List of South African millionaires who became broke | Where are they today?

List of South African millionaires who became broke | Where are they today?

How do millionaires become broke? This is one of the questions many people ask themselves when they hear of people who went from riches to rugs. Find out in this read as we look at some South African millionaires who became broke.

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List of South African millionaires who became broke
Below is a list of South African millionaires who became broke despite making immense wealth and their current whereabouts. Photo: @investorstellarlumens
Source: Instagram

Without a reasonable budget and financial accountability, it is very easy for anyone to run out of cash, including millionaires. Some South African millionaires have been reported to have lost money faster than they earned it. So who went from rich to poor? Find out in this read in our list of South African millionaires who became broke.

South African millionaires who became broke

South Africa boasts of several self-made millionaires. But unfortunately, some have been consumed by the lavish lifestyle, while others have adopted negative behaviors like drugs and alcoholism down the road.

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Consequently, they have lost a lot of their wealth. Here is a South African millionaires list released by South Africa Lists detailing Mzansi millionaires who lost it all.

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Prokid

Linda Mkize, popularly known as Prokid, was one of the SA millionaires living a lavish lifestyle when he was alive. His wealth was reported to stem from his successful career as a rapper and producer.

However, he lost almost everything in 2018, shortly before he died. It is even said that the government had to intervene to offer him a befitting burial.

Stitch

Tshepo Lucas Setwaba, better known as Stitchman, was another SA millionaire in South Africa who blossomed under the wings of the elite Kwaito clique in the hands of Arthur Mafokate. He also referred to himself as the "King of D’Gong” back in his heydays.

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Unfortunately, all came crushing to ashes after a fallout with his label, and he was forced to move in with his mother. However, in 2019, he announced his music comeback, promising fans a full album and a video of his single. Although he is yet to release as promised, fans remain hopeful.

Mandoza

South African millionaires who became broke
Mandoza is also one of the South African millionaires who became broke following a long-year battle with cancer. Photo: Dave Benett
Source: Getty Images

Mduduzi Edmund Tshabalala was a South African millionaire who made a fortune as a Kwaito artist. He sold numerous albums, which resulted in immense wealth.

However, he, unfortunately, died in 2016 after a year-long battle with cancer. The Nkalakatha hitmaker had even lost his eyesight due to the illness before sadly passing away. Fans believe that he died poor despite making a fortune from his career.

Baby Jake Matlala

Famous South African millionaires who became broke
Baby Jake Matlala (R) was a four-time world flyweight boxing champion from Meadowlands who sadly lost his fortune before passing away. Photo: Lefty Shivambu/Touchline
Source: Getty Images

Jacob “Baby Jake” Matlala was one of the self-made millionaires in South Africa back in the day. He gained fame and immense wealth from his successful boxing career. The four-time world flyweight boxing champion from Meadowlands had many titles to his name.

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So what happened to Baby Jake Matlala? He sadly passed away after succumbing to a lung infection. Despite the wealth he had made throughout his career, Matlala sadly died with nothing under his name.

Brown Dash

Siphiwe Mpamile, also known as Brown Dash, was another South African millionaire who became broke despite making a fortune as a Kwaito star. He was diagnosed with pneumonia and had fluids drained from his lungs before passing away from the illness.

Brenda Fassie

SA millionaires who became broke
Brenda Fassie was a South African millionaire who became broke after spending all of her money on a fast life, drugs, and partying with friends. Photo: ALEXANDER JOE
Source: Getty Images

Brenda was a musician known to spend money like it was running out of fashion when she was alive. However, her producer Sello “Chicco” Twala, revealed that she made over R30 million in her 21-year music career.

However, it was all wasted on drugs, alcohol, and other unnecessary stuff. For example, Sello revealed that she could fix her car more than ten times and pay over R20 000 at a time. He further revealed that’s he was living a fast life, spending most or perhaps all of her money staying in hotels and doing drugs with friends.

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She had checked herself into rehab over 30 times, costing roughly R300 000 but she could not give up drugs. Unfortunately, she lost everything and had to sell her assets like her cars at a lower price to sustain her lifestyle.

All was lost when she was hospitalized shortly before her death. A source close to her revealed that a trust fund was set up after she was hospitalized to help raise money for her hospital bills.

John “Shoes” Moshoeu

South African millionaires who became broke
John Moshoeu is among the South African millionaires who became broke despite having a successful football career. Photo: Matthew Ashton/EMPICS
Source: Getty Images

As he was popularly known, Shoes was a legendary footballer who earned a fortune from his successful career. He would play for notable individuals such as Diepkloof and Kaizer Chiefs. He even played for South Africa’s football club and won the 1996 Africa Cup of Nations.

Sadly, he was diagnosed with stomach cancer, and all his fortune went down the drain. He was said to have died a broke man in 2015.

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Tiki Nxumalo

Tiki was a famous musician and actor. The Generations star gained popularity after appearing in a KFC advert. He is said to have made a fortune back in the Apartheid days.

But unfortunately, he lost it all and died broke in 2015 from an asthma attack. Some reports indicate that the KwaZulu-Natal Department of Arts and Culture had to chip in to give him a decent send-off.

Pitch Black Afro

Thulani Ngcobo, better known as Pitch Black Afro, was a legendary Kwaito and hip-hop artist who made a lot of money at the prime of his career. It all started with his debut album, which he sold over 50, 000 copies.

Unfortunately, he was addicted to alcohol and spent most of his money on it. Thulani was in no time left with nothing, and he was reported to be squatting at his mother’s place in Soweto. Financial owes had pushed him over the edge, forcing him to sell his house and become homeless.

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Simon “Mahlathini” Nkabinde

South African millionaires who became broke before dying
Simon "Mahlathini" Nkabinde is one of the South African millionaires who became broke shortly before passing away. Photo: Barbara Alper
Source: Getty Images

Although he died in 1999, he is also one of the SA millionaires who became broke shortly before passing away. Although it is known how he spent or wasted his wealth, it is said that he only had a small house as his property listing at the time of his passing.

Blondie Makhene

Keoagile Gerald Makhene was a veteran singer who made lots of money in the late 90s. However, he lost it after wasting it as it would never end.

Although it is hard to believe it, some millionaires have gone from sleeping in grand houses worth millions to being homeless. Unfortunately, others have died from behaviors adopted along the way, such as doing drugs and alcoholism. Some examples of South Africans who became broke from such behaviors are Brenda Fassie, Stitch, Shoes, Prokid, and Baby Dash.

READ ALSO: List of the most popular and highest paid TikTok stars in South Africa 2021

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Briefly.co.za shared a post about the most popular and highest paid TikTok stars in South Africa 2021. It is undoubtedly one of the best social media platforms for entertainment and business.

Content creators use this platform to earn a living, for example, by being brand ambassadors for different notable brands and companies. Ream more here about TikTok stars and their net worth.

Source: Briefly News

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