President Cyril Ramaphosa announced earlier this week that two of South Africa’s richest families, the Rupert’s and the Oppenheimer’s, will be donating R1 billion to help people that are people affected by consequences of the coronavirus

“We must applaud the commitment made in this time of crisis by the Rupert and Oppenheimer families of R1 billion each to assist small businesses and their employees affected by the coronavirus pandemic,” said Ramaphosa.

Here’s a closer look the two billionaires.

South African billionaire Nicky Oppenheimer is the heir to his family’s fortune and was the third generation of his family to run the diamond company De Beers.

He would later sell his 40 percent stake in the diamond company to Anglo American.

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According to the 2020 Forbes Africa’s Billionaires Index he is the third wealthiest people on the continent with a $7.4 billion. The African billionaire ranks 200 on the Forbes Billionaires Index.

Oppenheimer is also the owner of the Tswalu Kalaharu Reserve, the largest private game reserve in South Africa.

Origin of wealth: diamonds.

The other South African billionaire that will be donating R1 billion is Johann Rupert. In 2019, the billionaire had a net worth of $5.3 billion

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Rupert is the chairman of Swiss luxury goods company Compagnie Financiere Richemont. The firm is best known for brands like Cartier and Montblanc.

The South African billionaire owns 7 percent stake in diversified investment firm Remgro which he chairs. He also owns 25 percent of Reinet, an investment holding co. based in Luxembourg according to Forbes.

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer.
He could be contacted at udohrapulu@gmail.com