South Africa’s three richest tech billionaires

Many of South Africa’s richest people made their fortunes by inventing or implementing cutting-edge technology in the businesses they founded and led.

Technological innovation has been a major differentiator for business growth, particularly if the timing is right to meet a specific emerging demand.

As of 10 February 2025, eight of the top 10 richest people on the Bloomberg Billionaires Index were tech billionaires, many of whom introduced groundbreaking tech-driven products and services.

Chief among them is South African-born Elon Musk, whose net worth stood at $402 billion at the time of publication.

Musk’s initial fortune came from the sales of online city guide software Zip2 and financial technology company PayPal.

He used his money to acquire and develop Tesla into the world’s most successful electric vehicle (EV) manufacturer and most valuable automotive and tech firm.

Musk also launched what would become the world’s most successful private rocket company — SpaceX.

The firm has pioneered groundbreaking technologies including landable rocket boosters and the Starlink satellite Internet service.

However, it is unclear whether Musk has visited South Africa since leaving in 1989, let alone whether he still holds his South African citizenship.

Furthermore, Musk did not build or acquire any of his successful companies while working or residing in South Africa.

Notwithstanding his incredible achievements in technology, some may not consider him to be a truly South African billionaire when taking these factors into account.

MyBroadband compiled a list of those billionaires who can attribute the bulk of their wealth to tech or tech-adjacent businesses or innovations.

Another requirement for consideration was that they must have started their tech business or venture in South Africa.

Taking these criteria into account, former Naspers CEO Koos Bekker can be considered the country’s richest tech billionaire, with an estimated net worth of R55.3 billion as of 10 February 2025.

Father of pay-TV in South Africa

As the founder of M-Net — which would eventually grow into DStv parent MultiChoice — Bekker is effectively the father of pay-TV broadcasting in South Africa.

Bekker got the idea for launching a pay-TV service from Time’s HBO while living in the US.

After pitching the idea to Naspers CEO Ton Vosloo, alongside Cobus Stofberg and Jac van der Merwe, M-Net was launched in October 1986.

M-Net grew quickly and would later be separated into multiple entities including MultiChoice, which would roll out DStv in 1995.

Bekker also played an instrumental role in transitioning Naspers away from traditional print media into a digital media powerhouse.

During his time as Naspers CEO from 1997 to 2014, he grew the company’s market capitalisation from roughly $1.2 billion to $45 billion, while earning no salary, bonus, or other perks.

Instead, he earned an income through stock option grants that vested over time, meaning his wealth was directly linked to the company’s performance.

Fundamental to this growth was a $34-million investment in Chinese Internet company Tencent in 2001, which is still widely considered the greatest venture investment ever.

Bekker’s estimated net worth has surged over 364% in the last eight years. He continues to serve as chairman of the Naspers board.

Michiel le Roux — The rule-breaking banker

Capitec’s co-founder and first CEO Michiel le Roux could also be considered a tech billionaire as much of his bank’s early success was down to technological innovations.

The bank’s name comes from a combination of the words “capital” and “technology.”

Before the Internet saw more widespread adoption in South Africa and made computer and phone-based banking a major channel, the Capitec team devised innovative portable PCs in suitcases and car boots to reach customers where they were.

It was also the first bank in South Africa to launch biometric fingerprint authentication in its branches.

The bulk of Le Roux’s wealth comes from his shareholding in Capitec, in which he holds an 11% stake, putting his net worth at about R33.18 billion by 10 February 2025.

Zak Calisto — The humble telematics titan

The third-richest tech billionaire in South Africa is Cartrack and Karooooo founder Zak Calisto, who built his fortune on cutting-edge vehicle and asset tracking and telemetry products.

Calisto dropped out of university while studying actuarial science. After completing his compulsory military service, he worked at Standard Bank for five years.

He began his own telematics distribution business with about R100 in 1994, with Netstar among his initial customers.

In 2001, he launched Cartrack as a joint venture with Netstar. Three years later, the company was spun off.

Cartrack quickly grew its customers and expanded operations across numerous countries.

Calisto believes that continuous innovation and improvements were key to Cartrack surpassing all the well-established vehicle tracking companies in customers.

Calisto’s net worth stood at roughly R17.22 billion by 10 February 2025, thanks to a roughly 65% shareholding in Karooooo.