What is Patrice Motsepe’s Net Worth?
Patrice Motsepe is a South African miner with a networth of $2.7 billion. He is the chairman and founder of African Rainbow Minerals, a publicly-traded mining company that deals in gold, platinum, nickel and chrome. Motsepe has seen his fortune grow despite challenges such as labor disputes and production loss. This is largely because of the significant shares he holds in Harmony Gold via ARM. He is also the Deputy Chairperson of Sanlam (a major South African financial services company) and the former President of Business Unity South Africa.
Motsepe became the first black partner of Bowman Gilfillan, a Johannesburg law firm before moving into the mining business. In 1994, he bought gold mines that were underperforming and managed them efficiently to make them profitable. He also benefitted from South Africa’s Black Economic Empowerment laws (BEE), which requires 26% black ownership of mining licenses. Motsepe, who has been the owner of Mamelodi Sundowns since 2003, is also committed to philanthropy. He joined The Giving Pledge, pledging to donate half his wealth to charity.
