South African billionaire Johann Rupert warns global uncertainty is here to stay

South African billionaire Johann Rupert has warned investors in Remgro Ltd. that uncertainty in the world economy is no longer a passing phase, and said South Africa must give business policy certainty, reliable infrastructure and faster government decisions if it wants growth.

In his chairman's statement in Remgro's 2026 integrated annual report, Rupert wrote that uncertainty "will no longer be episodic" and will remain a defining feature of the global landscape. He listed slower global growth, geopolitical tension, armed conflict, inflation risk, high sovereign debt, volatile capital markets, sharper political polarisation and a drift toward protectionism, along with rapid technological change and the spread of artificial intelligence.

"These forces are not only creating new efficiencies and opportunities, but they also require careful judgment," he wrote. "Political developments in major economies and in South Africa will continue to influence confidence and provide indicators for policy direction in an increasingly complex world economy."

A call for policy certainty

Rupert, whose family controls the Stellenbosch-based investment group, said South Africa had made some progress. He pointed to lower inflation, a more stable electricity supply and closer cooperation between business and government. But he said low growth, high unemployment, weak infrastructure and slow policy decisions continue to hold back confidence.

He warned that without sustained growth the country cannot make a meaningful dent in unemployment. "The resultant negative impacts on social cohesion have already been felt," he wrote, adding that they are likely to continue, along with the risk of poor long-term policy decisions.

To unlock the country's potential, he said, South Africa must ensure "policy certainty, infrastructure reliability and expansion, regulatory efficiency, rule of law and quick decision-making." He summed up the point in one line: "A quick no is better than a delayed yes."

Rupert described Remgro's outlook for the country as one of "realistic optimism."

"Our country possesses exceptional human capital, diverse cultures, sophisticated financial markets and significant natural endowments, all of which combine to offer the prospect of compelling investment opportunity," he wrote. "As investors, we remain optimistic about South Africa's long-term prospects because of its resilience, entrepreneurial spirit and underlying economic strengths."

Remgro's strong year

The warning comes after one of Remgro's better years. Headline earnings rose 42.3% to 11.14 billion rand ($671 million) in the year to June, and headline earnings per share climbed to 20.03 rand from 14.09 rand. The group lifted its total ordinary dividend 73% to 595 cents a share and added a special dividend of 550 cents.

Remgro owns stakes in hospital group Mediclinic, Heineken Beverages, RCL Foods, Rainbow Chicken, insurer OUTsurance, TotalEnergies South Africa and broadcaster eMedia, among others. Its shares have gained 15.6% this year, giving it a market value of about 110 billion rand ($6.6 billion).

A message to farmers

Rupert struck a similar note on Nov. 3, when he gave the keynote address at the opening of the 31st Commonwealth Agriculture Conference in Cape Town, a two-day meeting also attended by Britain's Princess Royal.

He told delegates that farmers are price takers with little control over the weather, market swings, transport disruptions and geopolitical events that drive their sales and input costs, and said a single port strike can stop a good harvest from reaching buyers. Because their land cannot move, farmers are easy targets for tax, he said, while technology companies can relocate with ease.

He also spoke about widening inequality, rising public debt and the burden on future generations, and said artificial intelligence is now disrupting skilled jobs. He said humanity's development is linear while its capacity to destroy people and the planet is growing exponentially, and urged business leaders to act with empathy and curiosity and with responsibility to future generations.

Rupert, 76, also chairs Compagnie Financière Richemont SA, the Swiss owner of Cartier, Van Cleef & Arpels and IWC, which his father, Anton Rupert, spun out of the family's tobacco interests in 1988. His family controls Remgro through unlisted B shares held by Rupert Beleggings, which carry most of the voting rights. Forbes estimates the net worth of Rupert and his family at $15.5 billion, making him South Africa's richest person.

Figures were converted at R16.6 to the dollar.