Patrice Motsepe was born on the 28th January 1962, in Soweto, South Africa, and is businessman and mining magnate, best known as a founder and executive chairman of African Rainbow Minerals, and is also known as Africa’s first black millionaire. According to annual Rich List by the Sunday Times, Patrice was South Africa’s richest man in 2012. His career started in 1994.
Have you ever wondered how rich Patrice Motsepe is, as of mid-2017? According to authoritative sources, it has been estimated that Motsepe’s net worth is as high as $1.66 billion, an amount earned through his successful career as an investor and businessman. In addition to mining, Motsepe is also involved in South African football, which has improved his wealth somewhat.
Patrice Motsepe Net Worth $1.66 Billion
Patrice is the son of Augustine Motsepe, who worked as a schoolteacher but also owned a small shop called Spaza shop which was highly popular among black miners, and Patrice took the opportunity to learn business principles and everything about mining. He studied at the University of Swaziland and received a Bachelor of Arts, and later earned a law degree from the University of the Witwatersrand.
Upon his graduation in 1994, Motsepe became a partner in the Bowman Gilfillan law firm, the first black partner in a law firm the same year Nelson Mandela was elected as the first ever black president. After his experience with Bowman Gilfillan, Patrice established a contract mining services company called Future Mining. The smart investor bought gold from AngloGold mines for $7.7 million, which was a bargain, considering the low gold price in 1997. This move proved to be quite fruitful, as Motsepe made millions and repayed his debt in no time, while two years later, he teamed up with other two investors to found Greene and Partners Investments.
The Black Economic Empowerment (BEE) helped Patrice, after introducing a law that business must have at least 26% black ownership to be taken into consideration for obtaining a mining license. In 2002, Motsepe was named as the South Africa’s Best Entrepreneur, and also in 2002 his African Rainbow Minerals joined with Harmony Gold Mining Ltd, and the new company’s name became ARMgold.
A year later, Motsepe became the owner of Mamelodi Sundowns, the South African football club. Additionally, Motsepe is Deputy Chairman of Sanlam Ltd, Non-Executive chairman of Harmony Gold Mining Co Ltd, and chairman of Ubuntu-Botho Investments. At the moment, Patrice is the interim chairman of the Black Business Council, and he is also a founder of the Business Unity SA (BUSA), the most successful lobby and advocacy group in South Africa.
Regarding his personal life, Patrice Motsepe is married to Dr. Precious Moloi, and they have three children together.
