President Cyril Ramaphosa is one of the richest people in South Africa. Although his net wealth is a well-kept secret, Forbes Magazine estimated it to be around R6.4 billion a few years back.
His biggest wealth creator was the managed investment company Shanduka Group. The company quickly established itself as a groundbreaking black economic empowerment firm. A major moment for the firm came in 2011, when McDonald’s announced Ramaphosa as the new developmental licensee for South Africa, making him responsible for operating all its branches in the country.
Ramaphosa stepped down from various board positions and sold McDonald’s South Africa to UAE-based MSA Holdings. Before this merger, Shanduka had several top South African businesses in its portfolio — including MTN, Standard Bank, Coca-Cola, McDonald’s, Bidvest, Towers, Liberty, Lonmin, and Seacom.In this declaration, he disclosed that he received no remuneration outside his government salary and was not involved in consultancies or retainers.