South Africa’s first black billionaire will give away half his wealth

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By Mark Ellis

Patrice Motsepe
Patrice Motsepe

Inspired by the example of several ultra-wealthy individuals in the U.S., South Africa’s first black billionaire and its fourth richest man will donate half his assets to help the poor in his country.

Mining magnate Patrice Motsepe announced he will donate half of his personal fortune, which is currently estimated by Forbes Magazine at $2.65 billion, according to a report by NPR.

Motsepe was inspired by “The Giving Pledge,” a philanthropic program launched by Warren Buffet, along with Bill and Melinda Gates. So far, their initiative has attracted nearly 100 like-minded billionaires.

Motsepe is making the pledge to assist the millions of South Africans who have seen little improvement in their financial well-being since white-minority rule ended in 1994, according to NPR.

Motsepe’s wife, Precious, said that his wealth would be given away throughout his lifetime, according to the Financial Times.

The South African accumulated his wealth as chairman of African Rainbow Minerals, a mining company. The fifth richest man in South Africa is his brother-in-law Cyril Ramaphosa, the Financial Times reports.

There has been no report that Ramaphosa will join his brother-in-law in such a pledge.

 

 

2 COMMENTS

  1. Dear. Sir or whom it may concern. My name is Erika Minnie I am a SA citizen and is urgently asking for financial help please I am a wife and a mother and also a nurse. That do not earn well my husband is retrenched at the mine. And my son of 19 jrs wants to learn for a trauma medick which I canot afford we are renting a house which is the cheapest that we can get after paying the house we do not have any money left for food or clothes and for all our needs please I am desperate and haven’t done this in my life my husband trying so hard to give us a life we deserve. And to make it liveble also wants to start his own bussines of garden servises that he has started recently and need the eguipment to do so please I ask for forgivnes that I am asking for help and hope that u could help me if its possible if not then I know I at least tried thankyou for reading this letter. You sincerlly. Mrs minnie from South Afrika

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