Presidential hopeful Nkosazana Dlamini-Zuma has hit back at billionaire Johann Rupert for dismissing radical economic transformation as just another excuse for corruption.

Addressing a funeral indaba gala dinner at the International Convention Centre (ICC) in Durban on Tuesday night‚ Dlamini-Zuma said the statement was an insult to black people.

"I have heard that somebody had said that radical economic transformation is just theft. This is an insult to all black people. We must reject this. We must all commit to radical economic transformation‚" said Dlamini-Zuma.

She did not mention Rupert by name‚ but it was clear that her comments were directed at South Africa's richest man.

"Radical economic transformation is just a code word for theft‚" Rupert said on the sidelines of Richemont's annual general meeting in Geneva last week.

"That's what's happening there. They're raiding the state's coffers. And it's public knowledge‚" he said.