Motsepe to give fortune to charity

2013-01-31 00:00

BILLIONAIRE Patrice Motsepe will give half his wealth to the poor, emulating American billionaires Warren Buffett and Bill Gates, who did the same under the Giving Pledge initiative.

Motsepe (51) is the fourth richest person in South Africa, according to Forbes magazine, with wealth estimated at about $2,7 billion (about R24,4 billion) — making him the eighth richest person in Africa and the 442nd richest person in the world.

The founder and executive chairperson of African Rainbow Minerals (ARM) announced yesterday that his family would contribute at least half of its assets to charitable causes, under the banner of the Motsepe Foundation.

The charismatic owner of PSL club Sundowns is not new to philanthropy, and KwaZulu-Natal communities have benefited from his generosity. Among them are the R1 million rebuilding of Bhidla Junior Primary School, near Bulwer, which was damaged by heavy storms in 2010.

Besides the numerous bursaries he has handed out to university students in KZN, his projects include the upgrading of a shelter for pensioners at kwaXimba in the Valley of a Thousand Hills area in 2008.

Motsepe said yesterday that his family had “been inspired by and decided to join the Giving Pledge, which was initiated by Warren Buffett and Bill and Melinda Gates”.

“I remember as a seven-year-old working in my father’s grocery store, seeing poor members of our community receiving free groceries from my mother. My parents also regularly paid for the school and university fees of less fortunate children from our communities,” Motsepe said.

The ‘forbes’ rich list

SA: 1. Nicky Oppenheimer and family: $6,8 billion (diamonds)

2. Johann Rupert and family: $5,1 billion (luxury goods)

3. Christo Wiese: $3,1 billion (retail)

4. Patrice Motsepe: $2,7 billion (mining)

Africa: 1. Aliko Dangote: $12 billion (Nigeria)

2. Nicky Oppenheimer and family

3. Johann Rupert and family

4. Nassef Sawiris (Egypt)

5. Mike Adenuga (Nigeria)

World: 1. Carlos Slim Helu and family: $69 billion, (telecoms, Mexico)

2. Bill Gates: $61 billion, (Microsoft, U.S.)

3. Warren Buffett: $44 billion, (Berkshire Hathaway, U.S.)

4. Bernard Arnault: $41 billion, (LVMH/luxury goods, France)

5. Amancio Ortega: $37,5 billion, (clothing, Spain)

— Source: Forbes Magazine

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