You ever sit in traffic on the M1 in Jozi, looking at those massive glass buildings in Sandton, and wonder who actually owns the bricks? Or better yet, who owns the companies inside the bricks? Honestly, if you try to map out who owns who in South Africa, you'll realize it’s less of a straight line and more of a giant, tangled bowl of spaghetti.
It’s a web.
The same few names keep popping up. You’ve got the old-school dynasties like the Ruperts and the Oppenheimers, then you’ve got the massive institutional "ghosts" like the Public Investment Corporation (PIC) that basically have a finger in every single pie on the JSE.
The Puppet Masters: Remgro and the Rupert Empire
Let’s talk about Johann Rupert. As of early 2026, he’s still sitting at the top of the pile with a net worth hovering around $16.4 billion. But he doesn’t just "have money" in a bank account. He controls Remgro.
If you eat, drink, or go to the hospital in SA, you’re probably giving the Ruperts a cut. Remgro has a massive 42% stake in Mediclinic. They own over 77% of RCL Foods—that’s Rainbow Chicken and Selati sugar, basically the stuff in your pantry. They even have a 25% slice of Unilever South Africa.
It’s wild.
But it’s not just groceries. Through Remgro and RMI, the family has deep tentacles in FirstRand (FNB and RMB) and Discovery. Even the fiber you use to read this might be theirs; Remgro owns more than 50% of CIVH, which is the parent company of Vumatel and Dark Fibre Africa.
✨ Don't miss: Cuanto son 100 dolares en quetzales: Why the Bank Rate Isn't What You Actually Get
The Rise of the New Tech Billionaires
While the old guard holds the land and the banks, there’s a new group of guys making moves. Take Zac Calisto. He’s the founder of Karooooo (which owns Cartrack). In 2025, he officially hit dollar billionaire status. Most people haven't even heard of him, yet he owns about 58% of a company that tracks millions of vehicles across the continent.
Then there’s the Naspers/Prosus situation. This is the big one.
For years, Naspers was basically just a "Tencent holding company" because of its massive stake in the Chinese gaming giant. It’s still a weird, circular ownership structure. Naspers owns the majority of Prosus, and Prosus owns a huge chunk of Naspers. It’s designed to keep control in the hands of a few "A-class" shareholders like Koos Bekker, even though thousands of regular people own the "N-class" shares.
Retail Shakeups: The End of the Ackerman Era
Retail is where things got really spicy recently. For decades, the Ackerman family was Pick n Pay. Period. But by late 2025, the dynasty officially lost majority control.
They offloaded 64 million shares.
Now, their voting power has shrunk to about 36.8%. They’re still the "anchor" shareholder, but they aren't the kings anymore. This happened because the company was struggling, and they had to list Boxer (their discount brand) separately to raise cash.
🔗 Read more: Dealing With the IRS San Diego CA Office Without Losing Your Mind
Meanwhile, Shoprite is still dominated by the likes of Christo Wiese. Even after the whole Steinhoff disaster wiped out billions of his wealth, Wiese clawed his way back. He’s still a dollar billionaire because Shoprite and Pepkor just keep printing money.
The Government's R3 Trillion Shadow
We can’t talk about who owns who in South Africa without mentioning the Public Investment Corporation (PIC).
They manage over R3 trillion.
Because they look after the pensions of government employees (GEPF), they are the largest single investor on the Johannesburg Stock Exchange. In many big companies like Standard Bank, Anglo American, and Sasol, the PIC is often the top shareholder, holding between 10% and 15%.
Essentially, if you are a civil servant, you technically own a tiny piece of almost every major corporation in the country.
Mining is Changing (Fast)
Mining used to be simple. Oppenheimers owned Anglo, and that was that. Not anymore.
💡 You might also like: Sands Casino Long Island: What Actually Happens Next at the Old Coliseum Site
Right now, the industry is obsessed with "transition metals" like copper. Anglo American has been stripping itself down, demerging things like Anglo Platinum (now called Valterra Platinum) to focus on copper. There’s even talk of a massive mega-merger between Glencore and Rio Tinto that could redefine the entire landscape in 2026.
How to Check Ownership Yourself
If you’re trying to track a specific company, don’t just look at the CEO. Look at the Section 122 notices on SENS (the JSE's news service).
- Institutional Holdings: Check the Annual Report for "Shareholder Spread."
- Beneficial Owners: These are the people who actually get the dividends, even if the shares are held by a nominee bank.
- The 5% Rule: In SA, any time someone buys or sells enough shares to cross a 5% threshold (5%, 10%, 15%, etc.), they have to announce it publicly.
Actionable Insights for 2026
If you're an investor or just a curious local, here’s how to navigate this:
- Watch the PIC: Their moves dictate the market. If they start dumping a stock, it’s usually a sign of trouble (or political shifts).
- Follow the Founders: Companies where the founder still owns 15%+ (like Capitec with Michiel le Roux or Karooooo with Calisto) tend to outperform because the owner's skin is in the game.
- Understand the HoldCos: Don't just buy a retail share; see if a holding company like Remgro or Naspers gives you better "indirect" exposure at a discount.
The reality of South African business is that it's a small club. Names change, and families occasionally step back, but the underlying structures of power are incredibly resilient. Whether it’s through complex "A and B" share classes or massive pension fund mandates, the same few entities still pull the strings.
To see the live data for any specific JSE-listed firm, head to the JSE's official website and search for the latest "Integrated Annual Report" under the Investor Relations tab. Look specifically for the "Analysis of Shareholders" page, usually buried near the back, to see exactly who holds more than 5% of the voting rights.