Born on January 28, 1962, Patrice Tlhopane Motsepe is a millionaire businessman from South Africa, specializing in mining. He has been the President of the Confederation of African Football since March 12, 2021. African Rainbow Minerals, which has interests in gold, base metals, platinum, and ferrous metals, was founded by him and he serves as its executive chairman. He is a member of numerous company boards. He is the deputy chairman of Sanlam and the non-executive chairman of Harmony Gold, which is the 12th largest gold mining firm in the world.
With an estimated net worth of R20.07 billion ($1 billion), Motsepe topped the Sunday Times’ annual Rich List in 2012 and was dubbed the richest man in South Africa (apart from Elon Musk). With a stated net worth of US$3.1 billion, Motsepe was listed as the 1,307th wealthiest person in the world by Forbes in 2020, over ten years later.
He took over the football team Mamelodi Sundowns in 2003.
He signed The Giving Pledge in 2013 and promised to donate half of his fortune to good causes.
|WIKI FACTS & ABOUT DATA
|Patrice Tlhopane Motsepe
|28 January 1962 (age 61 years old)
|Place of Birth:
|Ga-Rankuwa, South Africa
|University of the Witwatersrand
|Augustine Motsepe, Key Motsepe
|Tshepo Motsepe, Bridgette Radebe
|Precious Moloi-Motsepe (m. 1989)
|Girlfriend • Partner:
|Kgosi Motsepe, Tlhopie Motsepe, Kabelo Motsepe
Patrice Motsepe Net Worth
With an estimated net worth of $2.4 billion, Patrice Motsepe ranks among the wealthiest individuals in South Africa. Furthermore, he comes in at number ten on the list of the richest individuals in Africa.
In addition to his enormous fortune, he is the President of the Confederation of African Football. Both in his personal and professional life, Patrice Motsepe has had tremendous success.
Patrice Motsepe’s Early life and education
Kgosi Augustine Motsepe, a Tswana chief of the Mmakau branch, was the mother of Patrice Motsepe. He had been a schoolteacher before becoming a modest trader and owning a popular Spaza shop among mine workers. It was from this establishment that Motsepe’s father taught him the fundamentals of business and gave him firsthand experience in mining.
He graduated from the University of Swaziland with a Bachelor of Arts and from the University of the Witwatersrand with a law degree. His areas of expertise were business law and mining.
Patrice Motsepe Career
In 1994, the year Nelson Mandela was elected as the nation’s first black president, he was made the first black partner in the legal firm Bowman Gilfillan. Motsepe founded Future Mining, which provided contract mining services, including 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, while the new government started to promote black empowerment and entrepreneurship.
He bought marginal gold mines from AngloGold in 1997 at a time when gold prices were low and the financing arrangements were favorable. For $7.7 million, AngloGold sold Motsepe six gold mine shafts, enabling him to settle his debt with future profits from African Rainbow Minerals, the firm he currently owns.
Motsepe established a company to start purchasing the operational mines that would eventually become the source of his wealth once this was repeated in a series of transactions. Together with two of his associates, he founded Greene and Partners Investments in 1999.
The introduction of Black Economic Empowerment (BEE) laws after the 1994 elections has played a pivotal role in solidifying Motsepe’s standing within the South African mining sector. For a business to be eligible for a mining license, at least 26 percent of its ownership must be Black.
Motsepe has served as a non-executive director of Sanlam and Absa Group since 2004.
After integrating with Harmony Gold Mining Ltd., African Rainbow Minerals changed its name to ARMgold and went public on the JSE Security Exchange in 2002. In addition, Motsepe is the creator of ARM Consortium Limited and African Rainbow Minerals Platinum (Proprietary) Limited, which subsequently divided ownership equally with Anglo American Platinum Corp Ltd. Motsepe served as Teal Exploration and Mining Incorporated’s chairman beginning in 2005. In addition, Motsepe serves as deputy chairman of Sanlam Ltd., non-executive chairman of Harmony Gold Mining Co. Ltd., and chairman of Ubuntu-Botho Investments. Motsepe served as the Chamber of Commerce and Industry of South Africa’s president.
Motsepe founded Ubuntu-Botho Investments (UBI) in 2003; as of 2019, he possessed 55% of the company. Sanlam, a provider of financial services and insurance, and UBI signed a BEE agreement in 2004. After the loan was settled in 2014, the agreement came to an end, and UBI acquired 13.5% of Sanlam. However, as a BEE partner, UBI still holds an 18.1% voting stake in Sanlam. African Rainbow Capital (ARC), a fully owned subsidiary of UBI, was subsequently established by UBI. Johan van Zyl, a former Sanlam executive, serves as co-chief executive of ARC. ARC owns interests in over forty businesses, including luxury real estate Val de Vie, TymeBank, the industrial group Afrimat, the agricultural company BKB, the telecoms company Rain, and a minority position in Alexander Forbes, the pension fund administrator.
Mamelodi Sundowns F.C., a Premier soccer league team, is owned by Motsepe. Motsepe acquired a 37% share in the Blue Bulls Co. in November 2019. Blue Bulls Rugby Union (26%) and Remgro (37%) are the other two significant shareholders.
Motsepe declared in November 2020 that he would run for the presidency of CAF. Motsepe was elected on March 12, 2021, after all four other candidates withdrew their candidacies. He was swiftly accused of being actively supported by FIFA – despite its duty of reserve and neutrality – and its President Gianni Infantino, who would seek to obtain the votes of Africa for future re-election. His son Thlopie Motsepe became the new chairman of Mamelodi Sundowns after he was elected president of CAF.
Patrice Motsepe Advocacy
He was appointed interim chairman of the Black Corporate Council in 2011. He was also a founding member and president of Business Unity SA (BUSA), one of the most powerful corporate advocacy and lobby groups in South Africa.
Patrice Motsepe Recognition
In 2002, Motsepe was awarded the Best Entrepreneur Award in South Africa. He was ranked 39th among the Great South Africans by the South African Broadcasting Corporation in 2004. He was listed as the 503rd richest person in the world in 2008, according to Forbes’ 2019 list of The World’s Billionaires. In 2019, he was ranked as the third wealthiest South African and the 962nd richest person worldwide. Forbes listed Motsepe as the 1,307th wealthiest person in the world in 2020, with an estimated net worth of US$2.1 billion.
Patrice Motsepe Controversy
Patrice Motsepe revealed to US President Donald Trump in public that “Africa loves him” during a luncheon hosted by the World Economic Forum in Davos in January 2020. The billionaire expressed regret, saying, “I do not have the right to speak on behalf of anybody except myself,” in response to the outrage this speech caused across the African continent.
Patrice Motsepe’s Personal Life
Motsepe is wed to fashion designer and doctor Dr. Precious Moloi. They are parents of three kids. In addition to being the brother-in-law of Minister Jeff Radebe and President Cyril Ramaphosa, he is the brother of Tshepo Motsepe and Bridgette Radebe.
Patrice Motsepe Social Media
- Twitter: @Patrice_Motsepe
- Facebook: @PatriceMotsepe
- Instagram: @PatriceMotsepe
Who Is Patrice Motsepe
Born in Soweto, South Africa on January 28, 1962, Patrice Tlhopane Motsepe is a businessman and the nation’s first black billionaire. Motsepe amassed wealth through mining ventures that in 2004 saw growth to become African Rainbow Minerals (ARM), a prosperous mining conglomerate.
How did Motsepe become rich?
The majority of Motsepe’s wealth came from African Rainbow Minerals, a mining firm he founded in 1997. His father, Augustine, owned a thriving spaza shop and distributed booze in the town of Hammanskraal, which is located just north of Pretoria.
What companies does Motsepe own?
African Rainbow Capital (ARC), African Rainbow Energy and Power (AREP), Ubuntu-Botho Investments, and UBI General Partner Proprietary Limited are all founded and chaired by Dr. Motsepe. In addition, he serves as Harmony Gold’s chairman and Sanlam’s deputy chairman.
How much does Motsepe earn?
For example, Patrice Motsepe earns R 148 626 455, 77 every week and R 644 047 975 00 per month. Patrice Motsepe’s enterprises bring in about R7 728 575 700 00 a year.