7 Richest Retail Tycoons in Africa

With the retail sector emerging as a pivotal driving force, the economic landscape in Africa is undergoing a remarkable shift. At the forefront of this transformation, there are influential billionaire owners, who have not only elevated their retail businesses to unprecedented heights but have also molded Africa’s financial trajectory and have become one of the richest tycoons in Africa.

Their visionary prowess has not only caught the attention of Western retailers seeking new avenues for growth but has also steered the course of Africa’s retail evolution. These entrepreneurs are not just creating wealth for themselves, they are shaping the future of retail across the continent, showcasing the transformative potential of the industry in reshaping economies and enhancing livelihoods. 

As these retail giants continue to push the boundaries of success, their enduring impact on Africa’s economic future remains resolute. Let’s take a look at some of the richest retail tycoons in Africa.

Christo Wiese

Christoffel “Christo” Wiese, a South African retail tycoon, has played a pivotal role in the growth of Shoprite Holdings. Starting with just eight supermarkets in Cape Town in 1979, he has transformed Shoprite into a retail giant with over 2,989 stores across Africa, employing around 142,000 people. Wiese is a wise investor, and his 11.63 percent stake in Shoprite Holdings makes him the second-largest shareholder, valued at more than $730 million on the Johannesburg Stock Exchange. His influence in the company and his strategic investments have earned him a place among the wealthiest investors in South Africa.

Ivan Saltzman

Ivan Saltzman, a South African retail tycoon, is the co-founder of Dis-Chem Pharmacies, and together with his wife Lynette, they are the driving forces behind the remarkable success of Dis-Chem Pharmacies in the South African pharmaceutical landscape. Their relentless dedication has propelled Dis-Chem from its modest beginnings to a vast network of over 300 retail stores, employing more than 20,000 professionals. Ivan Saltzman’s substantial ownership stake of 35.12 percent firmly establishes him among South Africa’s premier investors. 

The visionary leadership of Ivan and Lynette Saltzman has been instrumental in the astonishing growth of Dis-Chem Pharmacies, making them key players in the African retail landscape with their riches. 

Giovanni Ravazzotti

Giovanni Ravazzotti, originally from Italy, is a prominent retail tycoon in South Africa. He founded Italtile in 1969 to address the need for affordable tiles and ceramic products in the country. Over the years, Italtile has grown to become South Africa’s leading franchisor, retailer, and manufacturer in the tile and bathroomware sector, operating several well-known retail brands. Ravazzotti holds a controlling stake of 33.88 percent in the company, listed on the JSE, making him a key player in the industry. His influence extends beyond business, as his wealth and success reflect his status as one of the richest retail tycoons in South Africa.

Gareth Ackerman and Family

Gareth Ackerman, hailing from a retail dynasty, is a prominent figure among Africa’s richest retail tycoons. As the son of the late Pick ‘n Pay founder, Raymond Ackerman, and the current chairman of the group, Gareth Ackerman wields significant influence with his substantial 25.53-percent stake in Pick ‘n Pay. Established in 1967, Pick ‘n Pay has flourished under the Ackerman family’s guidance, expanding its presence to over 2,000 stores across eight African nations. Gareth Ackerman’s stewardship has solidified the retailer’s position as a leading player in the African retail industry, making him one of the richest retail tycoons in the region.

Lynette Saltzman

Lynette Saltzman, the co-founder of Dis-Chem Pharmacies, is a pivotal figure in South Africa’s pharmaceutical industry. Her collaborative efforts with her husband, Ivan, have propelled Dis-Chem to the forefront of the African healthcare sector. Together, they hold an indirect stake of 35.12 percent in Dis-Chem Pharmacies, establishing them as influential figures among South Africa’s foremost investors. With Dis-Chem’s current market capitalization reaching $1.29 billion, Lynette Saltzman’s legacy is deeply ingrained in the company’s enduring success. Her contributions make her one of the richest retail tycoons in South Africa, leaving an indelible mark on the industry.

Ramachandran Ottapathu

Ramachandran Ottapathu, a Botswanan national, is a notable figure in the realm of Africa’s richest retail tycoons. As the co-founder of Choppies Enterprises, Ottapathu holds a substantial 24.48-percent controlling interest in this Gaborone-based retail conglomerate. Under his leadership, Choppies has experienced remarkable growth, establishing an extensive distribution network spanning South Africa, Zimbabwe, Zambia, and Kenya. 

This strategic expansion has solidified Choppies’ position as a retail powerhouse. Ottapathu’s astute leadership has played a pivotal role in the company’s success, offering a diverse inventory that includes global food brands and exclusive private-label products. His contributions make him one of the richest retail tycoons across multiple African markets.

Tayo Amusan

Tayo Amusan, a Nigerian national, is a distinguished figure in Africa’s retail industry, and he has achieved this through his venture, Persianas Group. This leading group has shown its prowess in conceptualizing, constructing, and managing high-quality retail, residential, and commercial spaces in Nigeria. Under Amusan’s astute leadership, Persianas has expanded its retail presence, featuring iconic brands like The Palms shopping malls, which have revolutionized retail into a leisure destination in Nigeria. 

Going even further, Persianas secured a 100-percent stake in Retail Supermarkets Nigeria Limited (RSN), the operator of Shoprite in Nigeria. This acquisition solidifies Tayo Amusan’s influential role as one of the richest retail tycoons shaping Africa’s dynamic retail landscape.