Introduction to Ramaphosa net worth
Cyril Ramaphosa is a South African politician, businessman, and the fifth President of South Africa. He assumed office on February 15, 2018, following the resignation of Jacob Zuma. Ramaphosa is a prominent figure in South African politics and has a net worth that has been the subject of much speculation and controversy.
Ramaphosa’s early life and career
Cyril Ramaphosa was born on November 17, 1952, in Soweto, Johannesburg. He was the second of three children and grew up in a poor family. Ramaphosa studied law at the University of South Africa and became involved in anti-apartheid activism during his student days. After completing his studies, he began working as a lawyer and represented many political activists and trade unionists.
In 1991, Ramaphosa was elected secretary-general of the African National Congress (ANC), the ruling party in South Africa. He played a key role in negotiating the end of apartheid and the transition to democracy in South Africa. In 1994, Ramaphosa was elected to the National Assembly and became the chairperson of the Constitutional Assembly, which drafted South Africa’s new constitution.
Ramaphosa’s wealth before becoming President
Before becoming President, Ramaphosa had already amassed a significant fortune. He was one of the richest men in South Africa, with a net worth estimated at around $450 million. Much of his wealth came from his business interests, which included mining, telecommunications, and banking.
One of Ramaphosa’s most successful ventures was the Shanduka Group, a holding company he founded in 2001. The company had interests in mining, energy, and financial services and was valued at around $1 billion when it was sold in 2015. Ramaphosa also served on the board of several companies, including Lonmin, a mining company that was involved in a high-profile strike in 2012.
Ramaphosa net worth as of 2021
Ramaphosa net worth has been a subject of much speculation and controversy, with estimates ranging from $450 million to over $700 million. However, it is difficult to determine his exact net worth as much of his wealth is held in private companies and trusts.
In 2021, Ramaphosa declared his net worth to be around $1.2 million. However, this figure only includes his assets in South Africa and does not take into account his offshore investments and business interests.
Sources of Ramaphosa’s wealth
Ramaphosa’s wealth comes from a variety of sources, including his business interests, investments, and political career. As mentioned earlier, he founded the Shanduka Group, which was one of his most successful ventures. He also had interests in MTN Group, one of Africa’s largest telecommunications companies, and Bidvest Group, a diversified services company.
Ramaphosa’s political career also contributed to his wealth. As a senior member of the ANC, he was involved in many government contracts and deals. He also served as the deputy chairman of the Commonwealth Business Council, which aimed to promote trade and investment in Commonwealth countries.
Controversies surrounding Ramaphosa net worth
Ramaphosa’s wealth has been the subject of much controversy, with some accusing him of using his political influence to accumulate wealth. In 2012, he faced criticism for his involvement in Lonmin, which was involved in a violent strike that resulted in the deaths of 44 people.
In 2017, Ramaphosa was also accused of having extramarital affairs and using his political influence to benefit his business interests. These allegations were made public during his campaign for the presidency.
Comparison with other African leaders’ compared to Ramaphosa net worth
Ramaphosa net worth is relatively modest compared to some other African leaders. For example, the net worth of Teodoro Obiang Nguema Mbasogo, the President of Equatorial Guinea, is estimated to be around $600 million. The net worth of Denis Sassou-Nguesso, the President of the Republic of the Congo, is estimated to be around $1 billion.
What Ramaphosa net worth means for South Africa
Ramaphosa’s wealth has both positive and negative implications for South Africa. On the one hand, his business experience and connections could be beneficial in attracting foreign investment and promoting economic growth. On the other hand, his wealth could also be seen as a symbol of the country’s growing inequality and corruption.
Cyril Ramaphosa net worth has been the subject of much speculation and controversy. While his wealth is significant, it is difficult to determine his exact net worth due to the private nature of his business interests. Nonetheless, his wealth has both positive and negative implications for South Africa, and it remains to be seen how it will impact his presidency and the country’s future.
Image Credit: Cyril Ramaphosa/Twitter
