South African mining magnate Patrice Motsepe has a net worth of $2.7 billion. He has been the Confederation of African Football President since March 12, 2021.
Patrice Motsepe Earnings and Networth
He is the founder and CEO of African Rainbow Minerals, which invests in ferrous metals, gold, base metals, and platinum. In addition, he serves on many corporate boards, including Harmony Gold, the world's 12th-largest gold mining firm, and Sanlam, where he is the deputy chairman.
Full Name - Patrice Motsepe
Date of Birth - January 28, 1962
Age - 58 Years
Profession - Businessman
Height - N/A
Nationality -South African
Source of wealth - Entrepreneur
Net worth - $2.7 billion
Last updated - December 2022
Patrice Motsepe Biography and Early Life
Patrice Motsepe was born to Kgosi Augustine Motsepe, chief of the Tswana Mmakau branch, on January 28, 1962. Patrice's dad was previously a schoolteacher and then a modest businessman as the owner of a Spaza shop popular with black mining workers.
Motsepe learned basic business formats from his father and had firsthand mining experience at this shop. He earned his bachelor's in arts from the University of Swaziland. His University of the Witwatersrand law degree was another accomplishment.
He was an expert in mining and business law.
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Patrice Motsepe Career and Earnings
He was the first black partner in the Bowman Gilfillan legal firm in 1994. This was the same year Nelson Mandela was elected South Africa's first black President.
While the new government began to promote black empowerment and entrepreneurship, Motsepe founded Future Mining. The company created a worker compensation structure with a modest base income and a profit-sharing bonus.
They also supplied contract mining services, including working for the Vaal Reefs Gold mine by cleaning gold dust inside mine shafts. In addition, Motsepe purchased marginal gold mines from AngloGold under favorable financing circumstances in 1997, when gold prices were low.
Motsepe could pay off his debt with future profits from the business now known as African Rainbow Minerals. This is after AngloGold sold him six gold mine shafts for $7.7 million.
Motsepe established a company to start purchasing the operational mines that would become the source of his wealth after repeating this in a series of transactions. He founded Greene and Partners Investments in 1999 in collaboration with two of his colleagues.
Motsepe's position in South Africa's mining sector has been dramatically strengthened by the Black Economic Empowerment (BEE) regulations implemented following the 1994 elections.
A company must have at least 26% black ownership to qualify for a mining license. Motsepe has been a non-executive director for Absa Group and Sanlam since 2004.
African Rainbow Minerals merged with Harmony Gold Mining Ltd. in 2002 when the company was listed on the JSE Security Exchange. As a result, the business became known as ARMgold.
Additionally, Motsepe founded ARM Consortium Limited and African Rainbow Minerals Platinum (Proprietary) Limited. It ultimately shared ownership equally with Anglo American Platinum Corp Ltd. Motsepe served as Teal Exploration and Mining Incorporated's chairman starting in 2005.
Motsepe also serves as Sanlam Ltd.'s vice chairman, Ubuntu-Botho Investments's chairman, and non-executive chairman of Harmony Gold Mining Co. In addition, the Chamber of Commerce and Industry of South Africa was presided over by Motsepe.
The Ubuntu-Botho Investments
Motsepe founded Ubuntu-Botho Investments (UBI) in 2003; as of 2019, he owned 55% of the company. Sanlam, an insurance and financial services provider, and UBI engaged in a BEE agreement in 2004.
When the debt from that deal was paid off in 2014, UBI acquired 13.5% of Sanlam, but as its BEE partner, UBI still holds an 18.1% voting share in Sanlam. In addition, African Rainbow Capital (ARC), a wholly owned subsidiary of UBI, was subsequently established.
Motsepe involvement in Sport
Mamelodi Sundowns F.C., a Premier League soccer team, is owned by Motsepe. In addition, Motsepe acquired a 37% stake in 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 President of the CAF. Motsepe was chosen on March 12, 2021, despite four other candidates withdrawing their candidacies.
There were accusations that FIFA violated its obligation to exercise restraint and objectivity, and President Gianni Infantino actively helped him. After succeeding his father as CAF president, his son Thlopie Motsepe took over as Mamelodi Sundowns' new chairman.
Awards and Achievement
- In 2002, Motsepe received South Africa's Best Entrepreneur Award.
- He was ranked 39th among the Great South Africans by the South African Broadcasting Corporation in 2004.
- In 2008, he was listed as the 503rd richest person in the world. In 2019, he was listed as the 962nd richest person in the world and the third-richest South African.
- With an estimated net worth of US$2.1 billion in 2020, Motsepe was rated as the 1,307th-wealthiest person in the world by Forbes.
- Topping the Sunday Times' annual Rich list, he was declared South Africa's richest man in 2012.
- He acquired ownership of the soccer team Mamelodi Sundowns in 2003.
- He signed The Giving Pledge in 2013, promising to donate half of his money to good causes.
- He was appointed the Black Corporate Council's temporary chairman in 2011.
- He is a founder member and past President of Business Unity S.A., one of South Africa's most significant business advocacy and lobbying organizations (BUSA).
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