The billionaire who refuses to live like a prisoner in South Africa

South African billionaire Christo Wiese, the man behind Pep and Shoprite, said he refuses to live like a prisoner in his own country.

He shared his views on South Africa and his business ventures in a discussion on The Economic Club of Stellenbosch podcast.

Wiese is South African business royalty. He built Pepkor and Shoprite and created a business empire which few can match.

Although he studied law and worked at the Cape Bar as a lawyer, he left the legal profession to join a company his dad invested in, Pep.

After a few years, he acquired a controlling interest in Pep Stores and pioneered discount consumer retail in South Africa.

His biggest success was his role in transforming Shoprite Holdings, which Pep Stores acquired in 1979 for a small amount.

Wiese, with Whitey Basson as chief executive, turned the small retail chain into Africa’s largest supermarket operator.

He served as chairman of both Shoprite, which owns Checkers, OK Bazaars, and Usave, and Pepkor, the parent company of Pep Stores, for decades.

His business interests also include stakes in investment holding company Brait, which owns Virgin Active, Invicta Holdings, and the Lourensford Wine Estate.

Despite losing a large portion of his fortune due to the Steinhoff collapse, he rebuilt his business empire.

Wiese is still one of the richest South Africans, with an estimated net worth of approximately R31 billion.

He is optimistic about the country and said that 95% of his wealth remains in South Africa. He has no plans to change that.

Wiese refuses to live like a prisoner in South Africa

Wiese said that while South Africa has challenges with safety and crime, he refuses to live like a prisoner in his home country.

He said that many of his rich friends have armoured cars and personal security guards to keep them safe.

These friends asked him why he does not have a driver and an armoured car, considering his wealth and status. His response was simple.

“I am not going to live that way. I am not going to live in a prison with bodyguards and armoured cars around me. I just don’t believe in that kind of nonsense,” he said.

He added that Cape Town is as safe as anywhere else on earth. “There are places in London where you wouldn’t go after dark, or even during the day,” he said.

“It is the same all over the world. Cape Town is no different. People just have these exaggerated images of things.”

He explained that he lives in an open area on the beach in Clifton. “I have lived in my home for 52 years, and it is entirely open,” he said.

“You can’t have huge walls and security gates there. We do have security that we pay for, but it is still a hell of a lot cheaper than living in London or other major cities,” he said.

He admitted that there are places in Cape Town where you should not go, like gang-infested areas. “I feel terribly sorry for the people who have to live there,” he said.

“You are looking for trouble when you go to places where you should not be. But for the rest, it is fine. We don’t live in fear.”