Patrice Motsepe’s Fortune Increases By $500 Billion This Year

Patrice Motsepe, Africa’s first black billionaire, is on course to recoup the $600 million he lost in 2023. Since the start of the year, his net worth has increased by $500 million, cementing his place among Africa’s wealthiest people.

Motsepe, who became a millionaire in 2008 through mining businesses, increased his net worth by $400 million in the first half of 2024 to $3 billion. According to Forbes, the first eight days of the second half resulted in an additional $100 million boost, bringing his year-to-date earnings to half a billion and increasing his fortune to $3.1 billion.

Motsepe’s wealth is primarily derived from his 40% shareholding in African Rainbow Minerals (ARM). This major South African mining business has a wide portfolio that includes iron, coal, copper, gold, platinum, and other precious metals.

ARM’s stock performance has been critical, boosting Motsepe’s fortune from $2.6 billion on January 1 to $3.1 billion at the time of writing. This recoups a major chunk of his 2023 losses, which saw his fortune decrease from $3.2 billion to $2.6 billion.

ARM’s share price on the Johannesburg Stock Exchange (JSE) has increased by 21.4% year to date, from R193.5 ($10.67) to R234.51 ($12.93). This jump has increased ARM’s market capitalization to $2.96 billion, putting Motsepe’s holding at $1.2 billion.

Patrice Motsepe’s wealth goes beyond the recent ARM increase. He has a diverse investment portfolio, including a 12.08 percent indirect holding in South Africa’s largest gold mining business, Harmony Gold, via African Rainbow Minerals Limited. Harmony Gold has a $6 billion market capitalization on the JSE.

Patrice Motsepe’s savvy investments and rebounding core asset values continue to drive his wealth development, cementing his status as Africa’s foremost billionaire. His investment holding company, African Rainbow Capital (ARC), has been involved in the fintech sector.

ARC recently supported Lesaka Technologies’ expansion after it acquired Adumo with R1.59 billion ($85 million) in a cash-and-share transaction. With a market capitalization of around $300 million, NASDAQ-listed Lesaka now has ARC among its investors, bolstering Motsepe’s power in fintech.

Motsepe’s digital bank TymeBank sought $150 million in capital in June, potentially raising its valuation to $1 billion. This action is intended to boost expansion in preparation for an initial public offering (IPO).

TymeBank, which has a fast growing customer base in South Africa and the Philippines, currently serves 12.4 million people, 9.2 million in South Africa and 3.2 million through GoTymeBank in the Philippines.

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