Patrice Motsepe, The First Black South African Billionaire

Patrice Motsepe Net Worth : $2.7 Billion

Patrice TIhopane Motsepe was born in January 28, 1962 in Soweto, South Africa. His father, Augustine Motsepe ran a Spaza shop and it was from this shop that young Motsepe gained knowledge of the fundamental business principles. Today, Motsepe is the founder, as well as the Executive Chairman of Africa Rainbow Minerals. This is a company that has interests in platinum, gold, base metals and ferrous metals.

Motsepe sits on various company boards and among the companies that he acts as a non-executive chairman is Harmony Gold, which is the world’s 12th biggest gold mining company. He also acts as the deputy chairman of Sanlam. In its 2014 billionaire list, Forbes has ranked Motsepe as the 4th wealthiest person in South Africa and the 642nd wealthiest person in the world. In 2012, he topped the Sunday Times annual Rich List to become South Africa’s richest man with an estimated net worth of $2.4 billion. In 2014, his net worth is estimated to be $2.7 billion.

Business Ventures

Motsepe took advantage of the era (around 1997) when the gold prices were low, and purchased various gold mines at favorable prices form AngloGold. He entered into quite a number of deals such that he decided to set up a firm that would oversee his operations. In 2002, Motsepe was presented with the South Africa’s Best Entrepreneur Award. 

Motsepe has acted as the Non-Executive Director of Sanlam and Absa Group since 2004, and he is also the founder of ARM Consortium Limited and African Rainbow Minerals Platinum Limited. In 2005, he became the chairman of Teal Exploration and Mining Incorporated. Other companies in which Motsepe sits in the board include Ubuntu-Botho Investments, Harmony Gold Mining Co Ltd and Sanlam. Motsepe has also acted as the president of the South Africa’s Chamber of Commerce and Industry.  He became the rightful owner of Mamelodi Sundowns football club in 2003.

Philanthropy

Besides being the first black South African billionaire, philanthropy is another area in which this self-made billionaire becomes a first in. In January 2013, he became the first person in Africa to sign Bill Gates’ and Warren Buffett’s Giving Pledge, whereby he will donate half of his fortune to charity.

Personal Life

Motsepe is a husband to Dr. Precious Makgosi Moloi with whom he has three sons. 

Famous Quotes

  • "Money doesn't mean that you'll be happy. Money is very, very important but having it doesn't mean you'll be happy. So always pursue what you think makes you happy".
  • "Man cannot live by bread alone, which is correct, but man can also not live without bread,"
  • Don't always run for jobs because you think you'll get a lot of money. Go for jobs that you love. If you can make a lot of money in the process, it's even better."

Interesting Fact about Motsepe

He was named Patrice after an African Independence leader and first prime minister of the Democratic Republic of Congo – Patrice Lumumba. 

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References:

Forbes (The ultimate site for billionaire rankings)

CelebrityNetWorth (The ultimate site for net worth of celebrities)

TheRichest (Great site for things about money and rich people)

Wikipedia (Greatest site on earth for lots of information)