44% 11.75% 1.03% 0.10% 0.06% 7.47% 29.40% 7.21% 54.39% 36.58% 0.76% 13.58% 0.73% 0.73% 0.00% 16.90% 7.11% 45 680 45 680 22 101 19 745 2 356 16 124 16 124 9 044 9 044 4 313 640 273 3 113 287 4 047 4 047 3 997 3 997 3 238 3 236 1 3 206 3 206 2 885 15 2 870 2 374 2 374 2 329 14 102 2 213 2 283 2 283 2 136 2 136 1 911 1 287 625 1 748 1 748 1 695 1 695 1 674 1 674 1 673 1 673 1 613 1 665 947 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Name and company % holding -64.47% -64.47% -56.17% -61.11% -14.76% -57.51% -57.51% -65.37% -65.37% 16.14% -5.88% -26.14% 28.17% -25.19% -39.38% -39.38% -15.40% -15.40% -41.51% -41.53% -16.37% 9.41% 9.41% -31.79% -26.14% -31.82% -9.76% -9.76% -6.17% -1.28% -7.80% -6.12% -73.19% -73.19% -6.12% -6.12% -1.99% 7.69% -21.93% -9.76% -9.76% 19.15% 19.15% -9.76% -9.76% -9.76% -9.76% -55.73% -4.40% -46.01% -62.61% % increase /decrease Mar to Nov 2008 Mar 2008 (R-m) 16 231 16 231 9 687 7 678 2 008 6 851 6 851 3 132 3 132 5 008 602 202 3 990 215 2 453 2 453 3 382 3 382 1 894 1 892 1 3 507 3 507 1 968 11 1 957 2 142 2 142 2 186 14 94 2 078 612 612 2 005 2 005 1 873 1 386 488 1 577 1 577 2 019 2 019 1 511 1 511 1 509 1 509 714 1 359 354 14 Nov 2008 (R-m) Investment total SA’S TOP 20 Down, but not out Graphic: FIONA KRISCH Graphic: FIONA KRISCH Lakshmi Mittal R16.23-bn 1 Patrice Motsepe R9.69-bn 2 Nicky Oppenheimer R6.85-bn 3 Johann Rupert R3.13-bn 4 Graphic: FIONA KRISCH SIMPIWE PILISO S OUTH Africa’s top 10 billionaires have lost their platinum status because of the financial turmoil. The combined worth of the country’s 10 richest people has plummeted by a staggering R61 .5-billion in just eight months. The latest Sunday Times annual Rich List, released today, shows that the combined wealth of the 10 individuals stood at R54.1-billion about two weeks ago, compared with R114.6- billion on March 31. The Rich List, which calculates wealth as at March 31 this year, was commissioned by Business Times. The wealth of the top 20 people, however, was updated on November 14 to reflect the extent of the changes in their holdings due to the stock market crash since March. Research staff of Who Owns Whom analyse holdings of all JSE-listed companies — the only quantifiable way of measuring wealth based on publicly available documents. They cannot include property, cash, offshore investments or money held with fund managers in their calculations, so one can assume that people on the list are richer than they appear. The wealth of people not invested in public companies remains inscrutable. Entrepreneurs, sports stars, holders of patent rights and owners of non-listed companies may be as rich as people on the list, but it is impossible to determine their wealth, or sometimes even their identities. In seventh 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 servants, politicians and businessmen. But, like scores of wealthy individuals hit hard by local and international financial turmoil, the Elephant Consortium, headed by Andile Ngcaba and Gloria Serobe has lost about R615- million of its value since March. Among the biggest losers is Patrice Motsepe, whose shares in African Rainbow Minerals and financial group Sanlam lost R12.4-billion. From a R22.1-billion shareholding in March, Motsepe now has R9.6-billion worth — less than the R13.5-billion he held in shares last year. Other findings include: ý Eighty-five people, worth more than R100-million in the 2007 Rich List, no longer feature; ý Motsepe is now the second- richest man in the country — ahead of Nicky Oppenheimer, chairman of the world’s biggest diamond producer, De Beers; ý There are 26 billionaires on the list — compared with 28 last year; ý A Top Earners list, also released today, contains 98 people who earned more than R10- million in 2007 alone, and 34 of them took home more than R20- million in the year; ý The best- remunerated person last year was Bobby Godsell, former CEO of AngloGold Ashanti, who got R54.2-million; ý Of the top 10 earners, three were from Investec; ý Highveld Steel & Vanadium paid former CEO Andre de Nysschen R43.6-million in a “termination benefit”; and ý The country’s top 20 billionaires have lost almost half their combined wealth. The combined fortune of the top 20 billionaires on the Rich List currently stands at R70.2- billion, compared with R134- billion on March 31. According to the South African Chamber of Commerce and Industry (SACCI), the country’s banking sector has been protected from direct fallout from the global credit crunch, which toppled major international banks. But local shares have been relatively hard hit — the JSE shedding about 15% in October as the rand depreciated 15% against the dollar. Unlike China, where the number of billionaires was slashed from 66 in 2007 to just 24, the Sunday Times Rich List shows that only two local individuals have lost their billionaire status. Last year there were 28 billionaires — with a combined fortune of R118-billion. Today there are 26. Former trade unionist and Hosken Consolidated Investments chief executive Johnny Copelyn just made the cut-off with R1-billion worth of shares in casinos, hotels, media and broadcasting. Media mogul Koos Bekker and Jannie Mouton, executive chairman of financial services company PSG Group, slipped out of the billionaire club. For the fourth consecutive year, South Africa’s “old-money” families, the Oppenheimers and the Ruperts, have been overshadowed by Indian billionaire Lakshmi Mittal. Ranked the richest man in the country, Mittal, who splashed out £57-million for a 15-bedroom residence in London and a further £30-million to host his daughter Vanisha’s wedding in France, is worth R16.2-billion from his shareholding in steel company ArcelorMittal SA. The Indian-born magnate, included in the list by virtue of his shareholding in the steel maker, saw his investment in South Africa drop from R45.6- billion in March to R16.2-billion now — a decline of almost 65%. Mittal, Motsepe, Oppenheimer and the Rembrandt Trust headed by Johann Rupert have seen their combined worth drop an eye-watering R57-billion since March 31. Motsepe — ranked just eighth in 2005 — lost R12.4-billion but had enough left to scrape into second place on the Rich List. The son of a bottle store owner, and trained as a lawyer, Motsepe founded his mining company in 1997. Forbes magazine said Motsepe has a modest lifestyle by billionaire standards. His three sons attend prestigious private schools, but he has only one home — in the affluent Johannesburg suburb of Bryanston — and no yacht or plane. His one indulgence is owning soccer team Mamelodi Sundowns. Oppenheimer’s shareholding in Anglo American places him third, but it has been slashed by R9.2-billion to R6.8- billion in eight months. The Rembrandt Trust of the Rupert family, fourth on the list, lost R5.9-billion, leaving it with R3.1-billion. Almost half of the super-rich — who were worth over R100-million on the list last year — no longer feature in the elite club. There were 183 people worth more than R100-million each in the 2007 Rich List, compared with only 98 now. Among those who have clung to their status are casino and resort billionaire Abe Krok and his nephew Maxim, and serial empowerment dealmakers Cyril Ramaphosa and Tokyo Sexwale. Two weeks ago, the Sunday Times reported that Sexwale, 20th on the list with R714-million, had splashed out on the 35ha Quilálea Resort, a group of coral islands off Mozambique. Cellular operator MTN’s top management — Phuthuma Nhleko, Sifiso Dabengwa, Rob Nisbet and Irene Charnley — between them lost an estimated R904-million in the value of their shareholding. Of the top 100 on the list, 29 are black and two are women. Chief among the newcomers is Lazarus Zim, ranked 21st. Last year there were 20 black shareholders and three women. The Rich List shows that white men remain by far the wealthiest South Africans — as measured by JSE-listed investments. Families in the retail sector seem to have dodged the meltdown. Pick n Pay’s Ackerman family, ranked ninth on the list, increased its worth from R3.2-billion to R3.5-billion in the last fateful eight months. Pepkor’s Christo Wiese, listed fifth, saw his fortune jump from R4.3-billion to R5-billion. The list only measures South African holdings. Taking into account other holdings, Forbes placed the Oppenheimers (worth $5.7-billion) ahead of the Ruperts ($3.8-billion) and Motsepe ($2.4- billion). Mittal was ranked the world’s fourth-richest man by Forbes, with $45-billion. The Sunday Times of the UK, in its Rich List, estimated Mittal’s total wealth at £27.7-billion. His holding in ArcelorMittal SA is only a small part of his investment but is enough to place him on top of our list. Ten of SA’s best-off lose more than R61-billion in eight months, but they’re still smiling ‘Old money’ is overshadowed by Indian billionaire Lakshmi Mittal Motsepe lost R12.4bn but had enough left to scrape into second place

Down, but not out - The Desk · BUSINESS TIMES Business Times, 30-Nov-2008-Page 1, Cyan Business Times, 30-Nov-2008- Page 1, Magenta Business Times, 30-Nov-2008-Page 1, Yellow Business

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Page 1: Down, but not out - The Desk · BUSINESS TIMES Business Times, 30-Nov-2008-Page 1, Cyan Business Times, 30-Nov-2008- Page 1, Magenta Business Times, 30-Nov-2008-Page 1, Yellow Business

BUSINESS TIMES

Business Times, 30-Nov-2008-Page 1, Cyan Business Times, 30-Nov-2008- Page 1, MagentaBusiness Times, 30-Nov-2008-Page 1, Yellow Business Times, 30-Nov-2008- Page 1, Black

Lakshmi Mittal

Patrice Motsepe

Nicky Oppenheimer

Rembrandt Trust (Rupert Family)

Christo Wiese

Desmond Giulio Sacco

Elephant Consortium

Bill Venter

Ackerman Family

Bruno Ewald Steinhoff

Phuthuma Nhleko

Laurie Dippenaar

Royal Bafokeng Consortium

GT Ferreira

Giovanni Ravazzotti

Rob Nisbet

Stephen Saad

Irene Charnley

Sifiso Dabengwa

Tokyo Sexwale

ArcelorMittal South Africa

African Rainbow MineralsSanlam

Anglo American plc

Remgro

Invicta HoldingsPSG GroupShoprite HoldingsTradehold

Assore

Telkom SA Limited

Allied Electronics CorporationAllied Technologies

Pick n Pay Holdings

PSG GroupSteinhoff International Holdings

MTN Group

Discovery HoldingsFirstRandRMB Holdings

Merafe Resources Limited

RMB Holdings

ItaltileCeramic Industries

MTN Group

Aspen Pharmacare Holdings

MTN Group

MTN Group

Absa GroupMvelaphanda GroupMvelaphanda Resources

52.02%

41.55%5.36%

2.50%

33.15%8.18%

15.15%61.19%

23.43%

5.80%

56.14%0.02%

49.31%

0.44%11.75%

1.03%

0.10%0.06%7.47%

29.40%

7.21%

54.39%36.58%

0.76%

13.58%

0.73%

0.73%

0.00%16.90%

7.11%

45 68045 68022 10119 745

2 35616 12416 124

9 0449 0444 313

640273

3 113287

4 0474 0473 9973 9973 2383 236

13 2063 2062 885

152 8702 3742 3742 329

14102

2 2132 2832 2832 1362 1361 9111 287

6251 7481 7481 6951 6951 6741 6741 6731 6731 613

1665947

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

Name and company % holding-64.47%-64.47%-56.17%-61.11%-14.76%-57.51%-57.51%-65.37%-65.37%16.14%-5.88%

-26.14%28.17%

-25.19%-39.38%-39.38%-15.40%-15.40%-41.51%-41.53%-16.37%

9.41%9.41%

-31.79%-26.14%-31.82%

-9.76%-9.76%-6.17%-1.28%-7.80%-6.12%

-73.19%-73.19%

-6.12%-6.12%-1.99%7.69%

-21.93%-9.76%-9.76%19.15%19.15%-9.76%-9.76%-9.76%-9.76%

-55.73%-4.40%

-46.01%-62.61%

% increase/decrease

Mar to Nov 2008

Mar 2008 (R-m)

16 23116 231

9 6877 6782 0086 8516 8513 1323 1325 008

602202

3 990215

2 4532 4533 3823 3821 8941 892

13 5073 5071 968

111 9572 1422 1422 186

1494

2 078612612

2 0052 0051 8731 386

4881 5771 5772 0192 0191 5111 5111 5091 509

7141

359354

14 Nov 2008 (R-m)

I n v e s t m e n t t o t a l

SA’S TOP 20

Down, but not out

Graphic: FIONA KRISCHGraphic: FIONA KRISCH

Lakshmi MittalR16.23-bn1

Patrice MotsepeR9.69-bn2

Nicky OppenheimerR6.85-bn3

Johann RupertR3.13-bn4

Graphic: FIONA KRISCH

SIMPIWE PILISO

SOUTH Africa’s top 10billionaires have losttheir platinum statusbecause of the financial

turmoil. The combined worth ofthe country’s 10 richest peoplehas plummeted by a staggeringR61 .5-billion in just eightmonths.

The latest Sunday Timesannual Rich List, released today,shows that the combined wealthof the 10 individuals stood atR54.1-billion about two weeksago, compared with R114.6-billion on March 31.

The Rich List, whichcalculates wealth as at March 31this year, was commissioned byBusiness Times.

The wealth of the top 20people, however, was updated onNovember 14 to reflect theextent of the changes in theirholdings due to the stock marketcrash since March.

Research staff of Who OwnsWhom analyse holdings of allJSE-listed companies — the onlyquantifiable way of measuringwealth based on publiclyavailable documents. Theycannot includeproperty, cash,offshoreinvestments ormoney held withfund managers intheir calculations,so one can assumethat people on thelist are richer thanthey appear.

The wealth ofpeople notinvested in public companiesremains inscrutable.

Entrepreneurs, sports stars,holders of patent rights andowners of non-listed companiesmay be as rich as people on thelist, but it is impossible todetermine their wealth, orsometimes even their identities.

In seventh position on theRich List is the controversial

Elephant Consortium, anempowerment vehicle thatacquired 6.7% of Telkom for R3.5-billion in 2005, and at the timehad among its beneficiariesformer civil servants, politiciansand businessmen.

But, like scores of wealthyindividuals hit hard by local andinternational financial turmoil,the Elephant Consortium, headedby Andile Ngcaba and GloriaSerobe has lost about R615-million of its value since March.

Among the biggest losers isPatrice Motsepe, whose sharesin African Rainbow Mineralsand financial group Sanlam lostR12.4-billion.

From a R22.1-billionshareholding in March, Motsepenow has R9.6-billion worth —less than the R13.5-billion heheld in shares last year.

Other findings include:ý Eighty-five people, wo r t h

more than R100-million in the2007 Rich List, no longer feature;

ý Motsepe is now the second-richest man in the country —ahead of Nicky Oppenheimer,chairman of the world’s biggestdiamond producer, De Beers;

ý There are 26 billionaires onthe list — c o mp a r e dwith 28 last year;

ý A Top Earnerslist, also releasedtoday, contains 98people who earnedmore than R10-million in 2007alone, and 34 ofthem took homemore than R20-million in the ye a r ;

ý The best-remunerated person last yearwas Bobby Godsell, former CEOof AngloGold Ashanti, who gotR54.2-million;

ý Of the top 10 earners, threewere from Investec;

ý Highveld Steel & Vanadiumpaid former CEO Andre deNysschen R43.6-million in a“termination benefit”; and

ý The country’s top 20

billionaires have lost almost halftheir combined wealth.

The combined fortune of thetop 20 billionaires on the RichList currently stands at R70.2-billion, compared with R134-billion on March 31.

According to the South AfricanChamber of Commerce andIndustry (SACCI), the country’sbanking sector has beenprotected from direct fallout fromthe global credit crunch, whichtoppled major internationalbanks. But local shares have beenrelatively hard hit — the JSEshedding about 15% in October asthe rand depreciated 15% againstthe dollar.

Unlike China, where thenumber of billionaires wasslashed from 66 in 2007 to just 24,the Sunday Times Rich Listshows that only two localindividuals have lost theirbillionaire status.

Last year there were 28billionaires — with a combinedfortune of R118-billion. Today

there are 26.Former trade unionist and

Hosken ConsolidatedInvestments chief executiveJohnny Copelyn just made thecut-off with R1-billion worth ofshares in casinos, hotels, mediaand broadcasting.

Media mogul Koos Bekker andJannie Mouton, executivechairman of financial servicescompany PSG Group, slipped outof the billionaire club.

For the fourth consecutiveyear, South Africa’s “o l d - m o n ey ”families, the Oppenheimers andthe Ruperts, have beenovershadowed by Indianbillionaire Lakshmi Mittal.

Ranked the richest man in thecountry, Mittal, who splashedout £57-million for a 15-bedroomresidence in London and afurther £30-million to host hisdaughter Vanisha’s wedding inFrance, is worth R16.2-billionfrom his shareholding in steelcompany ArcelorMittal SA.

The Indian-born m ag n at e ,

included in the list by virtue ofhis shareholding in the steelmaker, saw his investment inSouth Africa drop from R45.6-billion in March to R16.2-billionnow — a decline of almost 65%.

Mittal, Motsepe, Oppenheimerand the Rembrandt Trustheaded by Johann Rupert haveseen their combined worth dropan eye-watering R57-billion sinceMarch 31.

Motsepe — ranked just eighthin 2005 — lost R12.4-billion buthad enough left to scrape intosecond place on the Rich List.

The son of a bottle storeowner, and trained as a lawyer,Motsepe founded his miningcompany in 1997.

Forbes magazine saidMotsepe has a modest lifestyleby billionaire standards. Histhree sons attend prestigiousprivate schools, but he has onlyone home — in the affluentJohannesburg suburb ofBryanston — and no yacht orplane.

His one indulgence is owningsoccer team MamelodiS u n d ow n s .

Oppenheimer’s shareholdingin Anglo American places himthird, but it hasbeen slashed byR9.2-billion to R6.8-billion in eightmonths.

The RembrandtTrust of theRupert family,fourth on the list,lost R5.9-billion,leaving it withR3.1-billion.

Almost half ofthe super-rich — who wereworth over R100-million on thelist last year — no longer featurein the elite club.

There were 183 people worthmore than R100-million each inthe 2007 Rich List, comparedwith only 98 now.

Among those who have clungto their status are casino andresort billionaire Abe Krok and

his nephew Maxim, and serialempowerment dealmakers CyrilRamaphosa and Tokyo Sexwale.

Two weeks ago, the SundayTimes reported that Sexwale,

20th on the list withR714-million, hadsplashed out on the35ha QuiláleaResort, a group ofcoral islands offMozambique.

Cellular operatorMTN’s topmanagement —Phuthuma Nhleko,Sifiso Dabengwa,Rob Nisbet and

Irene Charnley — between themlost an estimated R904-million inthe value of their shareholding.

Of the top 100 on the list, 29are black and two are women.

Chief among the newcomers isLazarus Zim, ranked 21st.

Last year there were 20 blackshareholders and three women.

The Rich List shows thatwhite men remain by far the

wealthiest South Africans — asmeasured by JSE-listedi nve st m e n t s .

Families in the retail sectorseem to have dodged themeltdown. Pick n Pay’sAckerman family, ranked ninthon the list, increased its wo r t hfrom R3.2-billion to R3.5-billionin the last fateful eight months.

P e p ko r ’s Christo Wiese, listedfifth, saw his fortune jump fromR4.3-billion to R5-billion.

The list only measures SouthAfrican holdings. Taking intoaccount other holdings, Forbesplaced the Oppenheimers (worth$5.7-billion) ahead of the Ruperts($3.8-billion) and Motsepe ($2.4-billion). Mittal was ranked thewo r l d ’s fourth-richest man byForbes, with $45-billion.

The Sunday Times of the UK,in its Rich List, estimated M i tt a l ’stotal wealth at £27.7-billion. Hisholding in ArcelorMittal SA isonly a small part of hisinvestment but is enough toplace him on top of our list.

Ten of SA’s best-offlose more thanR61-billion in eightmonths, but they’restill smiling

‘Old money’ isove r s h a d owe dby Indianb i l l i o n a i reLakshmi Mittal

Motsepe lostR12.4bn buthad enough leftto scrape intosecond place

Page 2: Down, but not out - The Desk · BUSINESS TIMES Business Times, 30-Nov-2008-Page 1, Cyan Business Times, 30-Nov-2008- Page 1, Magenta Business Times, 30-Nov-2008-Page 1, Yellow Business

BUSINESS TIMES

Business Times, 30-Nov-2008-Page 2, Cyan Business Times, 30-Nov-2008- Page 2, MagentaBusiness Times, 30-Nov-2008-Page 2, Yellow Business Times, 30-Nov-2008- Page 2, Black

2 Sunday Times November 30 20 0 8

THE BIG EARNERS

Graphic: FIONA KRISCH

Bobby Godsell

Stephen Koseff

Bernard Kantor

André De Nysschen

Glynn Burger

Graham Mackay

Keith Rumble

Steffen Gilbert

Tony Trahar

Ralph Havenstein

Cynthia Carroll

Nic Wentzel

Roberto Carvalho Silva

Carl Grim

Trevor Munday

Jacko Maree

Sifiso Dabengwa

Chip Goodyear

Peter Staude

Brian Joffe

Neville Nicolau

Bill Cooper

Alan Tapnack

Paul Harris

Don MacLeod

Tom Boardman

Timothy McClure

Jannie Mouton

Clive Vaux

David Fischel

Tony Phillips

Pat Davies

Richard Friedland

Malcolm Wyman

Bruce McBride

Fanus Nothnagel

Steve Booysen

Mark Cutifani

Gavin Soll

Peter Blackbeard

Guy Hayward

Roeland van Kerckhoven

Dennis Gammie

Phuthuma Nhleko

Thomas Pritchard

Anthony Stewart

David Rennie

Connie Molusi

Chris Otto

Mark Lamberti

Lilian Boyle

Rene Medori

Catherine Markus

Mike Halhead

Simon Thompson

Zed Van Der Walt

Luigi Matteucci

Johan Van Zyl

Eben Barnardo

Louis Von Zeuner

Ivan Clark

Wolfgang Pfarl

Grant Pattison

Sizwe Nxasana

Jo Grové

Stephen Connelly

Brett Dawson

Jens Montanana

Clive Thomson

Derek Orwin

Ian Topping

Whitey Basson

Murray Hector Munro

John Gomersall

Alistair McArthur

Jeff Wright

Rick Hogben

Con Fauconnier

Abe Thebyane

Gerhard Uys

Klaas Lammers

David Hathorn

John Russell

Nico Kruger

Brandon Diamond

Boel Pretorius

Trevor Edwards

David Brown

Hayden Franklin

Barry Stuart

Robin Mills

Sandy Wood

Bruce Hemphill

Duncan Wanblad

Alan Olivier

Miles Dally

Jeremy Ord

JanScannell

Machiel Reyneke

Menanteau Serfontein

Laurence Stuart-Hill

Markus Jooste

Craig Duff

Sean Summers

Peter Surgey

John Jones

Michael Harvey

Bruce Dunlop

Iain Hume

Marco Baglione

Robert Dent

Norman Weltman

Bob Carpenter

Aidan Smith

Simon Susman

Derek Honey

Thys Visser

Joseph Mashaba

Allit Johan Pienaar

Chris Cory

Giovanni Ravazzotti

Stuart Murray

Hafiz Mahomed

Gordon Hibbert

Jan Booyens

Ingrid Davis

Jacques Schindehutte

Pine Pienaar

Bruno Steinhoff

Phil Crous

Brenda-Lee Frodsham

Fred Barnes

Stephen Levenberg

Gerhard Riemann

Larry Lipschitz

Mike Lomas

Kevin Jacobs

Nick Dennis

Martin Laubscher

Pieter Cox

Rex Tomlinson

Ian Cockerill

Jabu Mabuza

Mark Wellesley-Wood

André Lamprecht

Myron Berzack

Ian Hawksworth

Charles Needham

Michael Kingston

Michael Brown

Anglo American plcAngloGold Ashanti

Bidvest GroupInvestecInvestec plcJSE

Investec plcPhumelela Gaming & Leisure

Highveld Steel & Vanadium

InvestecInvestec plc

SABMiller plc

Impala Platinum Holdings

Santam

Anglo American plcAngloGold Ashanti

Anglo PlatinumNortham Platinum

Anglo American plcAngloGold Ashanti

Astral Foods

AngloGold Ashanti

Aveng

Absa GroupBarloworldSasol

Standard Bank Group

MTN Group

BHP Billiton plc

Tongaat-Hulett Group

Bidvest GroupTiger Wheels

AngloGold Ashanti

Dorbyl

InvestecInvestec plc

Discovery HoldingsFirstRandRemgro

Illovo Sugar

Nedbank Group

Grindrod

Capitec Bank HoldingsPSG GroupRemgroSteinhoff International Holdings

Tiger Brands

Liberty International plc

BarloworldPretoria Portland Cement

Sasol

Netcare

SABMiller plc

Merafe Resources Limited

Massmart Holdings

Absa Group

AngloGold Ashanti

Clientele Life Assurance

Barloworld

Massmart Holdings

Anglo PlatinumNortham Platinum

Aveng

MTN Group

Astral Foods

Grindrod

Grindrod

ElementOne (prev. Johnnic Communications)Johnnic Holdings

Capitec Bank HoldingsPSG Group

Allied ElectronicsMassmart Holdings

Bidvest Group

Anglo American plcAngloGold Ashanti

Aquarius PlatinumImpala Platinum Holdings

Anglo Platinum

Anglo American plc

Merafe Resources Limited

Highveld Steel & Vanadium

Sanlam

Highveld Steel & Vanadium

Absa Group

Grindrod

Sappi

Massmart Holdings

FirstRandTelkom Group

Steinhoff International HoldingsUnitrans

Hudaco Industries

Dimension Data Holdings plc

Datatec

BarloworldPretoria Portland Cement

Dorbyl

Steinhoff International Holdings

Shoprite Holdings

Tongaat-Hulett Group

BarloworldPretoria Portland Cement

Mr Price Group

Afgri

African Oxygen

Exxaro Resources

Anglo Platinum

Datacentrix Holdings

Datacentrix Holdings

Anglo American plc

Illovo Sugar

Tongaat-Hulett Group

Barloworld

Reunert

Enaleni Pharmaceuticals

Impala Platinum HoldingsSimmer and Jack Mines

Tiger Brands

Illovo Sugar

Anglo PlatinumNortham Platinum

Anglo Platinum

Liberty Group

Anglo Platinum

Grindrod

Rainbow Chicken

Dimension Data Holdings plc

Distell Group

Santam

Tongaat-Hulett Group

Grindrod

Kap International HoldingsPSG GroupSteinhoff International Holdings

Advtech

Pick n Pay Stores

Barloworld

Grindrod

New Clicks Holdings

Tongaat-Hulett Group

Clientele Life Assurance

Astrapak

Pretoria Portland Cement

Netcare

Assore

Liberty International plc

Woolworths Holdings

Advtech

Distell GroupMedi-ClinicNampakRainbow ChickenRemgro

ArcelorMittal South Africa

Highveld Steel & Vanadium

Assore

Ceramic IndustriesItaltile

Aquarius Platinum

Imperial Holdings

Tongaat-Hulett Group

Advtech

Netcare

Absa Group

Mvelaphanda ResourcesNortham PlatinumTrans Hex Group

PSG GroupSteinhoff International Holdings

Assore

Clientele Life Assurance

Bidvest Group

Mvelaphanda Group

Imperial Holdings

Super Group

Group Five

Barnard Jacobs Mellet Holdings

Nedbank GroupTiger Brands

Barloworld

Sasol

Liberty Group

Gold Fields

Hosken Consolidated Investments

DRD Gold

BarloworldPretoria Portland Cement

Allied ElectronicsAmalgamated Appliance HoldingsBidvest Group

Liberty International plc

Metorex

Astral Foods

Nedbank Group

Non-executive Chief Executive

Non-executive IndependentChief ExecutiveChief ExecutiveNon-executive

Executive Managing DirectorNon-executive

Former Chief Executive

Executive Group Risk & Finance DirectorExecutive Group Risk & Finance Director

Chief Executive

Former Chief Executive

Former Chief executive

Former Chief ExecutiveFormer Non-executive

Former Chief ExecutiveNon-executive

Chief ExecutiveFormer Non-executive

Chief Executive

Executive Chief Operating Officer

Chief Executive

Non-executive IndependentNon-executive IndependentExecutive Financial

Chief Executive

Executive

Chief Executive

Chief Executive

Chief ExecutiveNon-executive

Chief Operating Officer - Africa

Former Chief Executive

Executive Executive

Non-executiveChief ExecutiveNon-executive Independent

Executive Managing

Chief Executive

Executive

Former Non-executive ChairmanExecutive ChairmanFormer Non-executive IndependentNon-executive

Executive Corporate Finance

Chief Executive

Former Chief ExecutiveFormer Non-executive Chairman

Executive

Chief Executive

Executive Financial

Executive

Former Executive

Chief Executive

Chief Executive

Executive Managing

Executive

Executive Financial

Fmr. Exec. Finance & Corp DevelopmentFormer Non-executive

Executive Financial

Chief Executive

Fmr. Exec. Financial & Company Sec'y

Executive Financial

Executive

Former Chief ExecutiveChief Executive

Non-executiveExecutive

Non-executive IndependentNon-executive Chairman

Non-executive

Executive FinancialFormer Non-executive

Non-executive Former Executive

Former Executive Process

Former Executive

Former Executive

Former Executive Financial

Chief Executive

Former Executive

Executive

Non-executive Chairman

Executive

Chief Executive

ExecutiveFormer Chief Executive

Non-executive Chief Executive

Chief Executive

Chief Executive

Chief Executive

Chief ExecutiveFormer Non-executive

Former Executive Financial

Executive

Chief Executive & MD

Executive Financial

Former ExecutiveChief Executive

Chief Executive

Executive Managing Director

Fmr. Exec. Managing Director & CEO

Former Chief Executive

Former Executive Human Resources

Chief Executive

Former Executive

Former Executive

Executive

Former Executive

Executive

Chief Executive

Former Chief Executive

Chief ExecutiveNon-executive Independent

Executive CEO: Divisional

Executive

Former Executive ProjectsFormer Non-executive

Former Executive Commercial

Chief Executive

Joint Acting Chief Executive

Chief Executive

Chief Executive

Executive Chairman

Executive Managing

Executive

Former Executive Human Resources

Executive

Non-executive IndependentNon-executive IndependentChief Executive

Executive

Former Chief Executive

Executive

Executive

Executive Managing

Executive

Executive Financial

Executive - Divisional CEO

Executive

Non-executive

Executive Deputy Chairperson

Executive Financial

Chief Executive

Executive

Non-executive Non-executiveNon-executive Non-executive ChairmanChief Executive

Former Executive

Former Executive

Chief Executive

Non-executive ChairmanChief Executive

Chief Executive

Executive Financial

Former Executive

Executive

Executive

Executive

Chief ExecutiveNon-executive Non-executive Alternate

Non-executive IndependentExecutive Chairman

Executive Technical - Group

Executive

Executive

Chief Executive

Executive

Chief Executive

Former Chief Executive

Chief Executive

Former Non-executive IndependentChief Executive

Executive

Non-executive Chairman

Executive

Chief Executive

Executive

Former Chief Executive

ExecutiveNon-executive

Non-executive Non-executive Executive

Executive

Chief Executive

Exec. Chief Oper. Officer: Poultry Div.

Executive Financial

HEPS increase

/decrease 2006/2007

Salary (R'000)

Total benefits

(R'000)

Termin-ation

benefit (R'000)

Perfor-mance bonus

(R'000)

17.1%-34.4%

20.6%27.5%27.5%77.2%

27.5%82.2%

40.9%

27.5%27.5%

7.5%

74.9%

-41.7%

17.1%-34.4%

-2.5%85.6%

17.1%-34.4%

7.4%

-34.4%

121.8%

18.6%0.9%

10.4%

20.6%

-3.6%

32.5%

-91.3%

20.6%-100.0%

-34.4%

104.1%

27.5%27.5%

64.5%28.3%38.1%

43.1%

49.4%

19.2%

34.8%47.6%38.1%24.3%

6.3%

-106.3%

0.9%16.4%

10.4%

75.2%

7.5%

66.7%

28.9%

18.6%

-34.4%

14.3%

0.9%

28.9%

-2.5%85.6%

121.8%

-3.6%

7.4%

19.2%

19.2%

35.6%-100.0%

34.8%47.6%

49.6%28.9%

20.6%

17.1%-34.4%

116.6%74.9%

-2.5%

17.1%

66.7%

40.9%

-27.6%

40.9%

18.6%

19.2%

845.5%

28.9%

28.3%-1.0%

24.3%-100.0%

40.7%

122.2%

51.9%

0.9%16.4%

104.1%

24.3%

33.1%

-91.3%

0.9%16.4%

18.6%

65.6%

18.4%

-21.6%

-2.5%

40.8%

40.8%

17.1%

43.1%

-91.3%

0.9%

-48.1%

-0.8%

74.9%-52.9%

6.3%

43.1%

-2.5%85.6%

-2.5%

18.3%

-2.5%

19.2%

17.3%

122.2%

44.2%

-41.7%

-91.3%

19.2%

-47.6%24.3%

41.0%

18.0%

0.9%

19.2%

45.1%

-91.3%

14.3%

0.3%

16.4%

75.2%

101.3%

-106.3%

21.7%

41.0%

44.2%87.9%

-100.0%17.3%38.1%

21.4%

40.9%

101.3%

15.7%13.6%

116.6%

-0.5%

-91.3%

41.0%

75.2%

18.6%

-172.1%85.6%10.6%

47.6%24.3%

101.3%

14.3%

20.6%

-5.4%

-0.5%

-1.0%

46.6%

3.0%

49.4%6.3%

0.9%

10.4%

18.3%

45.2%

51.5%

20.9%

0.9%16.4%

49.6%-43.5%20.6%

-106.3%

131.7%

7.4%

49.4%

5 029 -

5 029 4 419

- -

4 419 -

4 967 4 967

- 1 688 1 688 2 981

- 2 981

13 300 13 300

2 155 2 155 2 326 2 326 4 662 4 662

- 3 732 3 732

- 12 600 12 600

- 2 527 2 527 4 468 4 468 3 136 3 136 4 161

- -

4 161 4 475 4 475 3 472 3 472

12 443 12 443

4 053 4 053 5 836 5 836

- 4 925 4 925 1 292 1 292 3 418

- 3 418 4 092

- 4 092

- 2 887 2 887 3 499 3 499 1 820 1 820 2 147

- 2 147

- -

2 018 2 018 6 028 6 028 1 203 1 203

- 4 945 4 945 4 088 4 088 8 050 8 050 1 977 1 977 1 789 1 789 5 174 5 174 1 594 1 594 1 273 1 273 2 958 2 958 1 800 1 800 1 145 1 145

- 1 720 1 720 5 971 5 971 1 198 1 198 1 635 1 635 1 738 1 738

628 628

- 1 947

- 1 947 2 901

- 2 901

- -

7 910 7 910

- 2 035

- 2 035 1 751 1 751 3 332 3 332 1 372 1 372 1 735 1 735 4 154 4 154 1 753 1 753 3 209 3 209

- -

3 756 3 756 2 175 2 175 3 684 3 684

- 2 081 2 081

- 2 130 2 130 4 326 4 326 7 032 7 032 3 003 3 003

- 1 376 1 376 5 964 5 964 9 929 9 929

2 036 2 036 2 897 1 852 1 045 2 572 2 572 2 638 2 638 1 275 1 275 2 784 2 784 1 565 1 565 1 707 1 707 1 707 1 707 4 060 4 060 1 435 1 435 1 070 1 070 3 034 3 034 2 327 2 327 1 685 1 685 3 931 3 931

- 1 062 1 062 1 460 1 460 2 343 2 343

- 1 707 1 707 2 673 2 673 2 494 2 494 2 729 2 729 3 151 3 151 4 270 4 270 1 787 1 787 1 446 1 446

862 862

2 011 2 011 9 102

- -

9 102 1 405 1 405 3 304 3 304 2 100 2 100 1 387 1 387 1 583 1 583 2 341 2 341

911 911

1 697 1 697 1 126 1 126 1 233 1 233 2 885 2 885 3 763 3 763 3 258 3 258 1 094 1 094 6 224

- - - -

6 224 1 191 1 191 1 339 1 339 2 634 2 634 1 003

- 1 003 4 024 4 024 2 901 2 901

955 955 933 933

1 863 1 863 2 543 2 543 2 647 2 647

- -

8 705 -

8 705 2 254 2 254

718 718

4 184 4 184 4 227 4 227 3 274 3 274 4 005 4 005 2 092 2 092 7 008 7 008 4 895

- 4 895 2 019 2 019

- -

2 187 2 187 5 040 5 040 1 033 1 033 2 555 2 555 1 994 1 994

- 2 413

- -

2 413 4 358 4 358 1 358 1 358 1 476 1 476 1 974 1 974

2 708 -

2 708 971

- -

971 -

423 423

- 2 025 2 025

674 -

674 4 690 4 690 1 274 1 274

355 355

21 714 21 714

- 458 458

- 15 764 15 764

- 613 613

5 211 5 211

564 564

1 635 - -

1 635 1 057 1 057

622 622

6 678 6 678

434 434 958 958

- 1 734 1 734

332 332 408

- 408 611

- 611

- 841 841 263 263 568 568

81 - 81 - -

427 427

1 712 1 712

19 649 19 649

- 1 400 1 400

360 360

4 546 4 546

510 510 185 185 468 468

15 901 15 901

27 27

1 895 1 895 2 186 2 186

112 112

- 380 380 928 928 263 263 571 571 645 645 131 131

- 81 - 81

2 310 -

2 310 3 196 3 196 1 022 1 022

- 993

- 993 172 172

7 644 7 644

150 150 666 666 387 387 760 760 302 302

- -

3 699 3 699 7 740 7 740

749 749

- 769 769

- 434 434 280 280 895 895 900 900

- 251 251 704 704

2 709 2 709

242 242

2 135 1 732

403 910 910 588 588

- -

337 337 233 233 263 263 263 263

1 050 1 050

449 449 136 136 881 881 817 817

2 982 2 982 1 349 1 349

- 2 105 2 105

468 468 595 595

- 256 256 322 322 353 353 881 881 362 362 882 882 609 609 240 240 102 102 405 405 574

- -

574 295 295

1 143 1 143

720 720 398 398 341 341 282 282

63 63

1 034 1 034

439 439

1 877 1 877

874 874

1 150 1 150 2 745 2 745

278 278

2 583 - - - -

2 583 213 213 130 130 828 828 211

- 211 228 228

1 163 1 163

111 111 307 307 259 259 229 229

6 200 6 200

- - - - -

729 729

34 34

477 477

73 73

1 003 1 003

830 830 342 342

1 335 1 335 3 138

- 3 138

692 692

- -

606 606 746 746

25 25 - -

845 845

- 739

- -

739 1 666 1 666

392 392 564 564 276 276

9 794

9 794 -

-

43 637 43 637

-

-

7 232 7 232

-

-

-

-

-

20 240 20 240

-

-

-

-

-

-

-

16 688 16 688 11 103 11 103

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

15 000 15 000

-

-

-

-

291

291 -

-

-

10 409 10 409

-

10 300 10 300

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

4 248 4 248

-

-

-

-

-

-

-

-

5 000 5 000

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

5 400 5 400

-

-

-

-

-

-

-

-

-

-

-

-

-

220 220

7 198 7 198

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1 905 1 905

-

-

-

-

-

-

- - -

42 700 - -

42 700 -

42 700 42 700

- 1 571 1 571

31 500 -

31 500 20 300 20 300

649 649

5 543 5 543

11 998 11 998

- 7 815 7 815

- 8 974 8 974

- 1 988 1 988 1 001 1 001 2 000 2 000 3 964

- -

3 964 13 098 13 098 3 225 3 225

10 626 10 626 4 598 4 598 7 422 7 422

- 958 958

13 862 13 862 14 700

- 14 700 11 750

- 11 750

- 3 647 3 647 8 000 8 000

11 856 11 856 5 500

- 5 500

- -

790 790

1 400 1 400

- - -

5 739 5 739 4 579 4 579 7 910 7 910 1 664 1 664

- -

13 000 13 000

963 963

17 009 17 009 3 395 3 395 3 189 3 189

11 453 11 453

- 1 250 1 250 9 358 9 358

- -

1 608 1 608 2 200 2 200

- - -

4 000 -

4 000 9 800

- 9 800

- -

5 698 5 698

- 330

- 330

1 207 1 207 3 136 3 136 1 153 1 153

841 841

9 214 9 214

803 803

10 000 10 000

- -

1 785 1 785 3 538 3 538 9 000 9 000

- 10 500 10 500

- 3 322 3 322 8 652 8 652 5 309 5 309 5 258 5 258

- 11 274 11 274 6 232 6 232

- -

1 892 1 892 3 967 2 007 1 960 6 031 6 031 1 415 1 415 1 781 1 781 4 248 4 248 1 088 1 088 9 263 9 263 9 263 9 263 6 090 6 090 1 836 1 836

603 603

1 226 1 226 3 773 3 773 1 084 1 084

345 345

- - -

1 738 1 738 1 884 1 884

- 1 209 1 209 7 500 7 500 1 285 1 285 2 721 2 721 2 432 2 432 4 949 4 949

990 990

1 700 1 700

486 486

1 584 1 584

- - - -

705 705

- -

2 545 2 545 1 471 1 471

679 679

1 458 1 458 8 738 8 738

- -

1 087 1 087 2 842 2 842 5 769 5 769 1 400 1 400 3 369 3 369

705 705

- - - - - -

600 600 643 643

5 702 5 702

845 -

845 4 549 4 549 1 750 1 750

526 526 453 453

3 308 3 308 6 000 6 000

- - - - - - -

5 601 5 601 7 869 7 869 2 092 2 092 4 300 4 300 4 093 4 093 3 566 3 566 5 953 5 953

- - - - -

2 551 2 551 1 038 1 038 5 500 5 500 2 470 2 470

- -

3 756 3 756 1 957 1 957

- 2 800

- -

2 800 1 883 1 883

876 876

1 208 1 208 5 000 5 000

Gains on

shares (R'000)

Fees/levy pay

(R'000) 35 664

- 35 664 4 172

- 1 392 2 781

- 3 761 3 761

- - -

8 788 2 957 5 831

- -

27 845 27 845 30 317 30 317

- - -

25 373 25 373

- - - -

30 650 30 650 4 574 4 574

29 061 29 061 22 922

- -

22 922 13 760 13 760 24 200 24 200

- -

17 861 17 861 12 687 12 687

- 2 367 2 367

- -

7 688 1 148 6 539 9 129

- 9 129

- 17 770 17 770 13 103 13 103 9 529 9 529

14 401 -

14 401 - -

19 350 19 350 12 885 12 885

- - -

8 762 8 762

11 754 11 754

- -

15 472 15 472 17 045 17 045

- - - - - -

9 609 9 609 9 835 9 835 3 937 3 937

- 12 926 12 926

- -

14 583 14 583 12 161 12 161 11 215 11 215

- - -

9 373 -

9 373 - - -

11 634 11 634

- - -

11 016 -

11 016 11 140 11 140

- -

11 187 11 187

- - - - - - - -

13 295 13 295 4 296 4 296

- - - - - - - -

7 464 7 464

- - - -

3 844 3 844

- - - - - - -

8 212 8 212 3 328 3 328

- 2 705 2 705 7 409 7 409 8 829 8 829

217 217

8 791 8 791

- - - - - -

7 356 7 356 9 264 9 264 5 712 5 712 3 863 3 863

- -

5 019 5 019

- 7 577 7 577 7 050 7 050 5 688 5 688

- 7 413 7 413

- -

6 321 6 321 4 058 4 058 4 370 4 370

- -

6 702 6 702 6 580 6 580 8 487 8 487 5 893 5 893

- - - -

7 450 7 450

- -

4 447 4 447 6 543 6 543 7 150 7 150 5 641 5 641

- -

6 977 6 977 7 019 7 019 3 667 3 667

- -

3 293 3 293

- -

7 450 7 450

- - - - - -

7 165 7 165

- - - -

7 200 -

7 200 - -

3 375 3 375 7 577 7 577 7 450 7 450 3 661 3 661

- - - - - - - - - - - - -

1 866 1 866

- - - - - - - - - - - - -

3 039 3 039 3 601 3 601

- - - -

7 172 7 172

- -

3 306 3 306

- 2 078

- -

2 078 - -

5 535 5 535 4 900 4 900

864 864

994 994

- 187

54 - -

133 72 - 72

343 343

- - -

910 910

- - - - 86 - 86 86 - 86 29 - 29 - - - - - -

568 357 211

- - - - - - - - - - - - - - - - - - -

285 138

- 147

- - - - - -

969 500

- 99

370 - - - - 57 - 57 - - - - - - - - - -

131 131

- - - - - - - - 78 - 78 - - - - - - - - - - - - -

149 149

- 125 125

- 72 72

107 -

107 - - - - - - - - -

109 109

- -

125 125 131 131 255 255

- - - - - - - - - - - - - - - - 39 - 39 - - - - - -

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

102 -

102 - - - - 96 - 96 - - - - - - - - - - - - - - - - - - - -

185 110 75 - - - 2 2

- - - - - - - - - - - - - - 13 13 96 96 - -

170 170

- -

583 152 223

- 85

123 - - 78 78 96 96 - - -

446 446

- - - - - - - -

131 131

32 - 23

9 58 58 - 96 96 - - - - - - 84 84 - - - - - -

300 300

- - -

3 658 3 658

- - - - - - - -

100 -

100 172 137

35 -

280 280

- - - - - -

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

32

33

34

35

36

37

38

39

40

41

42

43

44

45

46

47

48

49

50

51

52

53

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88

89

90

91

92

93

94

95

96

97

98

99

100

101

102

103

104

105

106

107

108

109

110

111

112

113

114

115

116

117

118

119

120

121

122

123

124

125

126

127

128

129

130

131

132

133

134

135

136

137

138

139

140

141

142

143

144

145

146

147

148

149

150

Name & company Designation

54 189 994

53 195 52 449

54 1 392

50 871 133

51 923 51 851

72 49 264 49 264 43 944 2 957

40 987 39 200 39 200 39 155 39 155 38 541 38 541 38 460 38 374

86 37 464 37 378

86 37 367 37 338

29 35 778 35 778 35 494 35 494 34 761 34 761 33 250

357 211

32 682 32 390 32 390 31 519 31 519 29 746 29 746 26 946 26 946 26 903 26 903

- 26 672 26 672 26 589 26 589 26 214 1 148

25 066 25 867

138 25 582

147 25 145 25 145 24 865 24 865 23 773 23 773 23 098

500 22 129

99 370

22 585 22 585 22 026 22 026 20 909 20 852

57 20 846 20 846 20 781 20 781 20 506 20 506 19 623 19 623 19 019 19 019 18 774 18 774 18 458 18 458 18 309 18 309 17 857 17 857 17 010 17 010 16 724 16 646

78 16 276 16 276 16 257 16 257 16 044 16 044 15 975 15 975 15 798 15 798 15 759 15 759

- 15 550

149 15 401 15 136

125 15 011 14 902 14 902 14 737 14 630

107 14 665

- 14 665 14 270 14 270 14 112 14 112 13 862 13 862 13 760 13 760 13 755 13 755 13 741 13 741 13 642 13 642 13 550 13 550 13 537 13 537 13 453 13 453 13 433 13 433

- 13 350 13 350

- 13 350 13 350 13 258 13 258 13 236 13 236 13 044 13 005

39 12 901 12 901 12 900 12 900 12 638 12 638

12 382 12 382 12 327 8 919 3 408

12 218 12 218 12 051 12 051 11 885 11 885 11 834 11 834 11 678 11 678 11 233 11 233 11 233 11 233 11 200 11 200 11 076 11 076 11 073 11 073 10 853 10 853 10 780 10 780 10 751 10 751 10 746 10 644

102 10 744 10 744 10 716 10 716 10 606 10 510

96 10 586 10 586 10 495 10 495 10 453 10 453 10 389 10 389 10 315 10 315 10 101 10 101 10 088 10 088 9 966 9 966 9 937 9 937 9 893 9 893 9 861

110 75

9 676 9 855 9 855 9 849 9 849 9 812 9 812 9 799 9 799 9 753 9 753 9 722 9 722 9 712 9 712 9 708 9 708 9 671 9 671 9 632 9 632 9 624 9 624 9 605 9 605 9 542 9 542 9 527 9 527 9 390

152 223

- 85

8 930 9 389 9 389 9 388 9 388 9 260 9 260 9 259

- 9 259 9 247 9 247 9 189 9 189 9 169 9 169 9 143 9 143 9 091 9 091 8 904 8 904 8 879 8 847

23 9

8 763 58

8 705 8 680 8 680 8 621 8 621 8 619 8 619 8 600 8 600 8 454 8 454 8 401 8 401 8 387 8 387 8 343 8 343 8 333

300 8 033 8 301 8 301 8 297 8 297 8 293 8 293 8 255 8 255 8 230 8 230 8 216 8 216 8 202 8 102

100 8 202

137 35

8 030 8 186 8 186 8 161 8 161 8 148 8 148 8 114 8 114

Total 2007

(R'000)

Total 2006

(R'000)

% salary increase

from 2006

Options balance

2007 year end (R'000)

HEPS increase

/decrease 2006/2007

Salary (R'000)

Total benefits

(R'000)

Termin-ation

benefit (R'000)

Perfor-mance bonus

(R'000)

Gains on

shares (R'000)

Fees/levy pay

(R'000)Name & company Designation

Total 2007

(R'000)

Total 2006

(R'000)

% salary increase

from 2006

Options balance

2007 year end (R'000)

21 145 9 216

11 929 26 740

33 -

26 580 127

26 642 26 580

62 4 353 4 353

21 615 -

21 615 32 214 32 214 11 248 11 248 16 547 16 547 60 134 59 984

150 21 911 21 807

104 - - -

23 080 23 080 8 899 8 899

21 338 21 338 14 963

- -

14 963 15 929 15 929 16 971 16 971 23 433 23 433 12 157 12 157 26 767 26 657

110 9 037 9 037

26 680 26 680 11 896

- 11 896 65 876

- 65 742

134 6 746 6 746

11 930 11 930 18 232 18 232 13 731

500 12 763

168 300

4 251 4 251

15 521 15 521 11 307 11 133

174 15 478 15 478 20 670 20 670 16 059 16 059 3 161 3 161 7 966 7 966

17 500 17 500

- -

7 241 7 241 8 612 8 612

10 932 10 932 10 351 10 245

106 9 592 9 592

14 037 14 037 3 873 3 873

11 168 11 168 11 806 11 806 7 714 7 604

110 4 998

158 4 840

12 612 36

12 576 7 455 7 455

11 574 11 460

114 7 770

290 7 480 4 963 4 963

20 786 20 786 2 176 2 176

12 178 12 178 10 384 10 384 6 421 6 421

11 452 11 452 15 637 15 637 5 950 5 950 5 880 5 880

12 087 5 442 6 645

12 076 6 038 6 038 4 535 4 535 8 664 8 664

11 870 11 870 9 493 9 376

117 6 668 6 668 5 684 5 684

10 899 10 899

3 715 3 715

17 789 15 938 1 851

49 617 49 617 3 225 3 225

20 200 20 200 58 810 58 810 2 598 2 598 2 636 2 636 2 636 2 636

20 525 20 525 3 413 3 413 7 270 7 270 6 202 6 202

15 583 15 583 2 046 2 046 8 036 7 997

39 11 846 11 846 3 442 3 442 4 423 4 324

99 3 798 3 798 9 532 9 532 2 993 2 993

11 210 11 210 5 691 5 691 8 004 8 004

17 437 17 437 8 961 8 961 5 040 5 040 9 516 9 516 9 972

- 58

9 914 4 805 4 805

10 192 10 192 7 176 7 176 9 725 9 725

991 991

10 940 10 940 3 970 3 970 2 444 2 444 2 312 2 312 4 569 4 569 6 700 6 700 8 225 8 225 8 206 8 206 4 359 4 359

46 697 124

70 100

82 46 321 4 048 4 048 3 835 3 835 6 372 6 372

25 833 6 600

19 233 9 077 9 077 4 516 4 516 5 736 5 736 4 002 4 002 4 688 4 688 8 300 8 300 7 831 7 822

- 9

7 129 21

7 108 5 724 5 724

- -

8 015 8 015

10 374 10 374 9 525 9 525 7 915 7 915 5 968 5 968 5 919 5 919

39 542 215

39 327 4 492 4 492

72 481 72 481 8 954 8 954

31 865 31 865

- -

10 061 10 061 6 560 6 470

90 8 862

115 35

8 712 3 676 3 676 2 161 2 161 3 021 3 021 6 909 6 909

--89.2%345.9%

63.6%-

91.4%4.7%

95.1%16.1%

1031.6%

-89.6%

21.7%

248.1%

132.9%

-36.0%-42.7%

71.4%-17.3%

--

55.0%

298.9%

62.9%

--

118.4%

103.3%

85.7%

26.9%

121.7%

0.9%-100.0%

195.1%

-0.3%

-110.7%

--61.1%

9.7%

272.7%

108.4%

30.4%

0.0%73.4%

-41.1%23.3%

431.3%

41.9%

87.3%-67.2%

34.7%

0.5%

27.7%

520.8%

138.8%

7.3%

-

152.9%

107.4%

55.6%

62.5%-26.4%

69.7%

15.8%

314.3%

43.0%

33.8%

107.2%-100.0%

-5.7%218.2%

247.2%19.4%

99.9%

27.7%-6.1%

-100.0%96.1%

187.5%

-32.1%

537.0%

13.0%

32.5%

114.0%

19.1%

-13.3%

127.5%

128.8%

146.8%-100.0%

121.1%-100.0%

194.4%

53.0%

11.5%

38.7%-66.7%

93.5%

127.0%

16.0%

233.3%

-44.0%84.1%

-75.4%

273.7%

-41.2%

-79.9%

349.4%

326.1%

326.1%

-45.4%

224.5%

52.3%

75.0%

-30.8%

425.5%

33.1%164.9%

-9.3%

211.3%

143.1%-3.0%

178.7%

10.1%

249.2%

-7.3%

81.3%

26.2%

-42.1%

11.2%

97.2%

4.0%

-29.3%-2.4%

105.1%

-3.4%

36.7%

0.8%

884.2%

-11.1%

144.6%

297.2%

318.3%

110.8%

43.6%

16.8%

16.3%

118.6%

22.6%218.6%

-100.0%3.7%

-80.7%

132.0%

144.8%

45.3%

-100.0%-51.9%

1.9%

103.5%

59.9%

128.4%

93.9%

7.3%

13.1%-

0.0%

176.2%22.5%

51.6%

-

7.5%

-17.1%

-11.2%

6.1%

40.5%

41.0%

39.5%-79.6%

84.8%

-88.6%

-7.4%

-74.1%

-

-18.3%

25.2%11.1%

19.1%0.9%

-7.8%

122.7%

277.6%

169.7%

17.4%

66.00

21.25 41.25

72.91

67.50 120.00

2 249.95

2.10

183.72

6.00

1 206.25

1 800.00

469.30

45.00

324.08

45.79

34.68 131.98

2 721.66

600.40

543.97

1 200.00

1 259.58

65.40

67.13

649.90

2 150.00

961.49

10 965.00

610.00

209.25

752.41

2.56

548.75

2 533.80

1 720.00

1 200.00

1 331.00

500.00

225.00

0.95

3.32

5 478.00

2 072.00

271.33

1 950.00

1 846.14

2 350.00

1 320.92 437.50

133.33

198.86

1 802.37

268.47

2 651.89

10 000.00

66.90

65.13

1 635.00

2 725.00

236.20

165.24

186.80

13.90 666.67

247.10

2.36

220.00

20.63

1 100.00

3 948.40

5 207.22

368.21

76.09

1 150.00

4 673.00

1 324.43

4 828.62

302.03

1 100.00

375.00

1.10

531.12

17.01

29.08

12 594.40

1 324.43

794.15

139.91

95.00

1 324.43

1 160.00

164.57

86.24

36.25

4 478.32

668.00

166.47

176.70

300.00

572.30

153.69 43.30

276.25

0.25

681.25

136.40

316.73

2 NOVEMBER 30 2008

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BUSINESS TIMES

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3Sunday Times November 30 20 0 8

3 NOVEMBER 30 2008

The great wealth gap

How it was all figured out

So much money that it boggles the mind

RICH List research was compiled by Who Owns Whomresearch staff.

While directors’ holdings for the Rich List reflect wealth atMarch 31 2008, the earnings table reflects what was earned in2007 as reported in annual reports released over the course ofthis year.

Because of the unprecedented volatility on stock marketssince March, Who Owns Whom calculated the wealth of thetop 20 only on November 14, in order to provide readers withup-to-date figures and some insight into what has happened tostock market wealth during the course of this year.

It was not possible to update the full list because of the hugevolume of research.

The richest individuals from numbers 20 to 150 reflect theirwealth at the end of March.

THE RESEARCH WAS DONE AS FOLLOWS:An initial extraction of the remuneration and options,

headline earnings and director and family holdings was madeby Who Owns Whom research staff.

The information was reviewed from the published

documents by Who Owns Whom management and comparedwith the extraction.

The information was again researched from the publisheddocuments and compared with the management result by theWho Owns Whom executive directors.

Each director’s holding was sent to the relevant companysecretary for corroboration.

While great care has been taken to ensure accuracy, thepossibility of error does exist when working with figures ofthis magnitude.

PLEASE NOTE THE FOLLOWING:ý The calendar years 2006 and 2007 were researched from

hard copy and Internet documents published in terms of theCompanies Act and JSE Listing Requirements;

ý Shareholdings were extracted as published in publicdocuments and public share registers;

ý Shareholdings included those held via trusts, where thiswas deemed appropriate;

ý The market price as at March 31 2008 was used for thevaluation of holdings, although the top 20 were re-evaluated asof November 14;

ý It was assumed that the conditions of conditional optionswould be met;

ý Options issued under more than one scheme or over aperiod were added where this was deemed appropriate;

ý Gains on options exercised in the year under review wereincluded in remuneration;

ý Earnings and directors’ fees paid by other listedcompanies were excluded;

ý Severance packages were included in remuneration.

NOTES REGARDING THE RESEARCH:

ý MTN DirectorsIn terms of the Trust Deed governing the holdings by

Newshelf 664, these directors receive their entitlement to MTNshares in equal tranches over a six-year period that started in2003.

The holdings will vest only after the six-year period, but fourtranches have accrued to date, to which these directors areentitled even if not employed by MTN at the time of vesting.

It should be noted that the funding arrangements for thisholding have not been disclosed, which could offset againstthe value of the holdings.

ý Patrice MotsepeMotsepe’s holding in African Rainbow Minerals is via

African Rainbow Minerals Exploration Investments (Pty) Ltd,but the shareholding of this private company is not disclosed.

For this survey, the full holding is attributed to him.

GLENDA DANIELS

THE whopping salaries andbenefits received by SouthAfrica’s top executives in the pastyear ran into amounts that are

quite unimaginable to the average citizen.In the current worldwide economic

crisis, where jobs are expected to becomeeven more scarce than they are in SA, areearnings in the tens of millions of randsjustified? In fact, are they ever justified?

Behind the sub-prime lending crisis liesthe complicated issue of greed in the formof extraordinary salaries, excessiveperformance bonuses and the warmest oftermination benefits that ran into tens ofmillions. Clearly, South Africa follows thisAmerican trend.

There are 263 South African executiveswho earn more than R5-million a year, andnearly a hundred of these executives earnmore than R10-million. This figureincludes salary, benefits, in some casestermination benefits, performancebonuses and gains on shares. ButR5-million is small change compared tothe top few who pocketed more thanR40-million each. Most of those whoearned this staggering amount more thandoubled their gains from the year before.

In top place is the former chief executiveof AngloGold Ashanti, Bobby Godsell,who made R54.2-million, and second wasInvestec CEO Stephen Koseff withR52.4-million.

Investec is a top payer. Koseff’scolleague, executive managing directorBernard Kantor, was the third-highestearner at R51.9-million while Glynn RobertBurger, Investec’s group risk and financialdirector, was fifth at R43.9-million.

Squeezing between them in fourthposition was Andre de Nysschen, theformer CEO of Highveld Steel andVanadium, with R49.3-million.

So how do you earn R54-million in oneyear? Godsell’s salary was R5-million. Buthe also received other benefits ofR2.7-million, a termination benefit ofR9.8-million (yes, almost R10-million justto go) and gains on shares of R35.7-million.

Let’s break down the total earnings ofGraham Mackay, the CEO of SABMiller,who was the sixth-highest earner, takinghome R39.2-million last year. He broughthome R2.5-million each month, or R125 833every day, assuming a 22-day workingmonth. Each hour, he got R15 729 — morethan most people earn in a few months.

In a recent Avusa Gauteng survey,households with an income of R20 000 amonth or more were considered to bewealthy. The professional hourly services

rates today range from R250 to R350 anhour, for example, in the latter case, ofdoctors, (even though they only see youfor 15 minutes).

In purely salaried terms, in other words,without gains on shares, bonuses,termination benefits and so forth, threepeople are worth mentioning — M a c k ay ’ssalary was R13.3-million, Anglo AmericanCEO Cynthia Carroll’s was R12.6-millionand BHP Billiton’s former CEO ChipG o o dye a r ’s was R12.4-million.

There isn’t one woman in the top 10places in earnings, but Carroll is number11 in terms of total earnings withR37.4-million — she had additionalbenefits of over R15-million and aperformance bonus of almost R9-million.

Investec, not by any means SouthAfrica’s biggest bank, also paid out thebiggest performance bonuses. Koseff andKantor received R42.7-million each inbonuses just before the financial crisis hit.Their salary increases were in the regionof 90%.

The most contentious among the manyexecutive benefits is the “t e r m i n at i o nbenefit”, where people are paid out hugesums for leaving despite the fact that theircontracts have run their course or theyare, frankly, not wanted anymore.

H i g hve l d ’s De Nysschen walked awaywith a termination benefit of R43.6-milliondue to his “hard work” in securing a dealwith Russian steelmaker Evraz, whichbought Anglo’s stake in Highveld. The

obvious question is how was this not partof his job as the leader of his company?

He was not the only one at Highveld towalk away with a golden handshake. LuigiMatteucci walked off with R10.4-millionand Eben Bernardo with R10.3-million.

Others with golden goodbyes includeI mp l at s ’ Keith Rumble (R7.3-million),AngloGold’s Roberto Carvalho Silva(R20.2-million) and Neville Nicolau (R16.7-million), Dorbyl’s Bill Cooper (R11-million)and Connie Molusi, the former CEO ofJohnnic, now Avusa, who got R15-million.

Termination benefits officially include“compensation for loss of office andunexercised options”.

In hot pursuit of the US trend, in SouthAfrica if you are already wealthy, you get

rewarded further. When you leave, or evenwhen you are asked to step down due to alack of performance, you get paid outhandsomely, with a warm handshake. Ifyou do your job, for instance secure deals,as in the case of De Nysschen, you getmore than R40-million as a reward.

Labour analyst Andrew Levy of AndrewLevy Employment Analysts disagrees thatearnings of the top few are unjustified:“This is purely a value judgment. Yes,there are inequalities in incomedistribution, which is a problem, but do Ithink they are grossly overpaid? No. Theyhave huge responsibilities, and you needpeople to lead. I don’t think there are hugeabuses in South Africa. And to say thatgains on shares are part of earnings is

pushing it, what happens when things gowrong with those shares?”

Levy explains the termination bonusphenomenon: “This is a sore point but thepayment is also to avoid embarrassment.The CEO knows all the skeletons. So he’sbeen paid for his silence in a sense.”

He says there will probably be morecontrols around bonus structuring in thewake of the financial crash. But hedisagrees with the point that Cosatu hasmade over the years — that South Africahas one of the highest wage gaps in theworld. “We do have inequality in incomedistribution and we have anunemployment problem. But taking awayearnings from the top few is not going tosolve the problem.”

IT’S A DOG’S LIFE: The rich and famous live a pampered life in the lap of luxury — although they’re known to do a bit of work too Picture: AP

PURE GOLD: Former AngloGold Ashanti CEOBobby Godsell earned R54.2-million

DEALMAKER: Andre de Nysschen was givenan extra R43.6-million for leaving his job

LOOKED AFTER: Stephen Koseff, CEO ofInvestec, which pays particularly well

CHEERS AND THANK YOU: SABMiller’sGraham Mackay earned R15 729 per hour

BRENDAN BOYLE

FORMER president ThaboMbeki appealed repeatedlyfor a reduction in theconspicuous consumption

that underlines South Africa’snotorious social inequality. You mayhave it, but you don’t need to flauntit, he argued.

But the juxtaposition of million-rand supercars and crowded, fume-belching buses in the evening rushhour on any national highwayreinforces the brutal reality that avery few South Africans still havemost of the wealth.

This year’s Business Times surveyof the country’s very rich i l l u st r at e sthe gap between the business leaderin the penthouse with reportedearnings of more than R500 000 aweek and the cleaner emptying binson the street for R100 a day.

Though the country’s inequality ismeasured in many different ways,the results always reinforce the factthat the economic boom of the pastdecade, which faltered so spectacul-arly earlier this year, was never aboom for the majority.

As Mbeki argued in his “t woeconomies” thesis, the wealth gapseparates poor people living in alocal economy from rich peopleliving in a globalised economy.There is no path between them andthey react quite differently toexternal developments.

The wealth gap has more to do withthe low earning capacity of the manythan with over-payment of the few.

Measures of difference include:ý Data reported by the United

Nations make South Africa the 10thmost unequal country in the world.Namibia is the most unequal andBrazil is 11th after South Africa.Japan and the Scandinaviancountries are among the most equal;

ý The richest 10% of SouthAfricans have an average annualhousehold income more than 94times that of the average R4 314received in the typically much largerhouseholds of the poorest 10%;

ý The richest 10% rake in just overhalf of all the money every year,while the poorest 50% of householdsshare just a 10th of the entire

national household income;ý Half of the total national

household income goes to whitefamilies;

ý Legislated minimum wagesrange from R650 a month inagriculture to R1 650 in somecommercial sectors. Brewer GrahamM a c k ay pulled in R3.2-million amonth last year in salary, benefitsand bonus;

ý The national average monthlyincome was up 3.1% in real terms atR9 133 in May this year; and

ýRunning a car costs most peoplebetween R6 000 and R12 000 a month,according to AA rates. The nationalhousehold average spent ontransport is just under R1 000 amonth.

Kimani Ndungu, research directorat the Cosatu-aligned NationalEconomic Development and LabourInstitute, says the wealth gap is afactor of both low earnings at thebottom of the scale and what heterms disproportionate salaries atthe top end.

“Paying these outrageous salariesand bonuses to chief executives hasbecome a South African fetish.There is no correlation betweenwhat CEOs earn and how theircompanies perform,” he said.

Ndungu disputed the argumentthat South African companies needto compete with other internationalfirms for the same skilled managers,saying it is the workers and middlemanagers who produce the realprofits for most enterprises.

Isobel Frye, director of the Studiesin Poverty and Inequality Institute,also called the chasm between theearnings of the poor and the rich“o u t r ag e o u s ”.

She said that at the sort of levelsseen in this country, extreme wealthwas not an incentive to poor p e op l ebecause they lacked the means to liftthemselves out of dire poverty.

Police statistics show that crimetends to be worse where poor peoplelive within sight of greater wealth.Some sociologists argue that isbecause the difference breedsresentment and not just because theopportunities are greater.

“We have a really explosivesituation developing in terms of how

long people will be willing to acceptthe disparity and to watch it grow.People are already becoming angryand it will get worse,” she said.

Frye and Ndungu both called forredistributive taxes on the rich.

“I don’t think that in this countrywe can cap executive earnings, so myresponse would be to say we shouldtax,” said Frye.

Businessman Saki Macozoma,whose published earnings put him598th among South Africa’s topearners, concedes that the wealth gapis “something to be very concernedab o u t ”. But he said the skills shortagedrove earnings higher.

“Now that we are seen to be doingrelatively better in the global crisisthan some other countries, peopleare talking about the policies thatkept us safe. No one talks about thequality of management, about thefact that good management, goodbank executives, put us where weare,” he said.

GREAT DIVIDE: Though inequality is measuredin different ways, the results always showthat the economic boom of the past decade,which faltered so spectacularly earlier thisyear, was never a boom for the majority

Any member of the Convocation wanting to raise any matter for discussion at the meeting must forward a

statement to the Registrar setting forth, in the form of a Motion, the matter proposed for consideration.

The Motion(s) should be lodged, in writing, to the Secretary of Convocation, Prof. D Singh Acting Registrar,

OR Tambo Building 12-16, PO Box 392, UNISA, 0003. Fax: (012) 429 2488. email: [email protected]

MEMBERS OF CONVOCATION ARE HEREBY INVITED TO SUBMIT NOMINATIONS FOR MEMBERS

WHO WILL SERVE ON THE UNIVERSITY COUNCIL. THE ELECTION WILL TAKE PLACE AT THE MEETING.

The nominations must be submitted to the Office of the Registrar at [email protected]. It must be seconded and

accompanied by a signed acceptance letter from the nominee and a CV of the nominee.

AGENDA:

10h00 : Registration

11h00 : Convocation Meeting

Opening and Welcome•

Approval of Minutes of the Meeting of 10 November 2007•

Matters Arising from Meeting of 10 November 2007•

Report of the President•

Questions

Report of the Vice-Chancellor•

Questions

Election of Convocation Representative to the University Council •

Closure•

12h30 : A finger lunch will be served

RSVP:

Alumni Relations Office

Contact person: Sannah Mahlangu

Telephone number: (012) 337 6082

Email: [email protected]

In terms of the Statute of the University of South Africa, notice is hereby given that the Annual

General Meeting of the Convocation of the University of South Africa will be held at the

Senate Hall, Theo van Wijk Building, Unisa Main Campus, Preller Street, Muckleneuk

Ridge, Pretoria, City of Tshwane on Saturday, 6 December 2008 at 11h00.

)54<5)':/54

UNIVERSITY OF SOUTH AFRICA

2008 CONVOCATION ANNUAL GENERAL MEETING

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4 Sunday Times November 30 20 0 8N E WS 4 NOVEMBER 30 2008

THERE are few women on the list of SA’s wealth-iest and highest earners.

The only woman in the top 20 richest is IreneCharnley, ranked 18th and worth R1.5-billion dueto her MTN shares. She is a non-executive directorof MTN, having stepped down from an executiverole last year.

MTN has also been good to Santie Botha, who isranked 66th with R344-million.

But apart from Elisabeth Bradley, a scion ofToyo t a ’s Wessels family (R292-million), andThuthukile Skweyiya and Lorna Maloney, whoseshares in Wesizwe Platinum are worth R280-million and R131-million respectively, the list islacking somewhat in woman power.

Mamphela Ramphele is a non-executivedirector of Medi-Clinic and Anglo American and isworth R86-million.

And the list of top earners is not much better.The highest female earner is Anglo American

CEO Cynthia Carroll, with 2007 earnings of R37.4-million. Carroll is ranked the 11th-highest earnerin SA, although her company’s primary listing is inLondon, and she is not South African.

Cathy Markus walked away with a big R14.6-million package from Impala Platinum in 2007,largely due to gains on shares. — MaryanneMaina

All aboard: Serial non-execs coining it

PLAYGROUND OF THE RICH AND FAMOUS: Non-executive captains sailing the great ships of industry have to know which way the wind is blowing

SEVENTH HEAVEN: CyrilRamaphosa sat on seven boardsto end-March, down from nine

FINE NINE: On nine boards,Dave Nurek is one of SA’s toptwo non-executive earners

GLENDA DANIELS

LANDING yourself on a board ofone of the country’s top companiesmeans you’ve landed with yourbum in the butter. You don’t need a

day job. While many would feel happy tohave just one non-executive position, forwhich he or she could earn mega bucksfrom sitting in board meetings, there aresome South Africans holding as many asnine.

Most non-executive directors not onlyearn quite substantial salaries while nothaving a day job, but many are also rich.They usually have investments oroptions in the companies on whoseboards they sit.

Mark Lamberti was the highest-earning non-executive on our list. Heearned R16.7-million last year, largelythrough his chairmanship of Massmart,which he used to run. He earned a salaryof less than R3-million at Massmart asnon-executive chairman, but his totalearnings were boosted by a R9.8-millionperformance bonus.

Ivan Clark is the non-executivechairman of Grindrod, but took homeR13.5-million last year, largely due toshare gains.

Research shows that the number ofboard positions held by any one personhas declined in general.

For example, last year’s number oneserial non-exec, Dave Nurek, sat on 12boards; this year, he’s “o n ly ” on nine. Heholds this top place with Len Konar.

Konar and Nurek’s names havecropped up consistently over the past fewyears as South Africa’s serial non-exe c u t ive s .

A non-executive is not required towork in a company’s office from day today but instead attend board meetingsand advise on the “strategic direction” ofthe company.

In other words, they don’t have a dayjob at the company.

Their input at meetings as to thefinancials and strengthening of thec o mp a ny ’s position is regarded as“intellectual capital”. Most boards meetabout four times a year.

Konar is on the board of SteinhoffInternational, Mutual and Federal,Makulani Holdings, Exxaro Resources,Illovo Sugar, JD Group, Mustek, Sappiand Unitrans.

He earned just over R2-million in 2007.But on the Rich List, he is worth R7-millionbased on the value of his investments.

Nurek was on the boards of Allan GrayProperty Trust, Aspen Pharmacare,Distell Group, Foschini Group, NewClicks Holdings, Pick n Pay, SunInternational, Trencor and Lewis Groupto end-March.

Elizabeth Bradley is one of the few

women who sits on a fair number ofboards — six. Through her investmentsin various companies, she was worthR292-million. But her family has beendisinvesting from Wesgro, the companythat holds a stake in Toyota.

Cyril Ramaphosa sat on seven boardsto end-March, down from nine the yearb e fo r e .

These are Assore, the Bidvest Group,SABMiller, Standard Bank Group,Alexander Forbes, Johnnic and MTN.

Among those who hold six non-executive portfolios are Jo h a n n e sMagwasa (Nedbank, Kap InternationalTongaat Hulett, South Oceans, Hulaminand Mutual and Federal). Magwasa’stotal investment value is R17-million.

Others who have six non-execpositions include Ben van der Ross andMartin Shaw.

Brian Connellan has five non-executivepositions (Sasol, Reunert, Tiger Brands,Illovo Sugar and Absa Group) for whichhe pockets a neat R9-million. Also on fiveboards are Buddy Hawton, ColinBrayshaw and Christopher Seabrooke.

But even from just three or fourboards, you are still easily in the millionsleague. Take Doug Band sitting on fourboards (Bidvest, MTN, Standard Bankand Tiger Brands) that earned him a niceR5.9-million.

Some companies have more than fourboard meetings a year, some have fixedfees for board meetings per meeting peryear, and, while some companies dish outincentives for being non-executives,others don’t.

Women who are changing the appearance of our boardsThe list of women sitting on many boards is growing.Leading the group are:

ý Elizabeth Bradley, who held six non-executivepositions: these are at AngloGold Ashanti, MetairInvestments, Sasol, Standard Bank Group, Tongaat-Hulett and Wesco Investments.

ý Hixonia Nyasulu is on four boards, holding non-executive positions at Barloworld, Glenrand MIB, Sasoland Tongaat-Hulett Group.

ý Sonja Sebotsa is on the boards of Adcorp Holdings,Discovery Holdings, FirstRand and Makalani Holdings.

ý Sindi Zilwa is on three boards: Discovery Holdings,Primedia and Woolworths Holdings.

ý Mamphela Ramphele sits on the boards of AngloAmerican, Medi-Clinic and MTN Group. She resignedfrom the Standard Bank Group in 2007.

ý Thandi Orleyn is also on three boards: ArcelorMittalSA, Impala Platinum and Reunert.

It ’s still not much ofa woman’s world

FIRM GRIP: Former MTN executive MamphelaRamphele sits on numerous boards

TOP EARNER: AngloAmerican CEO CynthiaC a r ro l l

HIGH FLIER: IreneCharnley is the onlywoman in richest top 20

IT IS not at all easy being filthy rich in Americathese days.

As millions come to terms with their negativeequity, dire job prospects and ravaged pensionfunds, how can you feel good about offloadingyour oil portfolio at $147 a barrel?

To whom do you boast about getting out of theDow Jones industrial average when it was stillabove 14 000? Is there anyone out there willing togive you a much deserved pat on the back forshort-selling Bear Stearns and Lehman Brothers?

Yes, it is lonely up there in those presidentialsuites and Gulfstream cabins. You can barelydrive your canary-yellow Lamborghini on RodeoDrive, the stigma of success is so great.

Worry not, billionaires (and multimillionaires)— you are not alone.

As the global economy implodes, those leftholding the dollar bills are forming ad hoc self-help organisations to cope with the pressure andisolation of being a still-have in a world of used-to-h ave s .

The official term is “wealth peering”.Participants have a more accurate description:group therapy.

One such wealth peering organisation is Tiger21, which holds regular AA-style meetings in NewYork, Los Angeles and Palm Beach, among otherplaces.

“Members must be willing to invest one day amonth and be open and honest in their groups,” itsays in its brochure, adding that discussion topicscan range from managing children’s expectationsand inheritances to the intersections of wealth,isolation and leadership.

Of course, when the dwindling bands of high-net-worth individuals get together, they do notjust hug and share sob stories. They also take theopportunity to swap tips on how to make surethey remain wealthy enough to continue feelingbad about themselves.

One popular exercise is “portfolio defence”,during which each member must fully disclosethe details of his or her investment portfolio andthen hear “candid feedback from the group”.

Anecdotal evidence suggests that mostparticipants are male and in their mid-50s. Manyof them are experiencing profound trust issueswith their commission-hungry advisers on WallStreet.

Even by the standards of therapy, wealthpeering is expensive: annual membership duesrun at about $30 000. And you need at least$10-million in the bank simply to qualify. — © TheTimes News Service, London

The angst ofbeing wealthyis a bit rich

COUSINS STEEL INTERNATIONALSTEEL BUILDING SOLUTIONS

Mike Oldfield

Tel: +27 31 312 0992

Fax: +27 31 303 5299

Cell: +27 83 775 8306

www.cousinssteel.co.za [email protected]

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5Sunday Times November 30 20 0 8

5 NOVEMBER 30 2008

BRENDAN PEACOCK

COMMON wisdom has it thatworking for the governmentwill never get you to the top ofthe Rich List, and you won’t,because the Rich List onlyidentifies people in toppositions of listed companies.

But there are a number ofpositions in the public sectorthat set up their incumbentsfor fairly lavish lifestyles.

The most powerful personin South Africa is awardedfairly moderate emolumentscompared to some of those incharge of our struggling state-owned entities. PresidentKgalema Motlanthe’s totalpay package amounts toR2.04-million a year. D e p u tyPresident Baleka Mbete willearn R1.90-million, c ab i n e tministers R1.6-million anddeputy ministers R1.3-million.The leader of the oppositionwill be paid R1.04-million.

As chief justice, you couldexpect to earn R1.84-million ayear. By contrast, it isinteresting to note that the SAfootball Association (Safa) ispaying Joel Santana R1.5-million a month to coachBafana Bafana.

The annual remunerationfor provincial premiers hasbeen set at R1.5-million andR1.3-million for MECs.

If you are an executivemayor you can expect to earna total salary package ofR840 159 a year, with R680 985for deputy mayors, R641 247for municipal MECs andR322 899 for councillors.

The Independent

Commission for theRemuneration of PublicOffice Bearers also saw fit torecommend that traditionalleaders’ remuneration beincreased. Kings are due to bepaid R634 680 per annum andNational House of TraditionalLeaders (NHTL) chairpersonsR539 435.

Part-time NHTL membersare due to receive R800 a dayas a sitting allowance.

But it is the heads ofparastatals who rake in thebig bucks. Transnet hasimplemented a retentionstrategy through its Long-Term Incentive plan, whichsince 2007 has sought toretain talent by throwing 2%of the company’s annualoperating profit at what itdeems “key talent” —essentially its extended exco.

Outgoing CEO MariaRamos’s achievements inturning the parastatal aroundled to her earning a totalpackage of R5.4-million in2008. Not bad by anyone’sstandards, but quite paltrycompared with the hugeamounts she will earn in hernew job at Absa.

Papi Molotsane resigned asCEO of Telkom in 2007 after 18unremarkable months at thehelm of the statet e l e c o m m u n i c at i o n smonopoly. His s eve r a n c epackage came in at R12.1-million. His replacement,Reuben September, earned ahefty package — including asalary of R2.45-million, aperformance bonus of R3.4-million and other benefits of

R13.24-million — totallingR19.1-million. His paymentsincluded a “payment made interms of a restraint of tradeag r e e m e n t ”.

Khaya Ngqula, CEO of thestruggling national carrierSAA, receives a retentionpremium of R688 000 a year tostay in his job, on top of hissalary of R3.7-million, whichforms part of a R5.88-millionp a c k ag e . The retention bonusscheme will cost thegovernment an estimated R24-million a year until November2010, regardless of individualp e r fo r m a n c e .

Ng q u l a ’s contract is due toexpire in October 2010, and hehas been paid about R20-million since his appointmentin October 2004.

Nico Bezuidenhout, chiefexecutive of Mango, SAA’sbudget airline, gets an annualpackage of R1.23-million.

Eskom chief executiveJacob Maroga stood to earn abonus of up to 23% of hisannual package of R3.9-million in 2008. He also has aR3.1-million housingallowance. Eskom executivesgracefully declined some oftheir performance bonusesrecently, yet the generationand distribution of electricityis not a condition forreceiving their bonuses.

Brian Molefe, chiefexecutive of the PublicInvestment Corporation, ispaid R3.5-million to head upSA ’s most significant moneymanager, dealing with morethan R600-billion in retire-ment assets of civil servants.

Development Bank ofSouthern Africa chiefexecutive Paul Baloyi receivesa package of R1.9-million anda performance incentive ofR1.5-million.

Who says you can’t makemoney in the public sector?

RELATIVELY MODEST:President Kgalema Motlanthegets R2.04-million a year

MOVING UP: Outgoing TransnetCEO Maria Ramos’s earningswill rocket at Absa

SETTING AN EXAMPLE: EskomCEO Jacob Maroga was amongthose who declined bonuses

LOSS LEADER: Khaya Ngqula,CEO of struggling airline SouthAfrican Airways

TOPENDLinda Doke fearlessly goesin search of all thingsexpensive. Very expensive LOST IN LUXURY: The African Suite at the Palace of the Lost City is the

most expensive in the country at R61 600RIDE, BABY RIDE: The Bugatti Veyron, at $1.19-million, is by far the most expensive street-legal car available in the world today

Six of the world’smost costly itemsCAR

The Bugatti Veyron — by far the most expensivestreet-legal car in the world. It is also has the fastestacceleration, going from 0-60km/h in 2.5 seconds.$1.19-million.

CELLPHONEDiamond-encrusted cellphones are fast becoming

the bling of the super-rich. Average price, dependingon the number of diamonds and amount of gold, $1.3-million

BOTTLED WATERFilled with natural spring water from the

“geologically famed” Wenlock Edge in Shropshire,UK, the bottles are encrusted with more than 6 500Swarovski crystals. Only six bottles made. $1 571

USB DRIVEA limited edition 18-carat gold 8GB USB device from

memory specialist Super Talent in the US. Features200x (30MB/sec) data transfer speeds, is waterresistant, and comes with matching gold keyring andblack velvet jewellery box. $599

MARMALADEF Duerr & Son’s Fine Cut Seville Orange Marmalade

with Whisky, Champagne and Gold. Made from thefinest Seville oranges, infused with vintage Dalmore62-year-old single-malt whisky, Pol Roger Cuvée SirWinston Churchill 1996 vintage champagne, andedible flakes of 24-carat gold. $40 000 per jar

BRABlack Diamond Miracle Bra from Victoria’s Secret.

Encrusted with 3 900 precious gems, tiny blackdiamonds, 117 one-carat round diamonds and 34rubies and offering maximum lift. $5-million

CHEESY CREATION: The R250 000five-tiered stunner made from importedcheeses by Devine Delights of Pretoria

PLACES TO STAYThe Palace of the Lost City tops theprice charts at R61 600 a night for itsAfrican Suite, while the PresidentialSuite at the Table Bay Hotel will set youback R44 600 a night.

In the boutique lodge categoryMolori Safari Lodge in the MadikweGame Reserve scoops top cost atR46 000 a couple, while the EbonyLodge at Singita Sabi Sands chargesR8 850 per person per night sharing.

Boutique hotels offering privacy andseclusion during city stays are popularwith international celebrities.

A stay at The Saxon in Hyde Park,Sandton will cost a cool R32 000 a night,while a luxury suite at EllermanHouse, host to the likes of Oprah Win-frey, Nicolas Cage and Elton John, goesfor R12 700 a night.

Exclusive villas offer all-out privacy,with Carpe Diem in Camps Bay swoop-ing in at R39 450 a day in peak seasonfor the villa.

S PA SThe Amadoda full-day spa package atthe Mangwanani Day Spa in Gautengoffers every type of massage known toman, finishing off with a tot of Amarulaand imported chocolate on departure,for R2 299.

If moonlight is more your thing, theSanctuary Spa at the Twelve ApostlesHotel and Spa in Cape Town has acomplete package at R5 000 which willhave you picnicked and massaged tothe light of the moon in a mountaingazebo under the watchful gaze of theTwelve Apostles.

FINE DININGThe Tasting Room at Le Quartier Fran-çais, ranked 47th in the top restaurantsin the world, offers a four course mealwith wine for R600, while a main courseat the Auberge Michel in Gauteng willset you back between R136 and R298.

FINE WININGSouth Africa’s most expensive whitewine, Mrs Kirsten Old Vines 2006, wasrecently released by Franschhoekwinemaker Eben Sadie, and sells forR824.05 a bottle. A chenin blanc, thiswine is produced from a small singlehectare vineyard in the JonkershoekValley from 100-year-old vines, andonly 800 bottles were produced.

Not too scary really, compared withinternational prices for rare finds. Ear-lier this year, vintage 1907 Heidsieckchampagne that had been salvagedfrom the wreck of a ship that sank 80years ago off the coast of Finland wassold at the Ritz-Carlton in Moscow for$275 000 a bottle, making it the world’smost expensive champagne.

FINE WHISKYAny South African serious about theirwhisky will know that a recent charityauction in Gauteng saw a bottle ofJohnnie Walker Blue Label 1805 fetch-

ing R370 000, the highest price ever forwhisky in South Africa.

WEDDING CAKESA wedding cake that surely ranks asSouth Africa’s most decadent this yearwas the five-tiered stunner made fromimported cheeses by Devine Delightsof Pretoria.

The base tier was a 14kg matureMaasdam, the second tier a 9kg softcheese with olives and sun-dried toma-toes, the third a 5kg Gorgonzola, thefourth layer was two French briecheeses held together with creamcheese, nuts and honey, and the toptier was French Camembert.

The cake was decorated with fig andwatermelon preserves, olives, freshgranadillas, strawberries, cherries,grapes and vine tomatoes, and servedwith savoury biscuits. The price tag?R250 000.

GOLFWant a round of golf on the best courseSouth Africa has to offer? Head toLeopard Creek Country Club, situatedon the border of the Kruger NationalPark. Laid out by owner Johann Rupertand designed by Gary Player, thechampionship bushveld course ranksin the top 25 in the world.

Yo u ’ll need contacts in high places toget a game though — it’s invitationonly, at R800 for 18 holes, unless you’restaying at the nearby Malelane Sun, inwhich case you’re clear to play, atR1 500 a round.

Th at ’s still cheap compared with themuch revered Royal County Down, oneof the oldest courses in Ireland andranked second in the world. Expect topay green fees of £175 for 18 holes overweekends in peak season.

A RT W O R KThe Visitor, by acclaimed SouthAfrican-born artist Marlene Dumas,was auctioned by Sotheby’s in July to aNew York private dealer for £3.1-mil-lion, making Dumas the most expen-

sive living woman artist at auction.

RARE BOOKSSecure yourself a first edition copy ofAfrican Scenery and Animals, pub-lished in 1804, recognised as “the

scarcest and most valuable of the largeatlas folios of South African illustra-tions”. A copy sold in 2005 for $65 000.Paul Mills of Clarke’s Africana andRare Books estimates today’s value atR1.5-million.

MAXIMUM LIFT: Black Diamond MiracleBra from Victoria’s Secret is encrustedwith diamonds and rubies

HOT TOUCH: A day at MangwananiDay Spa in Gauteng will set you back2 299 stones

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BUSINESS TIMES

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6 Sunday Times November 30 20 0 8

6 NOVEMBER 30 2008

THE POWER OF THREE

MODEST BACKGROUND: Although Lakshmi Mittalis a poster boy for Indian success, he is seen assomething of an outsider in his homeland becausehe built his steel business first from Indonesia andthen from London1

ROBERT LAING

LAKSHMI Mittal is a steelmagnate in both senses of thephrase. Starting with a

clapped-out plant inIndonesia in 1976, he pulled the

steel industries of more than 60countries towards him to buildthe globe’s biggest player,ArcelorMittal, which he hasex p a n d e d to three times thesize of its nearest competitor.

There are several historicalparallels between Mittal and

the US’s 19th-century steelmagnate Andrew Carnegie. LikeCarnegie, Mittal — who Forbes

Magazine ranks as the world’sfourth-richest man — came from

fairly humble beginnings. Andboth were accountants.

A biography of Mittal foundat globalguru.com said he was

born in 1950 into a family ofMarwaris, a group from the Indianstate of Rajasthan known forproducing shrewd merchants.

Mittal grew up in a poor and remoteIndian village without running wateruntil the age of five — echoes of

Carnegie who arrived in the USpenniless at the age of 12.

Initially working for his father,Mittal started a tiny steelcompany in Indonesia. His nextstep was to lease and thenpurchase a steel company in

Trinidad.From there, Mittal

proceeded to do whatCarnegie did to the US

steel industry on aglobal scale.Ca r n e g i e ’s US Steelwas the first

corporation tocrack $1-

billionmarket capitalisation, an achievementArcelorMittal has dwarfed byapproaching $100-billion.

A key difference is that back inCa r n e g i e ’s day, steel was glamorous,making Carnegie the Bill Gates of hisage. As tends to happen outside of theUS, fashionable industries getmonopolised by the state. Mittalmanaged to consolidate the globalindustry by living in an era in whichsteel fell out of fashion, prompting

many governments to look for buyersfor their state-owned steel makers, likeSA ’s Iscor. These privatisations havesparked rows. For instance, a letterfrom former UK prime minister TonyBlair to Romania’s government hintingthat he might support that country’sentry into the European Union if it soldits state steel maker to Mittal caused afurore in the British press.

Globalguru.com said: “Part of thekey to Mittal’s success has been thathe has operated free of many of thesocial and cultural constraints thatoften hamstring business in Europeand India. Although he is a poster boyfor Indian success, he is seen assomething of an outsider in hishomeland because he built hisbusiness first from Indonesia and thenLondon.”

Carnegie started a fashioncontinued today by Bill Gates andWarren Buffett in giving the bulk of hiswealth to charity. Mittal is not asphilanthropic, though he hascontributed large sums to tsunamirelief and other good causes.

Mittal enjoys his vast wealth. Helives in a 12-bedroom London mansionwith butlers on call and a Picasso onthe wall. He bought Kensington PalaceGardens from Formula One bossBernie Ecclestone in 2004 for £57-million, making it the world’s mostexpensive house at the time. Mittalsince beat that record with a house hebought for his son.

Mittal decorated Kensington PalaceGardens with marble taken from thesame quarry that supplied the TajMahal. This extravagant show ofwealth has been deemed the “Ta jM i tt a l ”. He famously splurged $55-million on his daughter’s wedding,which included a party at Versailles.

Time Magazine wrote: “M o stremarkably, Mittal’s story is far fromfinished. Steel is truly a globalcommodity, with 40% crossing anational border before it is used.

“Despite being three times the sizeof its nearest competitor, Mittal’scompany is in the early stages ofpenetrating the world’s largest market,China. It has just announced plans toenter the Indian market, and it is notyet involved in Russia or Japan or anumber of emerging-market nations. Ifhe were alive today, Carnegie mightwell be green with envy.”

KEA MODIMOENG

LAKSHMI Mittal may

head the SundayTimes Rich List in

SA, but he is notthe richest South African.Although second on the list,mining boss Patrice Motsepeis not only SA’s wealthiestperson, but probably alsothe country’s highest-profile billionaire.

Determining thewealthiest is tricky. On

global lists, NickyOppenheimer may comeout ahead of Motsepe dueto the calculation ofinternationally heldwealth. But this is splitting

hairs when talking aboutfo r tu n e s .Motsepe’s is so huge that

he can lose half of it in a stockmarket dip and still be

seriously wealthy.He is executive chairman of

African Rainbow Minerals Ltd,(ARM), a diversified mining and

minerals company which heformed in 1997.

He is also the non-executivechairman of Harmony and the deputy

chairman of Sanlam. From 2004 to2008 he was the founding president

of Business Unity South Africa(Busa), which is the voice

of organised businessin South Africa.

He is alsothefo r m e rpresidentof theNat i o n a l

African Federated Chamber of Commerce inSouth Africa.

In 2003, Motsepe bought 51% of theMamelodi Sundowns football club and in2004 he took full control of the club bybuying the remaining shares. He holds aBachelor of Arts in Law from SwazilandUniversity and an LLB from Wits University.

Motsepe, 46, grew up in an entrepreneurialfamily in Mmakau, north of Pretoria. Hedeveloped his business interests as a childwhen he would wake early to help his f at h e rat their family stores.

After democratic elections in 1994, hebecame the first black lawyer to be made apartner at the law firm Bowman Gilfillan,where he specialised in mining and businesslaw. He spent time as a visiting attorney inthe US with the law firm McGuire WoodsBattle and Boothe.

In the same year he started his miningcareer with a contract mining operationcalled Future Mining, which providedvarious services to Vaal Reefs gold mine,now part of AngloGold Ashanti. Unable tosecure a loan, he ran his business from abriefcase for the first eight months.

In 1997 Motsepe formed ARM and acquireda number of marginal shafts at Vaal Reefs inJanuary 1998 on favourable financial terms.This was followed by the purchase of othermarginal shafts owned by AngloGoldAshanti in the Free State.

Today he’s the biggest shareholder of thewo r l d ’s fifth-largest gold mining company.His company, ARM, has a 19.8% stake inHarmony. His family trust owns 43.1% ofARM, and he also owns a 5.5% stake worthR2-billion in Sanlam.

In 2002 he was voted the Sunday TimesBusiness Times Business Leader of the Yearby the CEOs of the top 100 companies inSouth Africa. In the same year, he waswinner of the Ernst & Young BestEntrepreneur of the Year Award.

According to Forbes magazine, he is the503rd richest person in the world with anestimated net worth of $2.4-billion.

Motsepe is married to Precious Moloi andthey have three sons.

His father named him after PatriceLumumba, former head of the Republic ofCongo and one of the first black leaders inpost-colonial Africa.2 ENTREPRENEURIAL SPIRIT: Patrice Motsepe grew up in an

entrepreneurial family in Mmakau, north of Pretoria, and developedhis business interests as a child when he would wake early to helphis father at their family stores

3 “N IC K Y ”Key member ofthe Oppenheimerd y n a sty

ZWELI MOKGATA

THE Oppenheimer clan dominated South

Africa’s mining and business scene during the20th century. Today, the head of the familyNicholas “N i c ky ” Oppenheimer is one of the

wo r l d ’s richest people, ranked 18th in the UK Rich listand 173rd in the Forbes rankings.

His wealth, however, had been declining with theglobal downturn. But do not fear.

Even his R16-billion 2.5% shareholding in JSE-listedAnglo American is nothing to be scoffed at.

The latest Forbes billionaire list tells us that NickyOppenheimer and his family have a net worth of$5.7-billion (R57-billion).

Nicky, however, cannot be credited with creating thewealth. He can only be credited with preserving it.

It all started with grandpa Ernest Oppenheimer,whose diamond and gold mining financing venturewas the cornerstone of Anglo American. The

company then purchased a controlling stake in De Beers.When Ernest died in 1957, his son Harry took over and

served as chairman of both Anglo and De Beers.Harry had been a member of parliament from 1957 to

1984. He worked as chairman of both companies until heretired in 1982 (Anglo) and 1984 (De Beers).

While born Jewish, Harry converted to Christianity,entering the Anglican Church when he married his wifeBridget.

N i c ky , chairman of De Beers and grandson of Ernest,joined Anglo in 1968, working as personal assistant to hisf at h e r . In 1974 Nicky became a director of Anglo and,four years later, a director of De Beers.

In 1983 he became the deputy chairman of Anglo andin 1998 was named the chairman of De Beers.

The Oppenheimer heirs are groomed to take over theempire from an early age. Like his father before him,Nicky graduated from Oxford with a degree inphilosophy, politics and economics.

Nicky is a smart businessman staying on as non-executive chairman on the board of the London-listedAnglo to look after the family’s interests.

He flies his own helicopter and enjoys walking hisdogs, playing cricket, reading crime novels or justrelaxing in his London and Johannesburg homes.

Jonathan, Nicky’s only son, is also an Oxford graduate,and specialised in philosophy, politics and economics.Jonathan was replaced by David Noko as the managingdirector of De Beers Mines in 2006, a position that hastraditionally been held by Oppenheimer men, although itis expected that he will move in as chairmanwhen his father steps down.

THE WEALTHIEST: 21 TO 150

Lazarus Zim

Cyril Ramaphosa

Maxim Krok

Adrian Gore

Abraham Krok

Johnny Copelyn

Koos Bekker

Jac Raubenheimer

Karl Gribnitz

Jannie Mouton

Sipho Nkosi

Paul Harris

Mark Willcox

Freddie Kenney

Nigel Jo Townshend

Markus Jooste

Marcel Golding

Peter Malungani

Mineworkers Investment Co

Vincent Mntambo

Gus Attridge

Barry Swartzberg

Roland Sassoon

Richard Moloko

Riaan Swart

Dave van Niekerk

Saki Macozoma

Ragi Moonsamy

Alan Burke

Maldwyn Zimmerman

Edwin Hertzog

Michiel le Roux

Giuseppe Zannoni

Leon Kirkinis

Willie Marais

Paul Bell

Gary Bell

Peter Bell

Hans Enderle

Sean Melnick

Brian Joffe

Tumelo Motsisi

Kevin James

Claas Daun

Chris Kruger

Santie Botha

Mike Salamon

Bernard Kantor

Robert Gumede

Ivan Clark

Gary Morolo

Gordon Schachat

Nkululeko Sowazi

Mikki Xayiya

Anthony Simon Malone

Dalikhaya Zihlangu

Jens Montanana

Adam Fleming

Michael Wylie

Nick Vlok

Meyer Kahn

Stephen Koseff

Elisabeth Bradley

Barend Schutte

Patrick Goss

Brian Holmes

Thuthukile Skweyiya

Des De Beer

Jebb McIntosh

Bongani Biyela

Reginald Ernest Sherrell

David Brouze

Michael Sacks

Graeme Gordon

Harold Motaung

Mzolisi Diliza

Lionel Jacobs

Ian Kantor

Vincent Msibi

Steven Gottschalk

Whitey Basson

Tony Scharrighuisen

Ronny Katz

Terry Moolman

Edward Hwei Ti Pan

Panagiotis Halamandaris

Pieter Cox

Howard John Buttery

Peter Moyo

Glynn Burger

Stuart Aberdein

Christopher Seabrooke

Theofanis Halamandaris

Alec Wapnick

Simon Susman

Steven Joffe

Larry Lipschitz

Herschel Mayers

Hymie Levin

Arnold Goldstone

Tthys Visser

Michael Allan Campbell

Perikles Halamandaris (jnr)

Issie Kirsh

Francois Diedrechsen

Lorna Maloney

Francois du Toit

Pat Goldrick

Graham Mackay

Martin Glatt

Martin Darryl Moritz

Donald Novick

David Ian Samuels

Fred Robertson

Mustaq Enus-Brey

Pat Davies

Eugene Anthony Kok

Duncan Coles

John Bright

Sango Ntsaluba

John Halamandres

Alexander Thabiso Tlelai

Brian Dennis Buckham

Benjamin Kekana

Hanno van Dyk

Louis Stassen

Steve Dewsbery

John Robertson

Marius Kloppers

Paul Andreas Theodosiou

Mvelaphanda ResourcesNortham Platinum Sanlam

AssoreBidvest GroupSABMiller plcStandard Bank Group

Aspen Pharmacare HoldingsGold Reef Resorts

Discovery Holdings

Gold Reef Resorts

Hosken Consolidated Inv.

Naspers -NSouth Ocean Holdings

Raubex Group Litd

South African Coal Mining

PSG GroupSteinhoff International HoldingsZeder Investments

Exxaro ResourcesSanlam

RMB HoldingsRemgroFirstRand

Mvelaphanda ResourcesMvelaphanda GroupNortham Platinum

Raubex Group Litd

TWP Holdings

Phumelela Gaming & LeisurePSG GroupSteinhoff International Holdings

Hosken Consolidated Inv.

InvestecPhumelela Gaming & LeisureSuper Group

Primedia

Exxaro Resources

Aspen Pharmacare Holdings

Discovery Holdings

Sasfin Holdings

Gold Reef Resorts

Blue Financial Services

Blue Financial Services

Standard Bank GroupLiberty Group

Growthpoint PropertiesMvelaphanda Resources

ARB Holdings

Combined Motor Holdings

Distell GroupMedi-Clinic CorporationRemgroTrans Hex Group

Capitec Bank Holdings

Ceramic Industries

African Bank Investments

Omnia Holdings

Bell Equipment

Bell Equipment

Bell Equipment

City Lodge Hotels

Peregrine Holdings

Bidvest Group

Anooraq Resources Corp.

Country Bird Holdings

Kap International HoldingsSteinhoff International Holdings

Africa Cellular Towers

MTN Group

BHP Billiton plc

InvestecInvestec plcPhumelela Gaming & Leisure

Gijima AST Group

Grindrod

Datacentrix Holdings

African Bank Investments

Emira Property FundExxaro Resources

Mvelaphanda GroupMvelaphanda Resources

Metorex

Exxaro Resources

Datatec

Wits. Cons. Gold Resources

Wilson Bayly Holmes

Digicore Holdings

SABMiller plc

Bidvest GroupInvestecInvestec plc

AngloGold AshantiSasolStandard Bank GroupTongaat-Hullett GroupWesco Investments

Gold Reef Resorts

AVIFirstRandRMB Holdings

Wilson Bayly Holmes

Wesizwe Platinum

Capital Property FundDiversified Property FundResilient Property Income Fund

Combined Motor Holdings

Gold Reef Resorts

Invicta Holdings

Austro Group

Netcare

Liberty International plc

Anooraq Resources Corp.

Growthpoint Properties

Bidvest Group

InvestecInvestec plc

Medi-Clinic Corporation

Value Group

Shoprite Holdings

Argent Industrial

Workforce Holdings

Caxton CTP Pub. & Print.

South Ocean Holdings

Famous Brands

Sasol

Bell Equipment

Pinnacle Technology Holdings

Investec plcInvestec

Digicore Holdings

DatatecMassmart HoldingsMetrofile HoldingsPrimediaSabvestSetpoint Technology Holdings

Famous Brands

Premium Properties

Woolworths Holdings

Gold Reef Resorts

Super Group

Discovery Holdings

AdvtechAG IndustriesFamous BrandsNetcare

Invicta Holdings

Remgro

Bell Equipment

Famous Brands

Primedia

Raubex Group

Wesizwe Platinum

Afrimat

Cashbuild

SABMiller plc

Sasfin Holdings

Comair

Comair

Invicta Holdings

Brimstone Investment Corp.Remgro

Brimstone Investment Corp.Nedbank Group

Sasol

Alliance Mining Corporation

UCS Group

UCS Group

Basil Read Holdings

Famous Brands

Basil Read Holdings

Advtech

Convergenet Holdings

Convergenet Holdings

Coronation Fund Managers Ltd

TWP Holdings

Discovery Holdings

BHP Billiton plc

Acucap Properties

8.52%2.00%0.01%

3.95%0.47%0.00%0.41%

6.53%5.45%

7.99%

16.05%

10.32%

1.65%0.31%

14.49%

67.85%

23.93%0.22%0.01%

2.15%0.01%

2.49%0.04%0.04%

3.56%4.04%0.69%

11.95%

25.77%

1.29%10.55%

1.41%

7.08%

3.30%4.70%5.89%

#DIV/0!

1.49%

4.50%

3.79%

43.91%

7.53%

20.66%

20.66%

0.28%0.57%

0.47%3.11%

48.36%

40.47%

0.02%0.57%0.45%0.04%

15.19%

25.42%

2.02%

13.22%

9.17%

9.14%

9.14%

12.52%

11.59%

1.06%

7.63%

51.09%

37.07%0.02%

47.45%

0.15%

0.06%

2.13%0.00%4.15%

29.80%

2.92%

39.54%

1.51%

1.59%0.62%

4.04%1.18%

4.19%

0.80%

6.70%

9.70%

3.46%

16.65%

0.11%

0.00%0.19%1.15%

0.01%0.05%0.01%0.12%8.99%

4.13%

0.01%0.00%0.95%

3.31%

4.71%

0.60%5.74%4.71%

23.75%

3.91%

13.49%

22.97%

1.60%

0.43%

4.45%

1.20%

0.56%

0.85%0.36%

1.65%

52.58%

0.91%

11.59%

66.14%

2.50%

19.82%

12.22%

0.07%

3.89%

19.94%

0.60%0.21%

8.93%

0.33%0.30%5.38%

#DIV/0!#DIV/0!17.01%

11.13%

10.07%

1.40%

2.19%

5.15%

1.04%

2.34%0.65%1.06%0.59%

7.50%

0.16%

3.17%

9.78%

#DIV/0!

2.12%

2.21%

14.56%

9.91%

0.05%

10.10%

12.75%

12.75%

6.34%

10.89%0.00%

10.51%0.00%

0.05%

23.99%

12.89%

12.87%

4.87%

7.78%

4.86%

6.95%

11.93%

11.61%

4.99%

3.63%

0.66%

0.02%

2.45%

1 478 1 135

340 3

1 415 682 175

1 557

1 196 815 380

1 149 1 149 1 120 1 120 1 012 1 012

917 914

3 900 900 868 868 853 798

54 0

843 839

3 803 737

33 33

749 473 159 116 742 742 715 715 713

16 352 345 695 695 677 444

59 174 612 612 579 579 562 562 546 546 540 540 525 525 505 505 505 505 500 379 122 497

83 414 489 489 469 469 467

2 66

398 0

454 454 434 434 427 427 424 424 401 401 400 400 400 400 399 399 397 397 391 391 384 384 382 382 378 373

5 367 367 344 344 343 343 339 287

0 52

331 331 325 325 325 325 320 320 318

77 241 317 159 158 315 315 311 311 310 310 305 305 300 300 299 299 296 296 292

0 26

266

292 6

116 3

11 156 288 288 287

1 4

282 286 286 280 280 279

16 93

170 275 275 273 273 260 260 259 259 254 254 241 241 224 224 211 211 208 208 197 115 82

193 193 189 189 186 186 185 185 183 183 180 180 179 179 170 170 170 170 170 170 168 168 165 137

29 160 160 156

15 40 18

1 25 57

155 155 154 154 153 153 153 153 152 152 150 150 147

36 2

15 94

145 145 140 140 139 139 136 136 132 132 131 131 131 131 129 129 128 128 125 125 125 125 123 123 123 123 122 122 120 119

1 119 118

0 118 118 114 114 112 112 112 112 109 109 108 108 108 108 108 108 104 104 102 102 101 101 101 101

96 96 95 95 95 95

21

22

23

24

25

26

27

28

29

30

31

32

33

34

35

36

37

38

39

40

41

42

43

44

45

46

47

48

49

50

51

52

53

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88

89

90

91

92

93

94

95

96

97

98

99

100

101

102

103

104

105

106

107

108

109

110

111

112

113

114

115

116

117

118

119

120

121

122

123

124

125

126

127

128

129

130

131

132

133

134

135

136

137

138

139

140

141

142

143

144

145

146

147

148

149

150

Name & company % holding

13.3116.9644.00

17.2837.04

266.48134.59

12.486.98

14.38

6.98

9.81

55.220.90

6.21

1.28

3.3424.43

1.63

38.9844.00

29.6287.9790.19

13.313.94

16.96

6.21

2.78

1.253.34

24.43

9.81

13.461.252.96

38.98

12.48

14.38

1.23

6.98

2.45

2.45

134.5921.21

17.5113.31

1.01

1.16

10.2311.6887.97

1.11

2.99

1.71

21.12

3.21

4.37

4.37

4.37

3.19

3.42

37.04

5.03

0.75

1.0124.43

0.77

229.38

533.26

13.4622.86

1.25

1.11

10.52

0.82

21.12

4.8538.98

3.9413.31

7.53

38.98

4.64

3.14

8.65

1.80

266.48

37.0413.4622.86

75.54245.29134.59

9.191.73

6.98

5.4190.1929.62

8.65

5.94

2.641.633.60

1.16

6.98

1.93

1.13

15.88

56.16

5.03

17.51

37.04

13.4622.86

11.68

0.36

20.54

1.60

0.28

7.19

0.90

1.39

245.29

4.37

0.84

22.8613.46

1.80

4.6413.44

0.33

0.33

1.39

1.53

10.89

6.98

2.96

14.38

1.550.361.39

15.88

1.93

87.97

4.37

1.39

6.21

5.94

0.89

1.29

266.48

1.23

0.97

0.97

1.93

0.3187.97

0.3153.94

245.29

0.47

0.87

0.87

2.23

1.39

2.23

1.55

0.87

0.87

2.02

2.78

14.38

533.26

3.87

Market cap Mar 2008

(R-bn)

Investment total Mar

2008 (R-m) Name & company % holding

Market cap Mar 2008

(R-bn)

Investment total Mar

2008 (R-m)

Graphic: FIONA KRISCH

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BUSINESS TIMES

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7Sunday Times November 30 20 0 8

7 NOVEMBER 30 2008

LINDA DOKE

T HAT an entire country likeIceland can sink into economic

oblivion overnight, and banksdeemed solid for more than 10decades can melt off the financialscales in a blink seems impossiblewhen we see how the world’swealthy play with their surpluscash. Take, for example, theJohannesburg couple who lastmonth forked out in excess ofR950 000 on a birthday party fortheir 10-year-old daughter, flyingthem and 25 of her school chumsto Euro Disney for a week, allexpenses paid. Bashes like thatmake keeping up with the Jonesessomewhat financially challenging.

Planes, trains and cars willalways catch the eye of the rich: orof those wanting to appear to berich. Add opulent cruisers andsleek submarines to the mix andall modes of luxury transport arec ove r e d .

Just present the cash and thechoice becomes yours.

If flash and fast is your thing,the Lamborghini MurcielagoLP640 Roadster with orange andblack leather interior can beyours for R5.5-million. If solid andstately has more appeal, then theRolls-Royce Phantom BespokeCollection will be more suitable,for a tidy R5-million.

Zunaid Moti, owner of theFuture Exotics LifestyleEmporium at the V&A Waterfrontin Cape Town, says despite thedownward economic spiral, thesale of exotic cars, boats, yachts,helicopters and planes remainsrelatively steady.

Just a couple of months agoFuture Exotics sold a Rolls-RoycePhantom Drophead for R8-million,and a Lamborghini GallardoSuperleggera for R3.4-million.

Private jets have long been amust for those who can affordluxurious transcontinentalfreedom. The Beechcraft Hawker1000 is the first jet to define thesuper midsize category — theprice in SA of a used model ismore than $8.9-million.

For more convenient hopping

between cities for meetings or toyour private game reserve, youcan pick up a Kaola SingleTurbine light helicopter for astarting price of $3.6-million.

Entertaining on posh yachts isnow passé. Luxury submarinesare the latest way to entertain,with costs starting at $3 000 perperson per day, and topping ataround $25-million to buy theentire vessel.

Ocean cruising in lavishopulence has always appealed tothose who can afford it.

The Fairline and Riviera brandscover the luxury cruising andsports fishing categories, and canset you back anything from R1.5-million to R45-million, dependingon size and spec.

Ideal, really, for docking in theprivate marina in the V&A

year have included exclusiveareas of Mozambique’s coastline,Mauritius and the Seychelles, butit’s only a matter of time beforesomeone local garners theultimate trophy property, apenthouse in The Chicago Spire inthe US, the tallest residentialbuilding in the world.

The seven-sided, 150-storeybuilding soars 609.6m abovedowntown Chicago, and eachsegment of the building is able torotate 360°.

Apartments start at a mere$800 000 for a 49.61m² suite, andtop at $40-million for a 956m²duplex penthouse.

Living luxuriously may beappealing to many, but it comeswith its own demands — sourcingstyle requires a degree of je nec’est quoi simply to know what’savailable and where to find it. Thisnever need stress the über-richthemselves, however — they canleave the legwork to theprofessionals in the know.

Private concierge servicesensure their clients have everypossible luxury to ensure theircomfort at all times. For a goodprivate concierge, no request isever too demanding or off thewall, anywhere, anytime, 24/7.

Sarah McGrath, MD ofQuintessentially SA, says thepursuit of exclusive and hard-to-get items and experiences is notonly a sign of spending power butinsider knowledge andconnections. “South Africans arebecoming increasinglysophisticated: their perception ofluxury is rising.”

Carole Day, MD of The Deskconcierge and lifestylemanagement company, pinpointstime as the highest request on theservice list of the wealthy: usingprofessionals to free them of thechore of planning their livesenables opulence to shape thelifestyles of the wealthy.

The cost of using personalconcierge services can beanything from R2 400 for eighthours to a bespoke membershipfor extensive use at upwards ofR20 000 a month.

The cost ofbeing rich

KEEP THE CHANGE: Lamborghini Murcielago LP 640 Roadster

Extra holiday homesstill appeal to theselect few for whomprice is not an issue

Waterfront, in front of yourluxury penthouse at Sol Kerzner’sOne&Only Hotel, which could beyours for R110-million — a steal incomparison to the R400-millionyou would spend for a penthousein New York.

Second and third holidayhomes still appeal to the selectpercentage of SA’s well-heeled,and, at the upper edge of themarket, price is not an issue.

Tara Whiting of the PamGolding Signature Collection said:“Those purchasing property atthe very top end of the market arereally not concerned about price— t h ey ’re generally unaffected byglobal economic conditions andinterest rate fluctuations as theytend to pay cash. The veryaffluent are paying R50-million toR100-million for local properties:it’s a lifestyle choice.”

Popular property scoops forholiday homes outside of SA this

One year’s schooling at Hilton CollegeLuxury home in Hyde Park, SandtonHoliday home on Marina Island, St FrancisPersonal concierge servicesLyn entertainment systemGroceries from WoolworthsBodyguardChauffeurDinner for two at Le Quartier FrancaisBeechcraft Hawker 1000 jetLamborghini Gallardo SuperleggeraTag Heuer Grand Carrera watchMontblanc Francois I Limited Edition penThree week trip to the AntarcticThree week stay at luxury kennels for dogLuxury sports fishing cruiserTwice-monthly spa treatmentsPersonal trainer at homeTOTAL

ItemR129 560

R20-mR8.9-m

R25 000pmR500 000

R8 000pmR25 000pmR20 000pm

R800R8.9-mR3.4-m

R45 995R68 430

R500 000R3 000R40-mR4 600

R5 000pm±R73.6-m

Estimated cost

BIG SPENDERS

Graphic: FIONA KRISCH

FLIGHT OF FANCY:This HawkerBeechcraft 1000 isthe first jet todefine the super-midsize category.The price in SA ofa used model isabout R89-million.A must for thosewho need at ra n s c o n t i n e n t a lt ax i

Planes, trains andautomobiles willalways catch the eye

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8 Sunday Times November 30 20 0 8

8 NOVEMBER 30 2008

So you want tohit the big time

Crisis? What crisis?ANDREW GILLINGHAM

HAS the crisis affected our pockets?That would depend on who youare. A top-end car boutique soldfour Lamborghinis this month

alone, indicating that while the world isreeling in the midst of economic meltdown,South Africa’s wealthy are out looking forbargains.

Many rich wannabes are ove r ext e n d e dand are being forced to sell their luxuryacquisitions, giving the real rich someattractive shopping opportunities.

Grant Anderson, managing director ofInvestment Cars subsidiary ArmormaxSouth Africa, said that new super luxuryand exotic car prices have not gone downand in many cases are moving upwardsdue to the weaker rand.

However, this is not stopping the richfrom buying their favourite automobilesand Investment Cars has sold four verypricey Lamborghinis this month alone.

“The real rich are still spending. Theirwealth may have been reduced on paperbut they can ride out the market turmoiland they still have cash on hand.

“At the same time, the rich arebecoming a lot more prudent in theirspending as those with money are able topick up real bargains in the used-carm a r ke t , ” Anderson said.

He said that there are a lot of lesswealthy people who bought high-endmotor vehicles when interest rates werelower and who are now trading down.

In addition, the number of people whoare packing up and leaving the countryappears to have increased. They bring intheir super luxury cars on the way to theairport and provide further shoppingopportunities for the rich.

“Top-end cars are positioned at or belowtrade prices and this means people areable to buy at the prices we wouldnormally purchase the vehicles,”Anderson said.

A trend among South Africa’s rich isthat they are placing a lot more emphasison security, and armoured luxury vehiclesare becoming increasingly popular — ataround R2-million for a manufacturer’sarmoured model or about R400 000 to havea vehicle armoured by Armormax here inSouth Africa.

“Most of our customers are puttingsecurity at the top of the priority ladder.

“Armouring kits are available for anumber of high-end vehicles such asRange Rover and BMW and while ouroperation has only been going for eightmonths, we are stretching to meetdemand,” Anderson said.

He said that more than half of thec o mp a ny ’s customers are women.

Howard Friedman, managing directorand designer at Jack Friedman Jewellers,said that fortunately for many businessesin South Africa, the rich are still spending.

“The really rich who can spend R100 000or more on an item of jewellery or R500 000and more on jewellery in the course of theyear are still there, though thedemographics have changed.

“While there are not too many menbuying jewellery for their own use, manyof our customers are now women who areshopping for themselves rather thanwaiting for a man to buy something forthem,” Friedman said.

“There is an increasing number of richblack customers buying jewellery and thisis where the future growth in the industrywill come from.”

He said customers want unique itemsthat have been designed just for them.

In addition, they are often very relianton their designer to give them a piece that

has intrinsic value that will be worth morein the years ahead.

“Wealthy people are very intelligent intheir spending and they are not going tooverpay for anything,” Friedman said.

Nor are they interested in paying forfashion and the rich often prefer classicaldesigns that they can wear for many years.

“Our customers demand items from usthat they will never see anywhere else.

“They are looking for unique items,”Friedman said.

Another trend is that the rich arelooking for subtle items that do not screammoney but are recognised by those in theknow. For example, many black SouthAfrican women buy strings of the largeSouth Sea Island pearls, enjoying theirglowing effect against their skin, and likingthe fact that most people simply do notknow their value.

The trend towards understated wealthcontinues across the demographics.

Items incorporating pink diamonds — agood quality pink diamond will tend to bepriced at around US$100 000 a carat — willappear to the less knowledgeable to becheaper than a piece of jewelleryincorporating flashier stones.

“People want unique items of jewellerythat are understated yet very valuable,”Friedman said.

The search for the unique continues intothe property market.

Andrew Golding, chief executive at PamGolding Properties, said that many astuteinvestors are making the most ofopportunities in today’s market.

“The very top end of the market,whether primary residential property,leisure homes, residential golf estates,game and wine farms, or prime ocean-front property, continues to be appealingto high net-worth individuals.

“In many instances these properties arehighly sought-after commodities at anystage in the property cycle and, as a result,transactions continue to occur, albeit at aslower rate and in a more cautious way,”Golding said.

Laurie Wener, managing director of theWestern Cape metro region of PamGolding Properties, said that while there ismore stock available and buyers are beingvery selective in their purchases, there isactivity at the very top end of theresidential property market.

“Just last week we sold a waterfrontbungalow in Clifton for R23.5-million andwe have also recently concluded a fewsales of homes priced between R23-millionand R31-million in Constantia.

“Usually such buyers pay cash and donot have to obtain finance,” Wener said.

Sellers in the upper end of the marketoften have time on their side and they arenot under pressure to sell.

As a result, while buyers are generallylooking for a good deal, they usually endup buying the house they really want andpaying the price needed to acquire it.

“For buyers at the top end of the marketlocation and lifestyle are the key issues,”Wener says.

Tara Whiting, sales agent in SouthAfrica for the Pam Golding SignatureCollection, said that those who seek to buyor sell homes at the very top end of theproperty market are not really all thatconcerned about price.

“It is all about what makes that propertyso special and unique, and what thepurchaser — generally unaffected byglobal economic conditions or interestrates, given that they usually pay cash — isprepared to pay for it at the time, orbelieves it is worth, whether that beR40-million, R80-million or R100-million,”Whiting said.

ANDREW GILLINGHAM

IF YOU are planning to make yourbillions and retire young, there arecertainly many South Africans whocan serve as examples and rolemodels, though very few of themretire and their intense involvementin their business activities is morelikely to continue well beyond the so-called retirement age.

Perhaps the secret lies in choosingthe right sector of the economy inwhich to make one’s millions. Onelook at the Rich List suggests thattelecoms, healthcare and mininghave made some people very rich.

SA is very much a mining nation soit may come as a surprise that theman who holds the most individualwealth in SA, Lakshmi Mittal, did notmake his billions in the miningsector but rather in the steelbusiness. Mittal’s father was verymuch a self-made man and made hisfortune in the steel industry. Mittallater turned the family’sinternational steel interests intoglobal steel player ArcelorMittalwith assets in Europe, Asia and theUS as well as its interests in SA.

Mittal, while ranked first on ourRich List because of his localinvestments, is not South African.Mining has been good to the richestSouth African, multibillionairePatrice Motsepe, who is rankedsecond after Mittal.

In fact, mining magnates takesecond and third place.

At a time when a low gold price ledmany gold mining houses to disposeof poorly performing assets,Motsepe’s entrepreneurial spirittook him in the opposite direction.He formed African Rainbow Mineralsand bought many of the assets onoffer. In third place is NickyOppenheimer, the third generation ofmining Oppenheimers, and he servesas an exception to the rule thatinherited wealth is soon lost bysucceeding generations.

Not only has Oppenheimercontinued to build on his wealthyfoundation but he has been a veryactive participant in the miningindustry in his positions as chairmanof De Beers and deputy chairman ofAnglo American.

However, his wealth has not grownat the same rate as that of Motsepe.

Geologist and avid mineralcollector Desmond Sacco (sixth onthe Rich List) has also gone on tomake his billions in the miningsector. After joining Assore Group in1968, he went on to become managingdirector and chairman in 1992.

Assore is focused on base metalsand minerals ventures. It is involvedin the mining of manganese, iron andchrome ores and other industrialminerals and the manufacture ofmanganese and chrome alloys.

However, one does not have to be inthe resources or commoditiessectors, as fifth-placed Christo Wiesedemonstrates. While he has stakes ina number of retail groups as well asfinancial services companies, Wieseis more of an investor than a retailer.

Bill Venter chose technology as thesector in which to make his moneyand his success puts him firmly ineighth place on the Rich List.

The telecoms sector has madehuge amounts of money in very littletime for many of SA’s nouveau riche.

Andile Ngcaba’s ElephantConsortium takes seventh place onthe Rich List with the significantstake in Telkom it purchased in 2005,now worth almost R4-billion.

MTN has made millions for anumber of people includingPhuthuma Nhleko, MTN group chiefexecutive and chairman ofWorldwide African InvestmentHoldings, as well as Irene Charnley( SA ’s richest woman), Rob Misbetand Sifiso Dabengwa. These four arein the top 20 richest, making thiscompany one of the most lucrativefor its major shareholders.

There are also opportunities to befound in retailing as proved byRaymond Ackerman, or in healthsuch as the examples set by Aspen’sStephen Saad and Discovery’sAdrian Gore. The foundingshareholders of FirstRand/RMB andof Investec have also becomeseriously rich.

The recipe for getting on to theRich List may be doing somethingyou enjoy, doing it better than anyoneelse and being willing to ride out thechallenges. Being in a sector that isriding a growth cycle certainly helps.

SAFE ANDSOUND: Top,Grant Andersonof Armormaxand InvestmentCars with avehicle thatshould deterhijackers; andleft, a nice littleapartment inBantry Bay— a snip at justR64-million

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BUSINESS TIMES

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10 Sunday Times November 30 20 0 8

10 NOVEMBER 30 2008

L ocation,l o c at i o n ,l o c at i o nAgents for the super-rich say thatwhen you are really rolling in it,the price tag is not the point

Wish list of the wealthyLINDA DOKE

IF you had all the money you couldwish for, and all the time in theworld to spend it, what would youbuy yourself and your loved onesand friends for Christmas?

How about a complete firstedition set of Ian Fleming’s JamesBond novels including the scarceGolden Gun copy of the movie TheMan with the Golden Gun”,estimated value $28 000?

Branded bling seems the thing toswing if you’ve got the cash — go fora Tag Heuer ladies’ stainless steelwatch with mother of pearl chronowith12 diamonds on the dial and 56diamonds embedded in the bezel,for R49 995. Or perhaps a MontblancFrancois I Limited Edition 888fountain pen with mother of pearlon the body and cap, priced atR68 430.

On the fashion front there’s anendless array of deliciouslydecadent styles that are in voguefor big spenders, like aQueensborough calf leathertrench coat from Burberry forR25 999, a Gucci Indy bag made ofleather with classic Gucci bambooat R28 600, or a Louis Vuitton Cupwatch for R75 000.

Perhaps the ultimate fashionstatement this year is the latestrelease from Louis Vuitton, theNeverfull crocodile skin handbag,going for a classy R425 000.

For the more adventurous, spend

à11 000 on a40-minute thrillat Thunder Cityin the EnglishElectricLightning, thesupersonic ColdWar jetinterceptorwhich climbs to50 000 feet inone minute andmoves at twicethe speed ofsound.

The decadentgolfer in Dubaican spend half aday enjoying 18holes anddinner withGary Player forR300 000, while 2010 astronautwannabes can pay R200 000 to beblasted 113km into space on theVirgin Galactic Spaceship to enjoyfour and a half minutes ofwe i g h t l e s s n e s s .

Of a more solid, secure naturewould be the 18-carat gold chastitybelt that Cape Town jewellerydesigner Uwe Koetter wascommissioned by a foreign

businessman to make for his bride-to-be to wear under her weddingdress on their special day.

History lovers with more moneythan sense can go one step furtherand buy a European full suit ofarmour from Dad’s Toys in CanalWalk, Cape Town, for R30 000.

Special birthdays can bememorable, particularly if you haveseveral parties to mark the

occasion. A well-known Gautengcelebrity recently celebrated her50th birthday in style by hostingfour separate parties — an all-expenses paid weekend away for 20of her closest friends at a privategame lodge; a private cocktail partyin the cellar of her home for closefamily; a black-tie dinner forcolleagues and friends; and a high-tea garden party on the lawn at

home for 40lady friends.

Th ecatering billalone for thefour eventst op p e dR200 000.

A wealthyLondoncouplearranged ab i r t h d aysurprise fortheirCinderella-crazydaughter: ab e sp o kep u mp k i ncarriage bedwas delivered

to the girl’s bedroom at a cost of£80 000.

Designer clothing for pets haslong been a favourite of the super-rich. Recently a South Africanfamily went one step further — t h eysaw to the psychological health oftheir two cats by arranging for anexact 1:10 scaled replica of theirhome so the felines could enjoy“alone time”.

TO LOVE AND TO HOLD: Cape Town designer Uwe Koetter createdthis chastity belt for a couple of wealthy newlyweds

BRENDAN PEACOCK

WHEN you have reachedthe upper echelons ofthe rich list yourphysical address

becomes more than simply a placeto lay your head at night; it becomesan important embodiment of yourstatus as a heavyweight player.

For the filthy rich, having anumber of carefully choseninvestments with all the right postalcodes is part and parcel of makingan elitist statement.

Competition for prime real estateis fierce and may come from allcorners of the globe, which oftenmeans having a team of scoutsscouring different countries foropportunities. “Whether local orforeign, it is common for buyers toget relocation specialists to do thedirty work for them. The clientengages agents, experts assesspotential properties, and then theclient looks through theirshort lists,” said property expertLew Geffen.

Geffen said top-end propertysales had slowed slightly, but werestill moving. “We sold fourproperties in Johannesburg overthe last month in the R20-million toR30-million range. The buyers tendto be around us all the time, nameswe know, but it’s quite a dynamicprocess, with new moguls arrivingon the scene regularly.”

According to Geffen, Sandhurstand Westcliff are Johannesburg’stwo most desirable suburbs, withfairly different client profiles.“Westcliff represents mostly oldmoney, while Sandhurst is a mix ofold and new money. Top-end buyerstend to be CEOs of listedcompanies, business people ingeneral and entrepreneurs. Suchpeople are very astute. They’relooking for position and a goodsetting, sophistication,contemporary architecture,gardens and international flavour.”

Most agents list Hyde Park,Houghton and Morningside ascontender suburbs inJo h a n n e s b u r g .

In Cape Town, Geffen saidanywhere on the Atlantic seaboardqualifies as upmarket, while inDurban, Umhlanga and La Luciawere the equivalents.

“The top-end buyers tend to stickto the traditionally upmarketsuburbs, but breakout areas includegolf estates like Fancourt, Arabellaand Steenberg,” he said.

“Second, third and further homestend to be in fairly varied settings,but we had one client who bought aR150-million house inJohannesburg and then hadreplicas built in Cape Town andDurban, on top of an internationalhome. The replicas were evenfurnished identically,” said Geffen.

Basil Moraitis, Atlantic seaboardmanager for Pam Golding, saidClifton remains the ultimate CapeTown address, along with otherAtlantic seaboard spots such as

Llandudno, Mouille Point, theslopes of Lions Head, wind-protected Glen Beach in Camps Bayas well as bungalows on Bakovenbeach and penthouses at the V&AWaterfront. “There are alsotraditional top-end enclaves atBantry Bay and Fresnaye. In CapeTown, old and new money tend tobe fairly well mixed and distributed.Property in Cape Town is all aboutposition — a unique location thatcannot be replicated, as well as thebest value for money in that area.”

Moraitis said Pam Golding hadsold apartments for up toR38.25-million in Bantry Bay, beachhouses at R31.5-million in Cliftonand others ranging fromR11-million to R60-million. “Th e r eare some international buyers, butthis percentage has not increasedover the last two years and the

majority of buyers are local —captains of industry andentrepreneurs. They range in agefrom young to old — there’s quite ahealthy cross section.”

Foreigners tend to stick toproperties right on the coast asopposed to inland, said Moraitis.

“They buy in Cape Town withthat express purpose, and tend tomake requests for fully furnishedhomes so that they can walk intothe local lifestyle.

“South African buyers are morewilling to adjust and adaptproperties and houses if theposition is good.”

Tara Whiting, SignatureCollection agent for Pam Golding,said Bishopscourt is still theultimate old money suburb with thehighest concentration of embassiesand chic families.

“It is highly sought after forJohannesburg families moving toCape Town. Constantia alsoremains popular because of thevineyards and equine sports. Thepenthouses at Sol Kerzner’sOne&Only hotel will be the ultimatedesirable residence at thewat e r f r o n t . ”

Ian Slott, MD of the Atlanticseaboard for Seeff Properties, saidSeeff recently sold one of the threepenthouses now being built on topof the hotel.

“It went for over R110-million. Wealso recently fetched the highestprice ever in Camps Bay — a homefor R21-million. Shortly afterwards,we sold the most expensive plot inClifton — R16.5-million.”

Agents agree that there is notypical profile for top-end buyers,save for their request for properties

with the requisite privacy.“Top-end buyers look for privacy,

security, quality and extra staffquarters that are well appointed,”Whiting said. “Increasingly, thereis a growing niche of top-end buyerswho are becoming environmentallyconscious and want to make surethat their carbon footprint isminimised. Also, you do not get tobe wealthy without working and aspacious home office is important.Proximity to a private airfield ortheir own airstrip might also betaken into account.”

Kevin Engelsman, PlettenbergBay licensee for Seeff Properties,said: “Often the older beachfronthomes will be bought andcompletely revamped or knockeddown and new mansions built.”

Some buyers have differentrequests. “Not strange or unusual,

but we are seeing more culturalrequirements from our Middle-Eastern buyers, such as prayerrooms,” said Slott.

“We had a sheikh request that allthe paintings and liquor be removedfrom a house,” said Geffen.

As an aside, Geffen noted thatinternational art collections cansometimes be worth even morethan the houses. “You will findJohannesburg residents withcollections from internationalmasters like Picasso and Miro thatare worth fortunes.”

According to Engelsman, Plett isa hot spot for second and thirdhomes. “The ultimate address onthe Garden Route is undoubtedlythe old money area of millionaires’row on Beach Head Drive. The up-and-coming new money indicatorsare the secure estates of Whale

Rock, Schoongezicht andB r a c ke n r i d g e . ”

Slott said: “At the top-end,especially with the lock-up-and-gosector, we see an interestingphenomenon — purchasers have noreal specific sense of how long peryear they will be staying there.They move around the globe wherethey have just as appealing homes.The higher you get, the less it has todo with price and more aboutgetting what they really want.”

Once top-end buyers have takencare of their interests in SouthAfrica’s hottest suburbs, furtherhomes were acquired for holidaytimes. “South African buyersconcentrate on the Indian Oceanislands like Mauritius and theSeychelles, with Mozambique alsobecoming an upmarketd e st i n at i o n , ” said Whiting.

MUST HAVE: Beautiful Clifton in Cape Town is home to the city’s most fabulous addresses, with demand coming from all over the world

BEACH SHACK: La Lucia is one of Durban’s most sought after residentialareas. This modern home is set off with Tudor accents and towering pillars

LAGOON LIVING: A house at Arabella Country Estate is good in any propertyportfolio although the development attracts more up-and-coming money

POSH PAD: Westcliff was made famous by Johannesburg’s Randlords andlittle has changed as the area fiercely guards its old-money reputation


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