Patrice Motsepe rose to prominence after Forbes called him Africa’s first Black billionaire. Since making his debut on the Forbes billionaire list, the entrepreneur has worked hard to preserve his position as one of the continent’s wealthiest.
Motsepe is the founder and chairman of African Rainbow Minerals, which mines iron ore, manganese ore and alloys, platinum group metals, copper, nickel, and coal. He is South Africa’s first Black industrialist. In 2008, he became the first black African billionaire on the Forbes list.
In 1994, the South African became the first Black partner at Johannesburg legal firm Bowman Gilfillan before launching a mining services contracting business. In 2016, he founded African Rainbow Capital, a private equity firm focused on investing in Africa. Motsepe was elected president of the Confederation of African Football in 2021. He is the president and owner of the Mamelodi Sundowns Football Club.
The South African millionaire is the first African to join Bill Gates’ and Warren Buffett’s Giving Pledge, in which he pledges to donate at least half of his money to charity. Motsepe is an international businessman with expertise in governance, legislation, and compliance, but his first love was entrepreneurship.
Motsepe’s net worth was predicted to be $3 billion in 2021. However, Motsepe is said to have lost $900 million of his wealth in 2023 alone. According to Business Insider, the losses are due to a drop in the market value of the 61-year-old’s 40.37 percent interest in African Rainbow Minerals (ARM).
According to Business Insider, ARM’s Johannesburg Stock Exchange share price has dropped to $8.99 from $15.99 since January 1, representing a more than 6% drop in income.
Despite the setback, the South African billionaire’s stakes in the company are expected to generate $56.5 million by October 9, according to the Insider.
Meanwhile, Forbes named the African millionaire one of the “100 Greatest Living Business Minds” in the world. He holds a BA in law (University of Swaziland), an LLB (Wits University), a Doctor of Commerce (honoris causa) (Wits University), a Doctor of Management and Commerce (honoris causa) (Fort Hare), and a Doctor of Laws (honoris causa) (University of Eswatini, formerly the University of Swaziland).
Motsepe, who is also a member of the Board of Directors of the insurance business Sanlam, believes that his success is the result of a lot of hard work, sacrifices, and perseverance.