South Africa is a country with one of the highest pay inequality rates in the world. Despite this, the country’s top executives are paid extremely well year-on-year. Chief executives get paid an average 140 times more than the average employee.
In South Africa total guaranteed pay (TGP) is paid regardless of the performance of the company.
When considering who some of the highest paid executives in South Africa are, names like Johann Rupert and Whitey Basson are likely to pop up (each take home an estimated R50 million annually.) In reality, they aren’t even at the tip of the iceberg.
The highest paid executives in South Africa include:
As CEO of SAB Miller, Alan Clark earns a massive R152 million annually. He initially started out as a clinical psychologist before making his move to SAB Miller in 1990. He moved up the ranks after starting out as a training and development manager.
The CEO of BHP Billiton, the largest mining company in the world, Andrew Mackenzie is a Scottish businessman who studied Geology and Organic Chemistry.
He earns R113.4 million annually.
This British businessman qualified as an accountant in 1983 at PwC. He made his move into the i9nsurance industry in 1997. As CEO of Old Mutual hr makes R90.6 million.
With a degree in Mining Engineering, Mark Cutifani is an Australian businessman and the current CEO of diversified mining group Anglo American plc. He earns R80 million a year in this role.
He also serves on the Board of Advisors for the Graduate School of Business at the University of Cape Town (UCT.)
He was also recently awarded an honorary doctorate from the University of Wollongong.