Fact check: Yes, President Cyril Ramaphosa is a multibillionaire

Fact check: Yes, President Cyril Ramaphosa is a multibillionaire

- A viral social media post confronted President Cyril Ramaphosa over how he amassed his vast fortune

- The post claimed that Ramaphosa had managed to acquire not millions, but billions

- Briefly.co.za explores the facts behind this claim to determine if the President truly has managed to secure the bag

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President Cyril Ramaphosa is a wealthy man, there's no secret there. However many South Africans aren't fully aware of just how rich the nation's leader truly is.

Discussing the Freedom Charter, Ramaphosa claimed that the majority of the nation's wealth lies in the hands of predominately white men:

"It is undeniable that the wealth of this country remains largely in the hands of a predominantly white and male minority. The structure of our economy continues to exclude overwhelming numbers of the poor and Black majority."

Briefly.co.za reported that Forbes had noted that the likes of the Oppenheimer and Rupert families still dominate, Ramaphosa's brother-in-law Patrice Motsepe managed to weigh in as one of SA's richest.

President Cyril Ramaphosa
Source: Twitter

READ ALSO: Tshwane family went on spending spree with R5.7m UIF payment

SA citizen Seems Mahadeo went viral with her response to Ramaphosa's claim, questioning

"Mr President whites aside let us analyse how you a black man, a struggle veteran became a multi-billionaire, not even millionaire! Almost all cadres are multi-millionaires without having careers or generational wealth. How did you acquire billions while millions are poor?"

Ramaphosa is indeed a billionaire with his net worth standing at R6.4 billion in 2018 alone.

Well known as a businessman, the President owns 31 properties and help ownership in multiple companies such as McDonald's and chaired the board of MTN. Ramaphosa was also a board member for Lonmin.

On an international level, Ramaphosa is a member of the Coca-Cola Company International Advisory Board and the Unilever Africa Advisory Council.

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Source: Briefly.co.za

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