Africa’s first Black billionaire Patrice Motsepe has lost $900 million in 2023: report

Patrice Motsepe made a name for himself when Forbes first named him Africa’s first Black billionaire. Since debuting on the Forbes billionaire list, the entrepreneur has strived to maintain his status as one of the continent’s richest.

Motsepe, who is South Africa‘s first Black industrialist, is the founder and chairman of African Rainbow Minerals, which mines iron ore, manganese ore, and alloys, platinum group metals, copper, nickel, and coal. He became a billionaire in 2008 and the first black African on the Forbes list.

In 1994, the South African became the first Black partner at law firm Bowman Gilfillan in Johannesburg before starting a mining services contracting business. In 2016, he launched a private equity firm, African Rainbow Capital, to focus on investing in Africa. Motsepe, who is the president and owner of the Mamelodi Sundowns Football Club, was elected president of the Confederation of African Football in 2021.

The South African billionaire is the first African to sign Bill Gates and Warren Buffett’s Giving Pledge, promising to give at least half his fortune to charity. Apart from being an international businessman, Motsepe is an expert in governance, law, and compliance but his first passion was entrepreneurship.

Motsepe’s net worth, as of 2021, was estimated to be $3 billion. However, in 2023 alone, Motsepe has reportedly lost a staggering $900 million of his wealth. Business Insider attributes the losses to the decline in the market value of the 61-year-old’s 40.37 percent stake in African Rainbow Minerals (ARM).

According to Business Insider, ARM’s share price on the Johannesburg Stock Exchange has plummeted to $8.99 from $15.99 since January 1, marking a more than 6% decline in profits.

Despite the loss, the South African billionaire is expected to bring in $56.5 million from his shares in the company by October 9, according to the Insider.

Meanwhile, the African billionaire was recently acknowledged by Forbes as one of the “100 Greatest Living Business Minds” in the world. He has a BA law degree (University of Swaziland), LLB (Wits University), Doctor of Commerce (honoris causa) (Wits University), Doctor of Commerce (honoris causa) (Stellenbosch University), Doctor of Management and Commerce (honoris causa) (Fort Hare) and Doctor of Laws (honoris causa) (University of Eswatini, formerly University of Swaziland).

Motsepe, who is also a member of the Board of Directors at the insurance company Sanlam, believes that a lot of hard work, sacrifices, and persistence has gotten him where he is today.