Christo Wiese: From billionaire to millionaire, as Steinhoff shatters his wealth #2020 in review
Christo Wiese was once one of the world’s richest men, but his involvement in Steinhoff ultimately led to his vast fortunes being wiped out. Bloomberg estimates his worth at around $255m – which is still very comfortable, but a far cry from his standing in the rich list earlier this decade. In 2016, Forbes described Wiese as one of the planet’s wealthiest people, with a $5.8bn fortune. “More than 60% of his wealth is in Shoprite and Steinhoff, while another 30% or so comes from his shares of Brait, an investment vehicle Wiese uses to buy other companies, many of them outside South Africa. His stock in Tradehold, a real estate firm, accounts for much of the remaining 10%,” Forbes reported at the time. In 2017, an accounting scandal erupted at South African multinational Steinhoff. The German authorities revealed they were investigating irregularities on a grand scale, prompting