Economics
What Monopoly? South African Billionaire Defends White Wealth
- Richemont chairman challenges view of ‘white monopoly capital’
- Whites dominate economy two decades after end of apartheid
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Johann Rupert, South Africa’s second-richest man with a $6.3 billion fortune, spoke out to defend the stranglehold white people still have over the economy more than two decades after the end of apartheid.
In a combative interview on Johannesburg-based radio station Power FM, the 68-year-old chairman of the maker of Cartier watches dismissed the idea of “white monopoly capital” -- a local term referring to the economy being dominated by white people who make up less than 10 percent of the population.