Patrice Motsepe, Africa’s first black billionaire and one of South Africa’s richest men, has experienced a notable financial upturn, witnessing a $400 million increase in wealth over the past month.
According to recent data from Forbes, his net worth was $2.3 billion as of December 10, 2023. However, the latest figures reveal a substantial rise, with Motsepe’s net worth reaching $2.7 billion at the close of Friday’s market trade.
Breaking down the numbers, the 61-year-old mogul initiated the year with a $2.6 billion net worth, showcasing a $100 million increase in the current assessment.
Motsepe’s wealth is intricately tied to his 40.37% stake in African Rainbow Minerals (ARM), a South African mining company with diversified interests in iron, coal, steel, copper, gold, platinum, and other precious metals.
The surge in Motsepe’s net worth is attributed in part to the revaluation of private investments, with a significant impact coming from his holdings in TymeBank, South Africa’s leading digital bank.
TymeBank secured $77.8 million in funding during a pre-series C round in 2023, attracting investments from international entities like Norrsken22 and Blue Earth Capital.
While Motsepe faces challenges in his mining ventures, particularly with African Rainbow Minerals and African Rainbow Capital Investments, his diversified portfolio showcases resilience and strategic gains in key sectors.
Additionally, his 7.8% stake in the financial services giant Sanlam has risen by 1.56% this year, offsetting losses in other equity holdings on the Johannesburg Stock Exchange (JSE).
What you should know
Patrice Motsepe, the trailblazing founder and chairman of African Rainbow Minerals, achieved billionaire status in 2008, marking a historic milestone as the first black African on the Forbes list.
His influence extends beyond mining, as evidenced by the launch of African Rainbow Capital in 2016, a private equity firm dedicated to investing across the African continent.
- Beyond the boardroom, he holds the prestigious position of president and owner of the Mamelodi Sundowns Football Club, showcasing his involvement in sports.
- March 2021 saw Motsepe ascend to the presidency of the Confederation of African Football, the governing body for the sport across the continent. This appointment underscores his leadership role in shaping the future of football in Africa.
- Motsepe’s journey to success began in 1994 when he achieved the distinction of becoming the first black partner at the law firm Bowman Gilfillan in Johannesburg. Subsequently, he ventured into the mining industry by establishing a mining services contracting business. In 1997, he strategically acquired underperforming gold mine shafts, employing his business acumen to turn them into profitable ventures.
