Johann Rupert donates 10 000 homes to the underprivileged

Johann Rupert, SA’s richest man, gives 10 000 homes to the underprivileged. We love to see Rupert using his wealth for social upliftment. The owner of luxury goods company Richemont, is the richest person in South Africa and the African continent, with a net worth of $11.8 billion, according to Statista.

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JOHANN RUPERT GIVES 10 000 HOMES AWAY

According to Daily Investor, Rupert gave away 10 000 homes and land deeds recently through his Free Market Foundation’s Khaya Lam project. This is not the first time Rupert has flexed his philanthropic muscles. Back in 2018 the South African billionaire funded 70 title deeds for underprivileged Karoo residents. This initiative, however, is on another scale entirely.

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Along with his wife, Gaynor, Rupert formed the Free Market Foundation. And along with First National Bank (FNB) they launched an initiative to give title deeds back to people who were disadvantaged by apartheid. And in so doing they hope to spread and create wealth within underprivileged communities.

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Now known as the Khaya Lam Land Reform Project, SA’s richest man hopes to assist communities by converting apartheid-era leasehold titles to freehold titles. Khaya Lam is isiXhosa for ‘My Home’. And without the correct title deeds, the rightful owners cannot borrow money against their properties for future ventures.

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JOHANN RUPERT NOT THE ONLY ONE

In fairness, Johan Rupert and his family are the largest contributor to the Khaya Lam project, but he is not the only one. Together with the other supporters, they have sponsored the 10 000 title deeds.

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Free Market Foundation CEO David Ansara said in a statement that many families in South Africa have built small homes but hold no title for them. This effectively reduces the residents of these homes to mere tenants. A major difficulty in making people homeowners is the cost of transferring title deeds.

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TRANSFERRING OF DEEDS

The cost of titling even a modest house of about R100 000 is R6 500. The elderly, single-parent families, and the unemployed cannot afford the cost of titling. Therefore, the Khaya Lam initiative takes care of these costs and helps the underprivileged own the homes they live in.

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