Patrice Motsepe, mining magnate and joint chairman of the India-South Africa CEOs' Forum, has

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ousted steel giant Lakshmi Mittal as South Africa's wealthiest person.

Although not living in South Africa, Mittal has toped the Sunday Times Rich List, a ranking of the wealthiest businessmen in South Africa, consecutively for the past six years.

He had been included in the list because of his shareholding in ArcelorMittal SA, the steel giant born out of Mittal's takeover of the former state-owned monopoly Iscor.

In the past two years, Motsepe has narrowed the gap between his and Mittal's earnings, finally overtaking him by just over two billion Rands.

The Rich List is based on an analysis of holdings of all companies listed on the Johannesburg Securities Exchange, thus being only the South African portion of Mittal's wealth, as he has huge interests worldwide.

Motsepe, the Chairman of African Rainbow Minerals, is now worth R22.29 billion, beating Mittal to second place with his R20.87 billion.

Motsepe co-chairs India-South Africa CEOs' Forum along with Ratan Tata, head of India's leading business conglomerate.

Their consistent nearest rival, Nicky Oppenheimer of Anglo-American, was way below them with just R11.06 billion.

Only four South African businessmen of Indian origin made to the Rich List of 132 this year.

They were former civil servant Sivi Gounden, former Minister of Environmental Affairs Valli Moosa, former Islamic Finance Businessman of the Year Mushtaq Brey, and printing industry pioneer Harish Mehta.