The fact is, there is a CEO in South Africa who earns more than your entire neighbourhood combined. His name is Mike Henry from BHP Billiton, and he tops the list of the highest paid CEOs in South Africa for 2025–2026. This is the man who could buy a brand-new luxury car every single day and still be left with change large enough to pay a full year’s salary to dozens of employees.
The highest paid CEOs in South Africa are determined by analysing total remuneration, which includes basic salary, short-term incentives such as performance bonuses, and long-term incentives like share options. These figures are reported in annual financial statements of JSE-listed companies and reviewed by independent researchers such as the Labour Research Service (LRS), PwC, and BusinessTech.
This article unpacks those numbers, highlighting the highest paid CEO in South Africa for 2025–2026, how remuneration is structured, the industries leading the trend, and how this compares internationally. It also examines why these salaries keep climbing despite difficult economic conditions.
Article Highlights:
• Mike Henry of BHP Billiton tops the list with total pay over R258 million.
• South African CEOs earn an average of R250,940 per day.
• The top ten highest paid CEOs are all men, mostly leading multinational companies.
• CEO packages include large long-term incentives and stock-based rewards.
• Comparisons show South African executives still earn less than their US counterparts but outpace many in Europe and Asia.
2024 overview
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Highest paid CEO in South Africa 2025–2026
According to the 2025 analysis by the Labour Research Service, Mike Henry, CEO of BHP Billiton, remains the highest paid CEO in South Africa with total remuneration exceeding R258 million. Henry has led the mining giant since 2020, overseeing a company that made a profit before tax of over R400 billion in 2023 and employs more than 80 000 people globally. His total package includes a long-term incentive of around R150 million.
Following Henry is Fani Titi of Investec, whose remuneration sits at R166 million. He is one of the few black CEOs in this top bracket, leading a company with about 8 000 employees. The rest of the list features well-known corporate names such as Alberto Calderon of AngloGold Ashanti, Roy Bagattini of Woolworths, and Gary Nagle of Glencore Xstrata.
Reports show that these leaders collectively earned amounts ranging from R65 million to R258 million. The average total remuneration for CEOs in JSE-listed companies stands at R91.6 million per year, equating to R250,940 per day. Most of this pay is not from salaries alone but from long-term incentives, bonuses, and share-based rewards.
The structure behind executive pay
Executive remuneration is more complex than an annual salary. In South Africa, CEO packages typically include:
• A fixed base salary
• Short-term incentives (STIs), such as performance bonuses
• Long-term incentives (LTIs), usually tied to share price performance
• Additional benefits such as medical aid, retirement plans, and travel allowances
The PwC Directors’ Remuneration and Trends Report 2024 found that the median total guaranteed pay for CEOs of the top 200 JSE-listed companies was R8 million. When bonuses and long-term incentives were added, the figure rose to R19.7 million per annum. Yet top earners like Henry and Titi earn more than ten times this average.
Companies with global footprints often benchmark their executive compensation against international peers, driving up salaries to remain competitive. However, critics argue that this creates an ever-widening gap between executives and the broader workforce, where average annual wages remain under R300,000.
South Africa’s telecoms sector CEO earnings
One of the most competitive industries for executive pay is telecommunications. The 2025 reports from MyBroadband show Shameel Joosub, CEO of Vodacom Group, earned R71.1 million before tax for the 2024/25 financial year. This figure included R18.4 million in basic salary, R21.4 million in short-term incentives, and R25.1 million in long-term incentives.
Joosub’s remuneration increased by 15 percent compared to the previous year, supported by a 30 percent rise in Vodacom’s share price. After taxes, he took home approximately R39 million. His package demonstrates how performance-linked bonuses have become the largest contributor to executive wealth.
Ralph Mupita, CEO of MTN Group, earned R64.8 million in the same period, down from R80 million the year before, while Serame Taukobong of Telkom South Africa saw his pay rise from R19 million to R33.3 million. Mark and Brett Levy, co-CEOs of Blue Label Telecoms, each earned R20.84 million, showing how even in a tough market, executive compensation remains strong.
These figures underline that telecoms executives are among South Africa’s best-paid professionals, reflecting the sector’s resilience and profitability.
Global comparisons in CEO pay
While South Africa’s CEO packages are significant, they remain below the astronomical levels seen in the United States. For instance, Elon Musk of Tesla has had years where his total compensation exceeded $1 billion, primarily through stock options. In the UK, the FTSE 100 average CEO pay sits around £4.4 million (approximately R104 million), with major players like Barclays and Shell offering even higher figures.
In Australia, where BHP Billiton is also listed, CEO salaries average A$5.6 million (about R67 million). This makes Mike Henry’s R258 million package one of the highest globally, not just locally. South Africa’s corporate leaders, therefore, stand shoulder to shoulder with international executives when adjusted for company size and profitability.
However, South African companies face greater scrutiny because of the country’s extreme income inequality. Lawmakers have been debating the introduction of mandatory pay ratio disclosure, which would require companies to reveal how much more CEOs earn compared to the median employee. This move aims to encourage greater accountability and fairness.
Challenges shaping CEO remuneration
Leading a large organisation in South Africa is no small task. CEOs must deal with volatile exchange rates, skills shortages, unreliable power supply, and political uncertainty. These pressures often justify higher pay packages, as companies compete for experienced leaders who can navigate risk and deliver shareholder value.
Still, there is growing concern about transparency. Many companies do not fully disclose all elements of executive compensation, making it difficult for investors to evaluate performance-based incentives. The Companies Act of 2008 gives shareholders the right to vote on remuneration policies, but many argue that these votes carry limited weight since boards often retain final control.
Summary of South Africa’s highest paid CEOs
| Company | CEO | Total Remuneration (ZAR) | Industry |
|---|---|---|---|
| BHP Billiton | Mike Henry | R258,811,321 | Mining |
| Investec | Fani Titi | R166,688,889 | Banking |
| AngloGold Ashanti | Alberto Calderon | R132,733,223 | Mining |
| Woolworths | Roy Bagattini | R122,468,000 | Retail |
| Glencore Xstrata | Gary Nagle | R108,018,519 | Mining |
| Naspers | Bob van Dijk | R107,818,182 | Technology |
| Anglo American plc | Duncan Wanblad | R85,785,715 | Mining |
| Standard Bank Group | Sim Tshabalala | R83,304,000 | Banking |
| Shoprite | Pieter Engelbrecht | R83,272,000 | Retail |
| Vodacom | Shameel Joosub | R71,100,938 | Telecommunications |
Reflecting on executive pay in South Africa
The highest paid CEO in South Africa for 2025–2026 represents more than wealth and corporate success. It mirrors the country’s broader struggle with inequality and accountability in the boardroom. While global markets reward performance and shareholder returns, South Africa must still strike a balance between rewarding excellence and ensuring fairness.
As companies continue to publish detailed remuneration reports, the debate about fair pay will only intensify. For now, the numbers speak clearly: leading South Africa’s biggest corporations remains one of the most lucrative jobs in the country, and Mike Henry’s R258 million pay cheque sits firmly at the top of that list.
