What is Patrice Motsepe’s net worth?
Patrice Motsepe net worth 2022 in Rands: Patrice Motsepe is a South African mining billionaire businessman with a net worth of $3.1 billion. Which is approximately R43.3 billion South African Rands. According to Forbes, since 12 March 2021, he has been serving as the President of the Confederation of African Football. He is the founder and executive chairman of African Rainbow Minerals, which has interests in gold, ferrous metals, base metals, and platinum. In 2012, Motsepe was named South Africa’s richest man, topping the Sunday Times’ annual Rich List with an estimated fortune of R20.07 billion ($1 billion)
Introduction
Patrice Motsepe is a South African mining billionaire businessman of Tswana descent. He sits on several company boards, including being the non-executive chairman of Harmony Gold, the world’s 12th largest gold mining company, and the deputy chairman of Sanlam. In 2003, he became the owner of football club Mamelodi Sundowns. In 2013, he joined The Giving Pledge, committing to give half of his wealth to charitable causes.
Early Life
Patrice Tlhopane Motsepe was born on 28 January 1962 (age 60 years) to Kgosi Augustine Motsepe, a chief of the Mmakau branch of the Tswana people, who had previously been a schoolteacher and who was later a small businessman as the owner of a Spaza shop which was popular with black mine workers. It was from this shop that Motsepe learned basic business principles from his father, as well as first-hand exposure to mining.
He earned a Bachelor of Arts degree at the University of Swaziland and a law degree from the University of the Witwatersrand. He specialised in mining and business law.
Career
Motsepe became the first black partner in the law firm Bowman Gilfillan—the same year that Nelson Mandela was elected as the country’s first black president. While the new government began promoting black empowerment and entrepreneurship; Motsepe founded Future Mining, which provided contract mining services that included the cleaning of gold dust from inside mine shafts for the Vaal Reefs Gold mine, and implemented a system of worker remuneration that combined a low base salary with a profit-sharing bonus.
How Patrice Motsepe became a billionaire?
In 1997, with gold prices at a low, he purchased marginal gold mines from AngloGold under favourable finance terms. AngloGold sold Motsepe six gold mine shafts for $7,7million allowing him to repay the debt out of the future earnings of the company now known as African Rainbow Minerals.
This was repeated in a string of deals and Motsepe set up a firm to begin buying the operating mines that would become the source of his wealth. In 1999 he teamed up with two of his associates to form Greene and Partners Investments.
The Black Economic Empowerment (BEE) laws introduced after the 1994 elections have been instrumental in cementing Motsepe’s position in the mining industry in South Africa. A business must have a minimum of 26% black ownership to be considered for a mining license. Since 2004, he has been a non-executive director of Absa Group and Sanlam.
JSE Security Exchange
In 2002 when it was listed on the JSE Security Exchange, African Rainbow Minerals joined with Harmony Gold Mining Ltd. and the company’s name changed to ARMgold. Motsepe is also the founder of African Rainbow Minerals Platinum (Proprietary) Limited and ARM Consortium Limited, which later equally split ownership with Anglo American Platinum Corp Ltd. From 2005, Motsepe was Chairman of Teal Exploration and Mining Incorporated. Motsepe is also chairman of Ubuntu-Botho Investments, Non-Executive chairman of Harmony Gold Mining Co Ltd. and deputy Chairman of Sanlam Ltd. Motsepe has been president of South Africa’s Chamber of Commerce and Industry.
Who is the owner of Mamelodi Sundowns?
Patrice Motsepe is the owner of Mamelodi Sundowns F.C. a Premier soccer league club. In November 2019, Motsepe bought a 37% stake in the Blue Bulls Co. The other major shareholders are Remgro (37%) and Blue Bulls Rugby Union (26%). However, On november 2020, he announced that he will be candidate to become CAF’s President. He was quickly accused of being actively supported by FIFA – despite its duty of reserve and neutrality – and its President Gianni Infantino, who would seek to obtain the votes of Africa for a future re-election, Patrice Motsepe was elected on 12 March 2021, after that all four other candidates had withdrawn their candidacies.
Wife
Motsepe is married to Dr. Precious Moloi, a physician and fashion entrepreneur. They have three children. He is the brother of Tshepo Motsepe and Bridgette Radebe, and the brother-in-law of both President Cyril Ramaphosa and Minister Jeff Radebe.
Patrice Motsepe net worth
How much is Patrice Motsepe worth? Patrice Motsepe’s net worth is estimated at around $3.1 billion. Which is approximately R43.3 billion South African Rands. He is regarded as the richest black man in South Africa and one of the wealthiest people on the Africa continent. Motsepe won South Africa’s Best Entrepreneur Award in 2002. In 2004, he was voted 39th among the South African Broadcasting Corporation’s Great South Africans. In 2008, he was reported as the 503rd-richest person in the world, according to the Forbes 2019 list of The World’s Billionaires, then ranked as the 962nd-wealthiest person in the world, and the third-wealthiest South African for 2019. In 2020, Motsepe was ranked as the 1,307th-wealthiest person in the world by Forbes, with a reported fortune of US$2.1 billion.