raymond ackerman pick n pay

Pick n Pay former chairman Raymond Ackerman has died.
Images via Instagram: @picknpay

Raymond Ackerman net worth: Inside PnP founder’s R5bn family fortune

RIP: Respected Pick n Pay founder Raymond Ackerman was one of Africa’s richest businessmen. Here’s a look at his impressive ventures…

raymond ackerman pick n pay

Pick n Pay former chairman Raymond Ackerman has died.
Images via Instagram: @picknpay

Pick n Pay founder Raymond Ackerman – who died at age 92 – leaves a lasting legacy in South Africa’s retail industry. He also leaves behind a family fortune of around R5 billion!

Ackerman was recently named in the Top 20 richest South Africans on the Johannesburg Stock Exchange  (JSE).


Raymond Ackerman first found his way into the retail business after his father Gus opened the Ackermans clothing stores in 1916.

After acquiring a Bachelor of Commerce at the University of Cape Town, the young businessman would lant a short stint as a trainee manager in 1951.

He would then go to head up food retailer Checkers, operated through the Greatermans group. In 1965, Ramyond was the Managing Director of 85 Checkers stores around South Africa. According to Entrepreneurs Hub, Raymond was shown the door a year later. This, after he refused to give in to price fixing.

Raymond Ackerman
As first reported by The South African website, South African businessman and retail giant Raymond Ackerman has died at the age of 92. Photo: Pick n Pay social media Twitter / Facebook

ALSO READ: South African businessman Raymond Ackerman (92) has died

In 1967, Raymond used his severance package and a bank loan to open four Pick n Pay stores in the Cape Town area. Over the years, the brand grew in size and popularity with close to 2000 stores in Sub-Saharan Africa.

In 2010, Raymond stepped down to lead the way for his son Gareth to become the company’s chairman.


According to Billionaires Africa, Raymond Ackerman’s family fortune had a $259,9 million (over R5 billion) value on the JSE in 2023.

Raymond’s son, Gareth, holds a 25.92 % stake in the company. 

According to Forbes Africa, Pick n Pay boasts an almost $1 billion market cap.

ALSO READ: RIP: 10 things to know about Raymond Ackerman

The publication states: “His incredible business acumen let Ackerman Pioneer several Innovations now Commonplace in the South African retail market such as no name food brands and in-store banking at retail outlets.”