It’s unsurprising that white men dominate the newspaper’s list of the 50 wealthiest directors of JSE-listed companies, but of greater concern is how many black directors have fallen off the list.

There were just five black directors who featured in the top 50 this year, down from 13 black directors a decade ago.

Patrice Motsepe is the wealthiest black man on the list (and ranked third on the overall list), with investments worth R22 billion, amassed largely through a significant investment in Sanlam shares and his early interest in gold mines. Motsepe’s mineral resources businesses are now a secondary source of his wealth.

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It’s important to note that the list is based solely on data around the shares they own at the companies at which they have a board seat and don’t take into account other shareholdings.

Joining Motsepe in the top 50 is Steinhoff Africa Retail Chairman Jayendra Naidoo, who is ranked 30th with investments worth $1,5 billion, and Redefine Director Harish Mehta, ranked 37th with R1,2 billion in investments.

Growthpoint Director Mzolisi Diliza and Adcorp Director Sam Sithole round up the black men featured on the list, with investments worth R1,2 billion and R1,1 billion respectively.

So what happened to the rest?

City Press suggests that the decline has more to do with directors resigning from boards they once sat on and leaving listed organisations they worked for than a loss of wealth.

President Cyril Ramaphosa, for instance, was ranked the 19th wealthiest director in 2008 with R1,4 billion invested in listed shares. He was forced to divest much of his investments when he left the private sector to become Deputy President.

Another is former MTN CEO Sifiso Dabengwa, who invested in shares in the company to the value of R1,8 billion in 2008. He no longer features on the list simply because he isn’t a board member anymore and not necessarily because he has lost his wealth.

READ MORE: Why is flaunting black wealth taboo in SA?

Sygnia CEO Magda Wierzycka is the only woman to feature on the list, with just over R1 billion in investments.

Here’s a look at 10 wealthiest directors. To see the full list click here:

1. Ivan Glassenberg (Glencore) – R71,7 billion

2. Christo Wiese (Brait, Shoprite, Steinhoff) – R32,7 billion

3. Patrice Motesepe (African Rainbow Minerals, Sanlam) – R22,7 billion

4. Laurie Dippenaar (FirstRand) – R15,8 billion

5. Ivan Salesman (Dischem) – R15,6 billion

6. Stephen Saad (Aspen) – R14,4 billion

7. Koos Bekker (Naspers) – R13,6 billion

8. Johann Rupert (Richemont, Remgro) – R13,2 billion

9. John Whittaker (Intu Properties) – R12,9 billion 

10. Michiel le Roux (Capitec) – R11,6 billion