South African President Cyril Ramaphosa has a net worth of $450 million. Known for his political accomplishments and big business ventures, Ramaphosa has left an indelible mark on South Africa’s socio-economic landscape. Born on November 17, 1952 in Soweto, Johannesburg, Ramaphosa’s journey from activism to the presidency is a testament to his resilience and leadership.
Early life and education
Cyril Ramaphosa was the second of three children of Venda parents Erdmuth and Samuel. He grew up in Soweto, Johannesburg, attending Tshilidzi Primary School, Sekano Ntoane High School and Mphaphuli High School. He received higher education at the University of the North in Limpopo province, where he became actively involved in student politics. His activism led to him being held in solitary confinement for organising pro-FRELIMO rallies in 1974 and again in 1976. After his release, Ramaphosa worked as a law clerk in Johannesburg while continuing his legal studies at the University of South Africa.
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Rising to prominence in the labour movement
Ramaphosa’s early career was marked by his significant contributions to the labour movement. After earning his law degree, he joined the legal department of the Council of Unions of South Africa as a consultant. He then founded the National Union of Mineworkers (NUM) and became its first general secretary. Under his leadership, the NUM grew into a powerful organisation that led some of the largest strikes in South African history and played a key role in the anti-apartheid movement.
Leadership in the African National Congress
In 1991, Ramaphosa resigned from the NUM to become the secretary-general of the African National Congress (ANC). He played a key role in the negotiations that led to the end of apartheid and South Africa’s transition to democracy. Following the country’s first fully democratic elections in 1994, Ramaphosa was elected as a member of parliament and chaired the Constitutional Assembly. His contributions played a key role in shaping South Africa’s new constitution.
Entry into business
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Ramaphosa’s influence extended beyond politics to the business world. In 1996, he resigned from the ANC with the intention of leaving politics and founded the Shanduka Group, an investment holding company. Shanduka was a specialist in various sectors including mining, finance, real estate and banking. The company also owned McDonald’s South Africa and had a significant stake in a Coca-Cola bottling plant. In 2011, the Chinese Investment Corporation acquired a 25% stake in Shanduka for $245 million. By 2015, Shanduka was sold to the Pembani Group, netting Ramaphosa an estimated $200-300 million profit.
Political resurgence and leadership
Despite his successful business ventures, Ramaphosa returned to politics in 2012, being elected Deputy President of the ANC. His re-election in 2014 strengthened his political position and he was later appointed Deputy President of South Africa. In this role, Ramaphosa chaired the National Planning Commission and represented South Africa at the World Economic Forum in Davos.
Presidency of South Africa
Ramaphosa’s political journey culminated with his election as president of the ANC in December 2017, running on an anti-corruption platform. In February 2018, Ramaphosa became President of South Africa following the resignation of President Jacob Zuma. In his first State of the Nation address, he emphasised economic growth, youth employment and tourism. He also reduced the size of the cabinet, eliminating several leftover positions from Zuma’s administration. In May 2019, Ramaphosa was re-elected unopposed to his first full presidential term.
Economic and social policies
As president, Ramaphosa has focused on economic reform and land redistribution. He has worked to legalize South Africa’s cannabis industry and established the Youth Employment Service to address youth unemployment. During the COVID-19 pandemic, Ramaphosa’s effective security measures were widely praised, although he faced criticism for alleged corruption related to the Phala Phala robbery in 2020.
Personal life and wealth
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Cyril Ramaphosa’s personal life is as varied as his career. From 1979 to 1989, he was married to Hope, with whom he had a son. He then married Nomazizi Matshotshisa from 1991 to 1993. In 1996, he married physician Tshepo Motsepe. Ramaphosa is believed to have five children. His assets include a luxurious mansion in Lion’s Head, Cape Town, and ownership of 30 properties around the world.
Business Assets and Financial Success
Ramaphosa’s financial success is attributed primarily to his business acumen. The Shanduka Group’s diverse portfolio included significant stakes in the mineral resources, insurance and real estate sectors. Ramaphosa’s participation in various boards, including MTN, Bidvest and Mondi, further strengthened his financial position. His acquisition of the McDonald’s South Africa master franchise agreement in 2011 is an example of his strategic business moves.
Public service and international roles
Beyond his business and political career, Ramaphosa has contributed to international public service. He served as the first vice-chairman of the Commonwealth Business Council and was appointed to the Independent International Commission on Decommissioning in Northern Ireland. Additionally, he also held the position of deputy chairman of the National Planning Commission in South Africa.
Controversies and criticisms
Despite his achievements, Ramaphosa’s career has not been without controversy. His involvement in the Phala Phala robbery incident led to him being charged with kidnapping and bribery. Critics have also questioned his handling of corruption within the ANC and his administration. Nevertheless, Ramaphosa remains an important figure in South African politics and business.
Legacy and influence
Cyril Ramaphosa’s legacy is a complex mix of activism, business success, and political leadership. His efforts in ending apartheid and shaping South Africa’s democracy are widely acknowledged. As president, his focus on economic reform and social issues reflects his commitment to improving the lives of South Africans. Ramaphosa’s journey from a youth activist in Soweto to the highest office in the country underscores his resilience and dedication to his country.
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Category: Net worth