Who is Patrice Motsepe
Patrice Motsepe is a South African billionaire born on 28 January 1962 in Pretoria, South Africa. He is the founder and executive chairman of African Rainbow Minerals, which deals with gold, ferrous metals, base metals, and platinum. Patrice Motsepe also sits on several company boards, including being the deputy chairman of Sanlam and non-executive chairman of Harmony Gold, the world’s 12th largest gold mining company.
Motsepe became the first black partner at law firm Bowman Gilfillan in Johannesburg in 1994, he 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.
Patrice Motsepe Net Worth
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In 2020, Motsepe was ranked as the 1,307th-wealthiest person in the world by Forbes, with a reported fortune of US$2.1 billion.
He launched ARMgold in 1997, which in 2003 merged with Harmony and acquired Anglovaal Mining (Avmin). In 2004, Motsepe was named chairman of the newly reorganized ARM and by 2006 the company had expanded beyond gold and other metals into coal mining.
The father of three in 2003 became the owner of the football club Mamelodi Sundowns, a Premier League soccer club. In November 2019, Motsepe bought a 37 per cent stake in the Blue Bulls Co., South Africa’s best performing rugby team.
In the same year, Motsepe created Ubuntu-Botho Investments (UBI) which gave birth to African Rainbow Capital (ARC) in 2016, a wholly-owned subsidiary of UBI. African Rainbow Capital (ARC) has holdings in more than 40 companies, including TymeBank, industrial group Afrimat, agricultural company BKB, telecommunications company Rain, luxury property estate Val de Vie and a minority stake in Alexander Forbes, the pension fund administrator.
In 2012, Motsepe was named South Africa’s richest man, while his current net worth as of August 2020 stood at US$ 2.1 billion ranking him among South African billionaires and African billionaires.
Motsepe became the first black man to be featured on Forbes billionaires list in 2008 as one of the African billionaires after founding African Rainbow Minerals.
He is currently the interim chairman of the Black Business Council and is a founding member and former president of Business Unity SA (BUSA), one of South Africa’s most influential business advocacy and lobby group.
In 2002, Motsepe won South Africa’s Best Entrepreneur Award. In 2004, he was voted 39th among the South African Broadcasting Corporation’s Great South Africans. In 2008, according to the Forbes 2019 list of The World’s Billionaires, he was reported as the 503rd-richest person in the world, then ranked as the 962nd-wealthiest person in the world and the third-wealthiest South African for 2019.
Patrice Motsepe Family
Motsepe is married to Dr Precious Moloi, a physician and fashion entrepreneur. They have three children.