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Wendy Appelbaum, the Richest Woman in South Africa

May 1, 2024

Wendy Appelbaum, the Richest Woman in South Africa

Wendy Appelbaum is a formidable force in South African business and philanthropy. She is the richest woman in South Africa. She is the Chairperson of DeMorgenzon Wine Estate, with substantial stakes in Liberty Holdings Limited and Wiphold.

Appelbaum has dedicated herself to philanthropy, notably contributing $23 million to establish the Gordon Institute of Business Science and the Donald Gordon Medical Centre.

Wendy Appelbaum Biography

Wendy Donna Appelbaum, born in South Africa, is the only daughter of Sir Donald Gordon, founder of Liberty Group, and Peggy. Growing up in Johannesburg with brothers Richard and Graeme, Wendy developed a diverse skill set through various sports and games.

This ultimately contributed to her success in business. She pursued Psychology at the University of the Witwatersrand and later joined her father at the Liberty Group. Eventually, Wendy Donna Appelbaum became a director at Liberty Investors.

The life of the richest woman in South Africa

As the daughter of Liberty Group founder Donald Gordon and the Owner and Chair of De Morgenzon Wine Estate in Stellenbosch. Appelbaum admittedly did have an advantage in being the daughter of Donald Gordon.

Having such a powerful, influential father was “almost like growing up in a business school”. She inherited his flair and mind for business. However, her father is not responsible for her successes. “He certainly taught me a lot about business,” says Appelbaum, “but being a girl and growing up in the 1970s [meant] there was not much expectation [for] me to do anything.

It was my choice to do something. So, I have always worked and I have always been busy.” She grew up wanting to challenge expectations, and that she did. Today, she is arguable the richest woman in South Africa.

Wendy Appelbaum’s early career saw her working within her father’s company, Liberty Group, where she became one of the company’s largest individual shareholders. In 1994, she co-founded Wiphold, a groundbreaking investment company empowering women from all walks of life.

Wendy later sold her shares in both Liberty Holdings and Wiphold, embarking on a new venture in 2003. She started with the establishment of De Morgenzon Wine Estate, renowned for its award-winning Chenin Blanc.

Wendy’s first business

Appelbaum’s first business venture was in 1994 with Wiphold, an investment company that empowered women from all walks of life. She started the company alongside 10 other women.

Wiphold was the first female-controlled company to list on the JSE. Reflecting on her time at Wiphold, Appelbaum says working there “was one of the most wonderful experiences of my life… We empowered women that were technically completely disadvantaged, really empowered them to understand how to invest and take a little bit of money and make it a lot.

There was an incredible amount of energy in that boardroom. I’ve never been in a boardroom that good ever since.” Her experience at Wiphold gave her the courage, connections and knowledge to follow her own dream. “Once I realized that all this experience I was getting across the board, from financials to marketing to HR, I decided I was going to do it for myself and that was when we started De Morgenzon.”

Appelbaum had always dreamed of owning a farm, thus leading o the winemaking business. In 2003 she bought the De Morgenzon wine farm. Today, the farm is ranked highly as among the top wine farms in the country.

Family and Personal Life

Married to Hylton Appelbaum, Wendy is a proud mother of two sons, Nicholas and Matthew. Nicholas is a surgeon, while Matthew has pursued a career in banking. Hylton manages the wine garden and holds key positions in organizations such as the Nelson Mandela Children’s Fund and Chairman of Mindset Network.

Wendy Appelbaum Net Worth

Wendy Appelbaum is a formidable force in South African business and philanthropy. She is the richest woman in South Africa. With a net worth of around $259.3 million. She is the Chairperson of DeMorgenzon Wine Estate, with substantial stakes in Liberty Holdings Limited and Wiphold. Appelbaum has dedicated herself to philanthropy, notably contributing $23 million to establish the Gordon Institute of Business Science and the Donald Gordon Medical Centre.

Companies Owned by Wendy Appelbaum

1. Liberty Group

Liberty Holdings Limited, a prominent financial services and property holding company based in Johannesburg, South Africa, specializes in insurance and asset management. Established in 1957, it boasts a rich legacy. Appelbaum, a former director and major shareholder at Liberty Group Investors, played a pivotal role in the company’s success during her tenure.

2. Wiphold

In 1994, Appelbaum co-founded Wiphold, an investment company that pioneered empowerment for women from diverse backgrounds. Making history as the first women-controlled company listed on the Johannesburg Stock Exchange, Wiphold empowered women across various spheres under Wendy’s leadership.

3. Wendy Appelbaum Institute for Women’s Health

Founded in 2011 by Appelbaum, this transformative institute is dedicated to advancing comprehensive healthcare for women in South Africa. The institute focuses on providing tailored and exceptional medical care to address the unique health needs of women, empowering them to lead healthier lives.

4. DeMorgenzon Wine Estate

In 2003, Wendy and her husband, Hylton bought the DeMorgenzon Estate, a wine and agricultural farm. The wine farm is 224 acres of garden vineyard where abundant wildflowers grow between the vines. It is located in Stellenbosch, South Africa and the word ‘DeMongenzon’ means ‘the morning sun’.

DeMorgenzon is one of the top wine producers in SA. Her first vintage was a Chenin Blanc in 2005, and this was the first maiden vintage to get 5-star ratings in the SA Platter’s Wine Guide. It also won the International Chenin Blanc Trophy for three years in a row at the International Wine Challenge in London.

Over time, it has been awarded the unprecedented Platter’s White Wine of the year for two consecutive times and International Trophies for Chardonnay and Chenin Blanc at the prestigious Decanter World Wine Award. The DeMorgenzon Maestro White 2014 was one of the top 100 of 2017, while the DeMorgenzon Reserve Chenin Blanc 2014 was one of the top 100 wines for 2016 according to the Wine Enthusiast.

5. Wendy Appelbaum Foundation

Appelbaum established this foundation to address education concerns among South African women. Focusing on creating opportunities for their advancement, the foundation also provides free healthcare consultations, legal services, and supports educational initiatives. Wendy is a dedicated trustee of her father’s charitable efforts.

Philanthropic Endeavors

Appelbaum’s philanthropic efforts include co-founding Wiphold in 1994, a pioneering investment company empowering women. In 2011, she founded the Wendy Appelbaum Institute for Women’s Health, dedicated to advancing comprehensive healthcare for women in South Africa.

Beyond this, Wendy has donated generously, contributing $23 million to establish the Gordon Institute of Business Science and the Donald Gordon Medical Centre.

She serves as a trustee for The Donald Gordon Foundation and founded the Wendy Appelbaum Foundation, focusing on health, education, and women’s empowerment.

She lives by the belief that “the more you have, the more responsibility you have to share it with those who don’t.” Of her philanthropy, she says, “My philanthropy is strategic. Money alone doesn’t solve problems. I don’t believe in the kind of giving that can only be termed “charity.”… I believe in tackling major societal problems and funding initiatives that stand a chance of effecting real change and real improvement in people’s lives.”

Awards and Recognition

Wendy is the richest woman in South Africa. Some other recognition include;

One of the Leading Women Entrepreneurs in the World, 2006
Top 10 Female Millionaires to Watch Out For in Africa, Forbes Africa, 2012
International Women’s Forum South Africa Excellent Award, 2012
Businesswoman of the Year, Forbes Woman, 2015
Woman of the Year, Forbes Africa, 2015
Honorary Doctorate in Medicine, University of Witwatersrand, 2019
One of the Most Powerful Women in Africa, Forbes Africa, 2020

Entrepreneurial Lessons From Wendy Appelbaum

1. When life hands you an opportunity, grip it with both hands

Born to wealthy parents Sir Donald and Peggy Gordon in the 60s. Appelbaum’s career kickstarted when she started working for her father after studying at Wits– the same man who founded Liberty Life Association of Africa.

As the story goes, Sir Donald Gordon “watched his father work hard all his life, yet reap little financial reward for his efforts” and so the Life Insurer and Authorised Financial Services provider was born in 1957.

Wendy would go on to become the director of Liberty Investors.

Now, while many of us may not have billionaire parents or family members to throw us a bone in life, most of us do have connections that we don’t utilise enough. And if we don’t have any connections, we need to make it our mission to create them.

As the famous saying goes, it’s not about what you know but who you know. LinkedIn influencers are the masters to watch when it comes to networking, most influencers, in fact, are.

The base core of networking is showing people who you are, what you’re striving toward and how you can benefit them as much as they can benefit you.

The most important thing when it comes to your career is to get your foot in the door and prove that the rest of you deserves to be there. Getting an opportunity is one thing, making it grow is another entirely.

2. Surround yourself with a mastermind alliance of like-minded people

Appelbaum went on to become a co-founder and Deputy Chairman of Wiphold (Women’s Investment Portfolio Holdings). She had a team of ten other women and shares that “Wiphold was one of the most wonderful experiences of her life,” as per How We Made It In Africa.

Appelbaum added:

‘”A lot of people say I was born with a silver spoon in my mouth, which to a degree I was, but I’ve certainly not relied on that to get on with my own business and do what I wanted to do.”

Anyone who’s read Napoleon Hill’s Think and Grow Rich or The Laws of Success will know the concept of a “master mind alliance.” This can be one person or multiple who encourage you to follow through with plans and work together to achieve similar goals.

Appelbaum and her team were massively successful, and focused on a similar goal – to empower women from all walks of life.

3. Create opportunities for others wherever you can

Wiphold’s mission focused on empowering women who were highly disadvantaged and taught them about the power of investing. When she left, she made room for “previously disadvantaged women to take her place” as Entrepreneurs.ng recalls.

The lesson here echoes the Law of Attraction, which says that giving and receiving work on the same spectrum of energy. This doesn’t mean that we should give with the desire to receive, but rather that receiving naturally ties in with giving.

Appelbaum is known for her philanthropy. She has donated generously but more so has a leading role in many organisations focused on women including the Wendy Appelbaum Foundation and its subsidiaries (like the Institute for Women’s Health).

Women Moving Millions, the International Women’s Forum and the World Wide Fund for Nature South Africa are just some of the organisations with philanthropic pursuits that she’s been a trustee of.

4. Make your labour of love generational assets

When Appelbaum ventured into her own fully-fledged business, she stepped away from the world of finance and investing to the wine farm industry to cultivate De Morgenzon Wine Estate in Stellenbosch which has grown to become a gorgeous and highly reputable estate in the industry.

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