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

Join the conversation! encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions. publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Inside News24

Traffic Alerts
There are new stories on the homepage. Click here to see them.


Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire network.


Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.