What is Cyril Ramaphosa's Net Worth and Salary?
Cyril Ramaphosa is a South African politician who has a net worth of $450 million. Cyril Ramaphosa is best known for being the President of South Africa but he earned his fortune as the founder and chairman of investment firm Shanduka Group which owned McDonald's South Africa. Before Shanduka was sold to a competitor, it also specialized in mining, finance and Coca-Cola bottling plants. At various times he has been ranked as one of the richest people in South Africa. He first achieved national renown in the early 80s as secretary general of South Africa's National Union of Mineworkers, and later rose in the ranks of the African National Congress under Nelson Mandela. He is a member of the African National Congress political party. Ramaphosa served as the Secretary General of the African National Congress from March 1991 to December 1997. From December 2012 to December 2017 he served as Deputy President of the African National Congress. Cyril Ramaphosa served as the 7th Deputy President of South Africa from May 2014 to February 2018. He became the President of the African National Congress in December 2017. Cyril Ramaphosa became the 5th President of South Africa in February 2018 and the Chairperson of the African Union in February 2020.
Company Sale
In 2011, the Chinese Investment Corporation paid $245 million for a 25% stake in Cyril Ramaphosa's holding company Shanduka Group. In June 2015 the entire company was sold to the Pembani Group. The transaction netted Ramaphosa at least $200-300 million.
Salary
As President of South Africa, Cyril Ramaphosa is paid an annual salary of 3.9 million Rand. That's equal to $227,000 USD.
Early Life and Education
Cyril Ramaphosa was born on November 17, 1952 in Soweto, Johannesburg in what was then the Union of South Africa. He is the second of three children of Venda parents Erdmuth and Samuel. As a youth, Ramaphosa went to Tshilidzi Primary School, Sekano Ntoane High School, and Mphaphuli High School. He went on to study law at the University of the North in Limpopo Province. There, Ramaphosa got involved in student politics. In 1974, he was detained in solitary confinement for 11 months for organizing pro-FRELIMO rallies. Ramaphosa was detained again in 1976. Following his release, he worked as a law clerk for a firm in Johannesburg while continuing his legal studies through the University of South Africa.
National Union of Mineworkers
After earning his law degree, Ramaphosa became an advisor in the legal department of the Council of Unions of South Africa. He subsequently established the National Union of Mineworkers, an affiliate of the Congress of the South African Trade Unions, and became the group's first secretary general. During his tenure heading the NUM, Ramaphosa led mineworkers in one of the biggest strikes in the history of South Africa. Additionally, he was integral in the development of the Mass Democratic Movement.
African National Congress, 1991-1996
Following his resignation from the NUM in mid-1991, Ramaphosa became secretary general of the African National Congress. He went on to serve as the head of the ANC's delegation during the negotiations that finally ended apartheid. In 1994, Ramaphosa became a Member of Parliament following South Africa's first fully democratic elections. He was elected as the chairperson of the constitutional assembly, and was also reelected as secretary general of the ANC. Ramaphosa later resigned from the ANC in 1996 with the intention of leaving politics.
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Business and Public Service
Ramaphosa ventured into the business world after resigning from politics. He founded the investment holding company Shanduka Group, which specialized in mineral resources, insurance, real estate, and banking, among other areas. Ramaphosa also took on a number of board positions, becoming the chairman of MTN, Bidvest, and Mondi and sitting on the board of platinum metal producer Lonmin. In 2011, he purchased a master franchise agreement to own McDonald's in South Africa.
Ramaphosa also got involved in public service internationally. He served as the first vice chairman of the Commonwealth Business Council; was appointed to the Independent International Commission on Decommissioning in Northern Ireland; and was appointed to the National Planning Commission, where he served as deputy chairperson.
Return to Politics
In 2012, Ramaphosa returned to politics and was elected deputy president of the ANC in a resounding win, with 3,018 votes. He was reelected in 2014.
Deputy President of South Africa
Following his reelection as deputy president of the ANC, Ramaphosa was appointed as deputy president of South Africa. Additionally, he was made chairman of the National Planning Commission. In 2018, Ramaphosa took over from South African president Zuma to lead South Africa's delegation to the World Economic Forum in Davos.
President of ANC and South Africa
Running on an anti-corruption platform, Ramaphosa was elected as president of the ANC in late 2017. Early the next year, he was elected president of South Africa following the resignation of Zuma. In his first State of the Nation Address, he highlighted the need for economic growth, youth employment, and increased tourism. He also talked about reducing the size of the Cabinet, something he quickly delivered on when he removed many of the holdovers from Zuma's former Cabinet. In May of 2019, Ramaphosa was elected unopposed to his first full presidential term.
In terms of domestic policy, Ramaphosa has made the economy and land reform his primary issues. He has sought to legitimize the South African cannabis industry, and has established the Youth Employment Service. During the height of the COVID-19 pandemic, Ramaphosa was widely praised for his effective safety measures. However, he has been criticized for potential corruption and obstruction of justice, namely in relation to the Phala Phala robbery in 2020, for which he was accused of kidnapping and bribing burglars of his game farm into silence.
Personal Life
From 1979 to 1989, Ramaphosa was married to Hope, with whom he had a son. After that, from 1991 to 1993, he was married to Nomazizi Mtshotshisa. Ramaphosa subsequently wed physician Tshepo Motsepe in 1996. Overall, he is believed to have five children.
In addition to his luxury Lion's Head mansion in Cape Town, Ramaphosa owns 30 other properties around the globe.
